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The present investigation was based on operant theory. A prospective six-week self-monitoring design was utilized to examine naturally-occurring reinforcing and punishing effects of cardiovascular exercise in a college-aged sample of healthy women. The sample consisted of exercise initiators ({dollar}{dollar}6 months of regular exercise). Seven rewarding exercise effects emerged from factor analysis of the self-monitoring form (i.e., mood improvement, goal achievement, physical performance enhancement, exercise "high", praise from others, social affiliation, and appearance changes). Results indicated that both groups produced similar ratings for the exercise reward factors, but some factors were significantly more rewarding than others to the sample as a whole. Overall, participants found engaging in exercise to be more rewarding than punishing. It was concluded that exercisers find multiple exercise effects to be rewarding, and the self-monitoring form developed from this study is a useful prospective measure of rewards and punishers from exercise. It appears to be important to consider forms of feedback that individuals use to monitor progress toward delayed exercise effects. Having individuals monitor naturally-occurring reinforcement from exercise may aid health professionals in formulating intervention strategies for enhancing adherence to regular participation in exercise.