1. CO2 diffuses into red blood cell
2. CO2 combines with H2O catalysed by carbonic anhydrase, forming carbonic acid
3. Carbonic acid dissociates into H+ and HCO3- which diffuse out into plasma
4. Cl- ions diffuse into red blood cell to maintain electrochemical neutrality
5. H+ bind to oxyhaemoglobin, reducing its affinity for oxygen (Bohr effect)
6. Oxygen is released from the haemoglobin and diffuses into plasma and body cells