Abstract: A rotary exercise apparatus includes a frame which supports a seat assembly and a rotary crank mechanism. The frame has two sets of legs, one which supports the apparatus in an upright position where the crank mechanism can be used by someone sitting on the seat assembly to perform upper body exercises, and another which supports the apparatus in a reclined position where the crank mechanism can be used by someone sitting on the seat assembly to perform lower body exercises. The crank mechanism permits variable amounts of resistance to be imparted against its rotation by urging a shoe having a high friction liner against a rotatably mounted shaft that carries the crank arms. The location of the crank mechanism along the frame and the length of the arms are adjustable to accommodate different size users. In addition, the arms are replaceable to permit different size and shape arms carrying appropriate engagement devices to be used for each type of exercise.