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The purpose of this research was to test expansion of the Exercise and Self-Esteem Model (EXSEM) to include two levels of perceived physical competence as operationalized by the Physical Self-Perception Profile (PSPP). Female aerobic dancers (N = 216, age M = 38.4) were administered a Self-Esteem scale (SE), the PSPP to assess a general Physical Self-Worth (PSW), and more specific subdomains of perceived Sport Competence (Sport), Physical Condition (Cond), Attractive Body (Body), and Strength (Stren). Subjects also completed self-efficacy scales for jogging, sitting, and aerobic dancing. Confirmatory factor analysis supported model measurement as hypothesized, ?2 = 1,154.88, df = 681, comparative fit index (CFI) = .913, root mean square residual (RMSR) = .047. Structural equation modeling (SEM) supported EXSEM component relationships as proposed. Further SEM associating two exercise self-reports with EXSEM again displayed satisfactory fit indices and explained up to 27.6% of exercise variance. It was concluded that exercise in adult female aerobic dancers is associated with positive evaluations of their physical condition and with negative evaluations of their bodies.