Background-The maximal oxygen uptake (peak V O 2 ) is used in risk stratification of patients with chronic heart failure (CHF). Peak V O 2 might be lower than maximally possible if exercise is stopped early because of lack of patient motivation or premature cessation by the investigator. In contrast, the anaerobic threshold (V O 2 AT) and the ventilatory efficiency (V E versus V CO 2 slope) are less subject to these influences. Thus, we compared these parameters with peak V O 2 in identifying patients with CHF at increased risk for death within 6 months after evaluation. Methods and Results-We performed cardiopulmonary exercise tests with gas exchange measurements in 223 consecutive patients with CHF (114 coronary artery disease, 92 dilated cardiomyopathy, 17 others) at the Herzzentrum Ludwigshafen between 1995 and 1998. We measured peak V O 2 , V O 2 AT and V E versus V CO 2 slope. We selected peak V O 2 of Յ14 mL/kg per minute, V O 2 AT of Ͻ11 mL/kg per minute, and V E versus V CO 2 slope of Ͼ34 as threshold values for high risk of death. The median follow-up time was 644 days. Patients with peak V O 2 of Յ14 mL/kg per minute had a Ͼ3-fold-increased risk (ORϭ3.4; CI, 1.3 to 9.1), with V O 2 AT Ͻ11 mL/min per kg or V E versus V CO 2 slope Ͼ34 a 5-fold increased risk for early death (ORϭ5.3; CI, 1.5 to 19.0; ORϭ4.8; CI, 1.7 to 13.8, respectively). In patients with both V O 2 AT Ͻ11 mL/kg per minute and V E versus V CO 2 slope Ͼ34, the risk of early death was 10-fold higher (ORϭ9.6; CI, 2.1 to 44.7). After correction for age, sex, left ventricular ejection fraction, and New York Heart Association class in a multivariate analysis, the combination of V O 2 AT Ͻ11 mL/kg per minute and V E versus V CO 2 slope Ͼ34 was the best predictor of 6-month mortality (RRϭ5.1, Pϭ0.001). Conclusions-V O 2 AT of Ͻ11 mL/kg per minute and slope of V E versus V CO 2 Ͼ34, combined, better identified patients at high risk for early death from CHF than did peak V O 2 and should therefore be considered when prioritizing patients for heart transplantation. (Circulation. 2002;106:3079-3084.)