An adjustable exercise apparatus is disclosed. The apparatus includes a pair of elongated handle members capable of being grasped by an exercising individual. The handles extend, in cantilevered fashion, from a support bar which is disposed substantially horizontally. The horizontal bar is connected to a vertical pillar by a vertical angle adjusting arrangement and the pillar is mounted upon a stationary base. The vertical angle adjusting arrangement permits the horizontal bar and connected handles to be adjusted into any one of a plurality of mutually parallel positions angularly spaced apart from one another in respective vertical planes. When the handles are adjusted into angular positions out of the horizontal, the difficulty of exercise is increased, and increased exercise benefits are obtained. In another embodiment, a set of overhead pull handles are also provided.