Abstract: An exercise apparatus with a transmission which may be selectively adjusted to provide either arm exercises, leg pedaling exercises or stepping exercises, said apparatus formed with a frame; a seat on said frame; a pair of rear drive wheels rotatably mounted on a rear shaft at the rear of said frame; with the transmission having three parts; a first transmission stage mounted on said fame coupled to transmit power to said rear drive wheels by means of a sprocket chain transmitting force between a sprocket on a freewheel supporting axle and a sprocket on the rear shaft. A second transmission stage is formed by a sprocket on a crankshaft supported on a bracket swingable on said freewheel supporting axle with a sprocket chain extending from a sprocket on the crankshaft to the sprocket wheel on the freewheel axle. A third transmission stage is formed by a spring and sprocket chain trained over the freewheel sprocket, with the free ends of the spring and chain anchored to a swinging pedal.