An assisted chin/dip exercise apparatus has a main frame and an assist or foot bar pivotally mounted on the frame and linked to a weight stack or resistance for assisting a user standing on the foot bar during performance of chin and dip exercises. The main frame has a first, overhead handle assembly and a second, dip handle assembly below the first handle assembly. The first handle assembly includes a pair of adjustably mounted handles freely pivotable between a first, chin-up position in which the handles extend towards one another at a rearward angle with a small spacing between the handles and a second, pull-up position in which the handles extend in a forward direction and are spaced apart by a larger spacing sufficient to provide head clearance for a user stepping onto the foot bar or while performing a dip exercise.