 Inclusion Criteria: - Symptomatic CHF for at least 3 months - Reduced left ventricular ejection fraction - Stable heart failure medication - Peak VO2 less than or equal to 16 mlkgmin - Hemoglobin concentration between 9.0 and 12.0 gdL Exclusion Criteria: - Hypertension - Unstable angina pectoris or recent myocardial infarction - Likely to receive cardiac transplant - Unable to do cardiopulmonary exercise testing - Major organ transplant e.g., lung, liver, heart or renal replacement therapy e.g., dialysis - Recent or current treatment for malignancy - Systemic hematologic disease - Anemia due to acute or chronic bleeding - Recent Epogen or darbepoetin alfa therapy - Recent blood transfusion 