An exercise bar includes a pair of handles having proximal ends with at least one fulcrum hole extending through the proximal end of each thereof. A center plate has a periphery and a pair of pivot holes therethrough. One of a pair of pivot pins is inserted through each of the fulcrum hole and a pivot hole to connect the handles to the center plate. Locating means extending through the center plate are spaced about the periphery thereof. Movable locking elements in the form of locking pins or clevis type pins are inserted into selected ones of the locating means to retain the handles at selected angular positions relative to the center plate.