The following individuals make up Apollo Group, Inc. Executive Management, Management and Board of Directors.

Executive Management

	Dr. John G. Sperling Executive Chairman of the Board Apollo Group, Inc.		Charles B. Edelstein Director, Co-Chief Executive Officer Apollo Group, Inc.
	Gregory W. Cappelli Director, Co-Chief Executive Officer Apollo Group, Inc. Chairman, Apollo Global, Inc.		Joseph L. D'Amico President and Chief Operating Officer Apollo Group, Inc.
	P. Robert Moya Executive Vice President, General Counsel and Secretary Apollo Group, Inc.		Terri C. Bishop Director and Executive Vice President, External Affairs Apollo Group, Inc.

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Management

	Brian L. Swartz Senior Vice President, Chief Financial Officer and Treasurer Apollo Group, Inc.		Robert W. Wrubel Executive Vice President, Chief Marketing and Product Development Officer Apollo Group, Inc.
	Frederick J. Newton Senior Vice President, Human Resources Apollo Group, Inc.		Gregory J. Iverson Vice President, Chief Accounting Officer and Controller Apollo Group, Inc.
	Dr. William J. Pepicello President University of Phoenix		Dianne Pusch Chief Operating Officer University of Phoenix

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Board of Directors

Dr. John G. Sperling is the founder of Apollo Group, Inc. Dr. Sperling was appointed Executive Chairman of the Board in 2008, he had been Acting Executive Chairman since January of 2006.  Dr. Sperling was the Chairman of the Board of Directors from its inception until June 2004, was President of Apollo Group, Inc. until February 1998 and Chief Executive Officer of Apollo Group, Inc. until August 2001. Prior to his involvement with Apollo Group, Inc., from 1961 to 1973, Dr. Sperling was a professor of Humanities at San Jose State University where he was the Director of the Right to Read Project and the Director of the NSF Cooperative College-School Science Program in Economics. At various times from 1955 to 1961, Dr. Sperling was a member of the faculty at the University of Maryland, Ohio State University, and Northern Illinois University. Dr. Sperling received his Ph.D. from Cambridge University, an M.A. from the University of California at Berkeley, and a B.A. from Reed College. Dr. Sperling is the father of Peter V. Sperling.

Peter V. Sperling has been with Apollo Group since 1983. Mr. Sperling was appointed Vice Chairman of the Board of Directors in December 2007.  Mr. Sperling has been a Senior Vice President since June 1998.  Mr. Sperling was Secretary from June 2006 to December 2007 and Treasurer from December 2006 to December 2007. Mr. Sperling was the Vice President of Administration from 1992 to June 1998 and the Secretary and Treasurer of Apollo Group, Inc. from 1988 to February 2003. From 1987 to 1992, Mr. Sperling was the Director of Operations at Apollo Education Corporation. From 1983 to 1987, Mr. Sperling was Director of Management Information Services of Apollo Group, Inc. Mr. Sperling received his M.B.A. from University of Phoenix and his B.A. from the University of California at Santa Barbara. Mr. Sperling is the son of John G. Sperling.

Charles "Chas" B. Edelstein currently serves as Co-Chief Executive Officer and Director. Mr. Edelstein has served in the Office of the Chief Executive Officer and as a member of the Board of Directors since he joined the Company in August 2008. Before joining Apollo Group, Mr. Edelstein spent more than 20 years with Credit Suisse, where he most recently served as Managing Director and headed the Global Services Group within the Investment Banking Division, as well as the Chicago investment banking office. Prior to Credit Suisse, Mr. Edelstein was an auditor and management consultant at Price Waterhouse (now PricewaterhouseCoopers).  Mr. Edelstein holds his B.A. from the University of Illinois and his M.B.A. from the Harvard Business School, where he graduated as a Baker Scholar.

Gregory W. Cappelli currently serves as Co-Chief Executive Officer, Chairman of Apollo Global, and Director. Mr. Cappelli has served as Co-Chief Executive Officer since April 2009, as Chairman of Apollo Global since its inception in October 2007, and as a member of the Board of Directors since June 2007. Previously, Mr. Cappelli held the roles of Executive Vice President of Global Strategy and Assistant to the Executive Chairman.  Before joining Apollo Group, Mr. Cappelli spent 10 years as a research analyst for Credit Suisse, where he most recently served as Managing Director and Senior Research Analyst and founded the Credit Suisse Global Services Team. Prior to Credit Suisse, Mr. Cappelli was Vice President and Senior Research Analyst at ABN AMRO. He holds his B.A. in Economics from Indiana University and his M.B.A. from the Brennan School of Business at Dominican University.

Terri Bishop joined the Board in 2009.  She serves as Executive Vice President of External Affairs for Apollo Group, Inc.  She was previously Chief Communications Officer and Senior Vice President of Public Affairs.  Ms. Bishop has had a long and successful history with Apollo Group, having been with the Company since 1982.  During that time she has served in the areas of government and public affairs, curriculum and product development and institutional research.  She was the founding Vice President and internal entrepreneur of the University of Phoenix's online campus, providing oversight during its first ten years of start up and development. Ms. Bishop holds a bachelor's degree in business and a master's degree in human relations and organizational management from University of Phoenix.  She is a member of the board of directors of One Touch Systems, which provides interactive distance learning and communications solutions.  She also serves on the board of the Latino Policy Coalition, a national non-profit consortium of the country's leading Latino research organizations and scholars.

Dino J. DeConcini has been Lead Independent Director of Apollo Group since December 2007 and a member of the Board since 1981.  Mr. DeConcini is also the Chairman of the Nominating and Governance committee, and a member of the Compensation Committee.  From 1959 to 1962 he served in the U.S. Army Judge Advocate General's Office.  From 1962 to 1979 he practiced law and held various government positions including Tucson City Attorney and Chief of Staff to the Governor of Arizona.  From 1979 to 1995, Mr. DeConcini was a shareholder in DeConcini, McDonald, Brammer, Yetwin and Lacy, P.C., Attorneys at Law.  From 1980 to 1993, Mr. DeConcini was also Vice President and partner of Paul R. Gibson & Associates, an international business consulting firm, and from 1993 to 1995 and 2002 to 2005, was a Vice President and Senior Associate of the successor firm, Projects International, Inc.  From 1995 to 2000, he was the Director of the U.S. Savings Bonds Program in the Treasury Department and from 2000 to 2002, he was the Director of Financial Education at Consumer Federation of America.  Mr. DeConcini is a graduate of Georgetown University School of Foreign Service and the University of Arizona College of Law.

Samuel A. DiPiazza, Jr., has been a director of Apollo Group since December 2009 and is a member of the Audit Committee. From 2002 to 2009, Mr. DiPiazza served as Global Chief Executive Officer of PricewaterhouseCoopers International Limited ("PwC"). Mr. DiPiazza began his career with PwC in 1973 and was named partner in 1979, serving as a leading tax partner, specializing in mergers and acquisitions, the financial services industry and international tax. From 1979 to 2002, Mr. DiPiazza held various regional leadership roles within PwC's domestic practice, eventually serving as Chairman and senior partner of its U.S. operations and as a member of the global leadership team. Mr. DiPiazza serves as a trustee of the International Accounting Standards Committee Foundation, is chairman of the Geneva-based World Business Council on Sustainable Development, serves on the USA Foundation Board of the World Economic Forum, and is a member of the executive committee and the immediate past chairman of the board of trustees of The Conference Board, Inc. He is also the past global chairman of Junior Achievement Worldwide and serves as a member of the executive council of the Inner-City Scholarship Fund in New York City. Mr. DiPiazza received a Bachelor of Science in Accounting from the University of Alabama and a Master's of Science in Tax Accounting from the University of Houston.

Stephen J. Giusto joined the Board in 2009 and is a member of the Audit Committee.  He is currently Senior Advisor to the Chief Executive Officer of Korn Ferry, a leading executive search firm.  He previously served as Executive Vice President and Chief Financial Officer of Korn Ferry International.  Before joining Korn Ferry, Mr. Giusto was a Founder, Director, Executive Vice President and Chief Financial Officer of Resources Connection, Inc., a global professional services firm.  Mr. Giusto began his career at Deloitte & Touche where he spent 13 years and was admitted as a partner in 1996.  Mr. Giusto holds a Bachelor of Science degree in business from California Polytechnic State University, San Luis Obispo.  He was named the Orfalea School of Business Honored Alumnus in 2005 and is a member of their Dean's Advisory Council.  He is also a member of the board of trustees and chairman of the finance committee of Cate School, and a member of the board and past chairman of the American Cancer Society Orange County region.

Dr. Roy A. Herberger, Jr., has been a director of Apollo Group since 2007 and is the Chairman of the Compensation Committee.  Dr. Herberger is currently President Emeritus of Thunderbird, School of Global Management.  He served as the school's President from 1989 until 2004.  From 1982 until 1989, he served as Dean of the Edwin L. Cox School of Business at Southern Methodist University.  He previously served as Associate Dean for Academic Affairs at the Graduate School of Business at the University of Southern California (USC) and Director of The International Business Education and Research Program (IBEAR), also at USC.  Dr. Herberger is currently a director at Pinnacle West Capital Corporation, Eco2 Recycling Products, MedAire and a Trustee of the Mayo Clinic.  Dr. Herberger holds a Bachelor of Arts degree in Business and a Master of Arts degree in Communication from the University of Texas, Austin.  He also holds a Ph.D. in Business from the University of Colorado, Boulder.

Dr. Ann Kirschner has been a director of Apollo Group since November 2007 and is a member of the Compensation Committee.  Dr. Kirschner is University Dean of Macaulay Honors College, The City University of New York.  Dr. Kirschner began her career as a lecturer in Victorian literature at Princeton University.  Her career as an entrepreneur in media and technology included the creation of satellite and internet businesses for the National Football League and Columbia University's online education company, Fathom.  Dr. Kirschner is also the author of SALA's GIFT, the story of her mother's wartime rescue of letters from Nazi labor camps. A Whiting Fellow in the Humanities, she received her Ph.D. in English literature from Princeton University, her Masters in Arts from the University of Virginia and a Bachelors of Arts from the State University of New York at Buffalo.

K. Sue Redman has been a director of Apollo Group since December 2006 and is the Chairperson of the Audit Committee.  From 2004 to 2008, Ms. Redman was the Senior Vice President and Chief Financial Officer of Texas A&M University.  From 1999 to 2004, Ms. Redman was a Vice President and Corporate Controller at AdvancePCS.  From 1980 to 1999, Ms. Redman held various positions, most notably as an Assurance/Business Advisory Services partner with PricewaterhouseCoopers LLP where she provided accounting and consulting services to both public and private companies in a variety of industries. Ms. Redman earned a Bachelor of Business Administration in Accounting from Texas A&M University and is a Certified Public Accountant in Texas, Arizona and California.

James R. Reis has been director of Apollo Group since January 2007 and is a member of the Audit Committee.  Mr. Reis has served as Vice Chairman of GAINSCO, INC. since 2007, having previously been Executive Vice President from 2005 to 2007.  Since 2001, Mr. Reis has performed merchant banking and management consulting services through First Western Capital, LLC, of which he is the founder, managing director and owner, and through which he provided consulting services to a subsidiary of GAINSCO, INC. from 2003 to 2005.  Mr. Reis served as Vice Chairman of ING Pilgrim Capital Corporation, an asset management company which he co-founded, from 1989 to 2000 when it was acquired by ING Groep, N.V.  Mr. Reis received his Bachelor of Science from St. John Fisher College in Rochester, New York and is an inactive Certified Public Accountant.

Manuel F. Rivelo joined the Board in 2009 and is a member of the Compensation Committee.  He has been employed by Cisco Systems, Inc., an information technology provider, since 1992.  He is currently Senior Vice President of Cisco Development Organization Operations, the technology development organization of Cisco Systems.  Mr. Rivelo is also a member of the Cisco Development Council, the senior leadership team of the Cisco Development Organization. He previously served as a systems engineer and as Senior Vice President of worldwide field process and technical operations for Cisco.  Mr. Rivelo holds a Bachelor's and Master's degree in Electrical Engineering from the Stevens Institute of Technology. Mr. Rivelo serves on the board of directors of CallWave, Inc., of which Mr. Peter Sperling is the Co-founder, Chairman and a Director.

George Zimmer has been a director of Apollo Group since June 2006 and is a member of the Nominating and Governance Committee.  Mr. Zimmer is the founder, CEO and Chairman of Men's Wearhouse, Inc.  Mr. Zimmer is currently on the board of the Institute of Noetic Sciences in Petaluma, California, and serves on several advisory boards including The Boys & Girls Club of Oakland, California, the Oakland Zoo of Oakland, California and the World Business Academy of Ojai, California.  Mr. Zimmer received a Bachelor's degree in Economics from Washington University in St. Louis.

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