A compact and readily storable exercising apparatus. The apparatus in its folded form resembles a chair and may be so utilized. It comprises an upright stand member including a support base, a pair of tubular uprights, a U-frame adjustably telescoped on the uprights and a pair of arm pieces projecting from the legs of the U, and a three piece foldable board, one end of which may be engaged with pairs of supporting hooks on the stand with the remainder of the board arranged in accordance with the exercise program being undertaken. The board may be folded and supported by the arm pieces and uprights to yield the chairlike structure. With the board disengaged from the stand, the latter may be adjusted in height and utilized in chinning and lift-off exercises. A pair of tubular springs and hand pieces are stored in the hollow arm pieces and are attachable to points on the stand member for use in various parts of an exercise program.