A freestanding exercise device for a person is disclosed. A stand adjustably supports a generally U-shaped support frame that includes a back rest and a pair of support arms that each terminate in an adjustable hand grip member from which a plurality of ring assemblies are suspended. A pair of footrests are adjustably fixed to base. A high-station assembly includes a high station support member fixed to the stand. A lateral support and a traction bar support arm are fixed to the high station support member, and a traction bar is fixed to the traction bar support arm. The lateral support is fixed at either end thereof to a ring support arm from each of which one ring assembly is suspended. In use, the person may adjust the height of the support frame and the back rest support, and then position himself within the exercise device by resting his back against the back rest, resting his arms on the support arms, gripping the hand grip members, and then performing leg lift exercises. Each support arm is preferably adjustably fixed with a support arm adjustment means, such that the person may additionally adjust the distance between the support arms. The person may use the lower suspended ring assemblies to perform push-up type exercises, or, alternately, he may grasp each ring of the high-station assembly to perform pull-up and related exercises. The person may grasp the traction bar and hang therefrom to create traction forces within the person's back.