A simulated stair climbing-type exercise apparatus is provided having a frame, a resistance member, a transmission, a drive belt, a right pedal assembly, a left pedal assembly and a track mounted to the frame to provide a user with a vertically reciprocating exercise movement. The right pedal assembly, operating independently of the left pedal assembly and having a set of rollers engaged with the track, oscillates between an upper position at rest and a lower position under the weight of the user. The left pedal assembly, operating independently of the right pedal assembly and having a set of rollers engaged with the track, oscillates between an upper position at rest and a lower position under the weight of the user. The pedal assemblies remain parallel to a support surface throughout their entire range of motion, as the pedal assemblies travel from their upper position to their lower position.