The complex molecule in this question is haemoglobin. It is a quaternary protein made from 4 smaller proteins interacting to hold onto oxygen tightly or loosely, depending on its conformation.
With exercise, there is an increased generation of carbon dioxide so the confirmation of haemoglobin changes to reflect this. The dissociation curve shifts to the right and oxygen is released more easily improving aerobic metabolism.
I.E the binding capacity is reduced.