A multi-function Pilates exercise apparatus featuring a foldable frame, a wheeled base, a rotatable pulley riser with a flexible pulley mount, gear changing apparatus and adjustable footbar. The frame is designed to fold into an upright position and to be rolled to a desired location. The pulley mount includes a section of flexible cable which permits the pulley to freely move relative to its mounting pole, thereby reducing binding during operation. The gear changing apparatus permits the user to adjust the carriage position with a single operation. The exercise system includes a reformer, pole apparatus, and a long/short box that also serves as a chair.