Maximal aerobic exercise capacity (VO 2 max) is the product of maximal cardiac output (Q) and the maximal arteriovenous oxygen difference (A-VO 2 diff) (VO 2 = Q X A-VO 2 ). Generally speaking, cardiac output represents oxygen delivery to the working muscle and A-VO 2 difference is oxygen extraction at the muscle tissue level. Maximal Q is product of stroke volume (SV), the amount of blood pumped per heart beat, and heart rate (HR) or the number of times the heart beats/min (Q = SV X HR).VO 2 max declines ∼1%/year after the age of 25 in non-training individuals [1][2][3]. Thus, the VO 2 max of an untrained elderly individual is significantly lower than that of an untrained young individual. However, this decline in maximal oxygen consumption is ∼0.5%/year in master athletes who participate in aerobic activities [4]. Further, Pollock et al. [5] reported that there was a non-significant 1.7% decline in VO 2 max over 10.1 years in master athletes who remained competitive and maintained their training intensity while in other master athletes who continued to train but reduced their training intensity there was a significant 12.6% decline in VO 2 max over the 10.1 year period. The reason for the decline in maximal aerobic capacity in sedentary individuals is likely due to 3 major factors. A decline in maximal cardiac output [6], a decline in muscle oxidative capacity due to aging and/or inactivity [7], and a decline in metabolically active muscle mass with a concomitant increase in metabolically inactive fat mass [8]. To examine the effect of the reduction in muscle mass/and increase in fat mass in the elderly on VO 2 max, Proctor et al.[8] expressed VO 2 max relative to appendicular muscle mass. These investigators reported that ∼50% of the decline in VO 2 max with aging was accounted for by the decline in muscle mass and increase in fat mass. Thus, the other ∼50% was related to a decline in oxygen delivery and/or oxygen extraction. Other investigators have reported that the decline in fat free mass accounts for ∼35% of the decline in VO 2 max [9]. It is clear that the maximal cardiac output declines with aging but whether muscle oxidative capacity (which is a major determinant of A-VO 2 difference) declines with aging is a question that is presently under scientific debate.The results of early studies of aerobic exercise training in the elderly suggested that there was little adaptation in aerobic capacity [10][11][12][13]. These early studies have been criticized as a result of the exercise intensity being inadequate to stimulate adaptation. Subsequent studies with relatively high exercise intensities suggested that the magnitude of the adaptation in fitness level of elderly individuals is similar to that of younger individuals [14][15][16][17][18]. In a seminal study, Kohrt et al. [17] had elderly individuals (age 60-71) exercise 4 days/wk, 45 min/day for 9-12 months with exercise intensity gradually increasing from 76% of heart rate maximum to ∼83% of heart rate maximum over the training period. These investigat...