An exercise device includes a pair of foot engaging links (30a, 30b). The rearward ends of the foot links are supported for arcuate motion about a pivot axis (26), and the forward ends of the foot links travel back and forth along a guide (36). The combination of these two foot link motions permits the users feet to travel along an elliptical path of travel. The inclination of the foot links may be selectively altered to vary the nature of the stepping motion experienced by the user. At flatter inclinations of the foot links, the stepping motion may resemble cross country skiing. At progressively greater angles of inclination of the foot links, the stepping motions may simulate walking, jogging, running and climbing.