Meaning of pallor and breathlessness on exertion. Anemia?

Could be. Pallor is one of the sign of anemia. Shortness of breath on exertion presents when your body does not get enough/adequate oxygenation- either from anemia/decreased level of hb ( not enough hb to carries o2 to the lung and other vital organs), or other causes- such as problems with the lungs/heart. You should see your md to have a complete evaluation to find the cause and further treatment.
Lack of oxygen. Delivery to match the bodies needs causes pallor and shortness of breath. Whether it is anemia or heart failure.