A walking/jogging exercise machine includes a machine frame supported upon a generally horizontally extending floor. A shaft is mounted for rotation on the machine frame, and a pair of cams is mounted for rotation on the shaft. A pair of movable track assemblies has rear portions with rear ends pivotally connected to the machine frame, and front portions with movable front ends. A pair of articulated cam follower assemblies extend between the machine frame and the front ends of the track assembly front portions. The cam follower assemblies include cam rollers operably engaged upon peripheries of the cams, and the cam follower assemblies move in response to rotation of the cams. A pair of foot assemblies is mounted for sliding movement on the track assemblies. A linkage arrangement between the cams and the foot assemblies is provided for transferring movement of the foot assemblies to the cams such that the articulated cam follower assemblies enable a leveraged range of up and down movement of the track assemblies to product an increase in bending of a user's knees resulting in a enhanced natural stepping motion.