Abstract: The invention pertains to air-conditioning apparatus capable of selectively heating, cooling or circulating air by the use of separate heating and cooling heat exchangers and a neutral zone selectively located within the airflow path through the apparatus. The heating and cooling heat exchangers are in the form of circular segments mounted upon support structure rotatable about an axis and separated by a neutral zone, and pivoting of the support structure about the axis selectively locates one of the heat exchangers or the neutral zone within the apparatus air inlet.