An adjustable multi-purpose stationary exercise bicycle is disclosed. The bicycle has a frame provided with a pedal mechanism and with a first seat located at a level higher than the pedal mechanism. An additional component is provided, having a second seat and a member which is movable between a portion in which it forms a backrest for the second seat and another portion in which it forms an extension of the surface area of the second seat so that a user can lie thereon. The additional component is connectable with the frame in a plurality of positions. The novel device makes it possible for the arms or legs of a user to be located in horizontal or vertical orientation ahead of, behind or above the pedal mechanism while the arms or legs are used to operate the mechanism and thus to provide exercise for the user who may be seated or in a lying position.
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