Abstract: Exercising apparatus for simulating the characteristics of exercise during actual riding of a bicycle comprising a stationary frame device for mounting apparatus components comprising a pedal operated drive system, fly wheel apparatus of relatively small size and weight operatively associated with the drive system and being operable thereby at relatively high velocities simulating momentum during actual riding of a bicycle, and resistance load applying apparatus operatively associated with the drive system for automatically applying variable resistance loads to the drive system in direct proportion to velocity of the drive system to simulate variations in resistance load encountered during actual riding of a bicycle.