An exercise treadmill (20) is described having a number of assembly improvements. In one embodiment, a pivot assembly (50) is provided to allow a treadmill deck (32) to deflect during use. The rear pivot assembly includes a pin (56) transversely mounted on the upper surface of a treadmill frame (22). A pivot block (54) is attached to the deck and includes a lower channel (58) that engages the pin. In another embodiment, an adjustable rear foot assembly (70) is provided having a foot (74) that is rotatable within a mounting block (72). The foot is easily accessed through an upper opening (96) in the treadmill. In yet another embodiment, an air dam (100) is provided between a motor compartment (102) and an adjacent endless belt (28). In still another embodiment, a highly elastic drivebelt (120) is used between a motor assembly (104) and a roller assembly (24) that drives the endless belt (28). Lastly, an embodiment is described in which the treadmill frame (22) is assembled using swaged fasteners (38).