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 Apollo Group, Inc.
	Terri C. Bishop Director and Executive Vice President, Integrated Academic Strategies and Sr. Advisor to the CEO's Apollo Group, Inc.		Robert W. Wrubel Chief Innovation Officer Apollo Group, Inc.
	Sean B.W. Martin Senior Vice President, General Counsel and Secretary Apollo Group, Inc.

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Management

	Mark Brenner Senior Vice President, External Affairs Apollo Group, Inc.		Frederick J. Newton Senior Vice President, Chief Human Resources Officer Apollo Group, Inc.
	Brian L. Swartz Senior Vice President, Chief Financial Officer 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, a Masters of Arts from the University of California at Berkeley, and a Bachelor of Arts 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 June 2008. Mr. Sperling was a Senior Vice President of Apollo Group from June 1998 to December 2007 and Secretary from June 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 January 2003. From 1987 to 1992, Mr. Sperling was Director of Operations at Apollo Education Corporation. From 1983 to 1987, Mr. Sperling was Director of Management Information Services of Apollo Group. Mr. Sperling received his Masters of Business Administration from University of Phoenix and a Bachelor of Arts 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 of Apollo Group. 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 a Bachelor of Arts with highest distinction from the University of Illinois and a Masters of Business Administration from the Harvard Business School, where he graduated as a Baker Scholar with high distinction. Mr. Edelstein is a member of the Chicago board of directors of both Teach for America and Junior Achievement.

Gregory W. 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 of Apollo Group since June 2007. Previously, Mr. Cappelli served as 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. Mr. Cappelli 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 Bachelor of Arts in Economics from Indiana University and a Masters of Business Administration from the Brennan School of Business at Dominican University. Mr. Cappelli is on the board of trustees of Dominican University.

Terri Bishop joined the Board of Directors of Apollo Group in 2009. She was named Executive Vice President, Integrated Academic Strategies and Sr. Advisor to the CEO's in November 2010. Her prior role was Executive Vice President of External 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 director of University of Phoenix Online, providing oversight during its first ten years of start up and development. Ms. Bishop attended the California community and California state university systems and holds a bachelor's degree in business and a Masters of Arts in Human Relations and Organizational Management from University of Phoenix. She was a founding director of the Latino Policy Coalition, a national non-profit consortium of leading Latino research organizations and scholars and she currently serves as Commissioner of the California State Student Aid Commission.

Richard Dozer has been a director of Apollo Group since December 2011.  Mr. Dozer serves as chairman of GenSpring Family Office of Phoenix, a family-focused wealth management firm. In addition, Mr. Dozer serves on the boards of directors of multiple Arizona-based corporations, including Blue Cross Blue Shield of Arizona, Meridian Bank, Swift Transportation Corporation and Viad Corporation.  Previously in his career, Mr. Dozer served as the founding president of the Arizona Diamondbacks major league baseball club. Prior to joining the Diamondbacks, Mr. Dozer served as chief operating officer of the Phoenix Suns, a National Basketball Association franchise. Mr. Dozer also served as principal of real estate development and investment firm CDK Partners, and earlier in his career he held various positions with Arthur Andersen, where he was a certified public accountant. Mr. Dozer is an active supporter of numerous organizations and causes that benefit the Arizona community, including Phoenix Children's Hospital, United Way Foundation for Blind Children, and United Cerebral Palsy. Additionally, he serves on the boards of directors of Teach for America of Phoenix, the Greater Phoenix Convention and Visitors Bureau and Greater Phoenix Leadership, Inc. Mr. Dozer earned a bachelor's degree in business administration from the University of Arizona, with an emphasis in accounting.

Dr. Roy A. Herberger, Jr. has been a director of Apollo Group since 2007 and has served as Lead Independent Director since September 2010. He is also the Chairman of the Compensation Committee. Dr. Herberger is also 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 bachelors degree in Business and a Master of Arts 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 and Audit Committees.  Dr. Kirschner is University Dean of Macaulay Honors College of 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.

Robert S. Murley has been a director of Apollo Group since June 2011 and is a member of the Nominating and Governance Committee and the Finance Committee. Since 1975, Mr. Murley has been employed by Credit Suisse and its predecessors. In 2005, he was appointed Chairman of Investment Banking in the Americas. Prior to that time, Mr. Murley headed the Global Industrial and Services Group within the Investment Banking Division, as well as the Chicago investment banking office. He was named a Managing Director in 1984 and appointed a Vice Chairman in 1998. Mr. Murley serves as a Trustee of Princeton University, is Chairman of the Board of the Educational Testing Service in Princeton, New Jersey, is Vice Chairman of the Board of the Ann & Robert Lurie Children's Hospital of Chicago, is a Trustee of the Museum of Science & Industry in Chicago, Illinois, and is a member of the Board of Overseers of the UCLA Anderson School of Management. Mr. Murley holds a Bachelor of Arts from Princeton University, a Master of Business Administration from the UCLA Anderson School of Management, and a Master of Science from the London School of Economics and Political Science.

K. Sue Redman has been a director of Apollo Group since December 2006 and is the Chairperson of the Audit Committee. Ms. Redman is President of Redman Advisors, LLC.  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.

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's Enterprise Systems and Operations group within the Enterprise, commercial and Small Business development organization. Prior to his current role, Mr. Rivelo was a member of the Cisco Development Council, the senior leadership team of the Cisco Development Organization. He previously served as a systems engineer and was named head of the worldwide systems engineering organization. Mr. Rivelo holds a bachelor's and master's degree in Electrical Engineering from the Stevens Institute of Technology.

Darby E. Shupp has been a director of Apollo Group since March 2011. Since 2005, Ms. Shupp has been employed by Exeter East, LLC, which is a holding company wholly-owned by Dr. John Sperling, Apollo Group's Executive Chairman. Ms. Shupp serves as an officer and/or director of various entities affiliated with Dr. Sperling and his investment company Moral Compass Corporation, including Arcadia Biosciences Inc. and ViaGen Inc. Ms. Shupp previously worked for Deloitte LLP as an Audit Manager serving clients in the business services, manufacturing, and real estate industries.  Ms. Shupp holds a Bachelor of Science in Accountancy from Arizona State University and is a Certified Public Accountant.

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 The Men's Wearhouse, Inc. Mr. Zimmer is currently a member of 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, and the World Business Academy of Ojai, California. Mr. Zimmer received a Bachelors of Arts in Economics from Washington University.

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