Exercise markedly influences pulse wave morphology with implications for ventricular vascular coupling but the mechanism is unknown. We investigated whether effects of exercise on the arterial pulse result from alterations in stroke volume, pulse wave velocity/large artery stiffness or reduction of pressure wave reflection. Healthy subjects (n=25) performed bicycle ergometry with work load increasing from 25 to 150 W for 12 min. Digital arterial pressure waveforms were recorded using a servo-controlled finger cuff. Radial arterial pressure waveforms and carotid-femoral pulse wave velocity were determined by applanation tonometry. Stroke volume was measured by echocardiography and brachial and femoral artery blood flows and diameters by ultrasound. Digital waveforms were recorded continuously. Other measurements were made before and after exercise. Exercise markedly reduced late systolic and diastolic augmentation of the peripheral pressure pulse. At 15 min into recovery, stroke volume and pulse wave velocity were similar to baseline but changes in pulse wave morphology persisted. Late systolic augmentation index (radial pulse) was reduced from 54±3.9 at baseline to 42±3.7% (P<0.01) and diastolic augmentation index (radial pulse) reduced from 37±1.8 to 25±2.9% (P<0.001). These changes were accompanied by increased femoral blood flow from 409±44 to 773±48 ml min^-1 (P<0.05) and increase in femoral artery diameter from 8.2±0.4 to 8.6±0.4 mm (P<0.05). In conclusion, exercise dilates muscular arteries and reduces arterial pressure augmentation, an effect that will enhance ventricular-vascular coupling and reduce load on the left ventricle.