Abstract: An exercise apparatus includes a ring rotatably supported within a frame. First and second pedals are supported on first and second pedal shafts, and each pedal shaft is pivotally attached to the ring. Each pedal may be pivotal from a folded position wherein the pedal shaft lies on a radius of the ring, to a deployed position wherein the pedal shaft is perpendicular to a plane defined by the ring. Each pedal has a lock out device for holding the pedal in the unfolded position. The apparatus has no central hub or axle. Foldable or removable legs or supports, if used, may be attachable to the frame, or made part of the frame, for holding the frame in an upright position when the apparatus is in use. The exercise apparatus is compact and lightweight.