The gas exchange ratio (R) obtained from 02 and CO2 concentrations measured in rebreathing air usually shows a linear relation to the Pco2. By referring to this relation and the R which equals the Haldane effect coefficient and zero, the true-and oxygenated-venous Pco2 are obtained in addition to the alveolar Pco2. When these Pco2 are evaluated, the R-P02 line can also be computed theoretically from a numerical solution on the overall 02 and CO2 diffusions in the red blood cell. By comparing both the experimental and theoretical R-P02 lines with each other, we derived a contact time equation. Since the linear approximation of the R-P02 relation gave rise to an error in the contact time (ta), first a factor to correct the linearity of the R-P02 line was derived. Next, using these parameter values, t~ was quantitatively determined from experimental data obtained during rebreathing in 5 normal subjects and it was compared with that estimated from the pulmonary diffusing capacity for CO in the same rebreathing experiment. When the extracellular HCO3 -dehydration rate was taken to be 0.1 s in time constant, the t~, being ca. 0.7 and 0.4 s at rest and during exercise, respectively, showed good agreement with those obtained from the diffusing capacity for CO.