Apollo Group, Inc.'s University of Phoenix Reports 22% Increase in Degree Enrollments

Phoenix, Arizona, June 23, 2000 -- Apollo Group, Inc. (Nasdaq:APOL) reported that there were 75,057 degree enrolled students at its wholly-owned subsidiary, the University of Phoenix, Inc., at May 31, 2000, representing a 22% increase over the prior year. 

Apollo Group, Inc.'s total degree equivalent student enrollment at May 31, 2000 was 94,255 compared to 79,097 at May 31, 1999, representing a 19.2% increase in degree enrollments.

University of Phoenix campuses established prior to fiscal 1995 grew 15.9% to 60,541 degree enrolled students at May 31, 2000 compared to 52,258 degree enrolled students at May 31, 1999. The University of Phoenix's Online campus grew 44.7% to 13,779 degree enrolled students at May 31, 2000 compared to 9,523 degree enrolled students at May 31, 1999.

Dr. John G. Sperling, Chairman of the Board and CEO, said, "We are very pleased with the continued strength in our degree enrollments. Enrollment growth will continue to be driven by our commitment to providing a relevant education to working adults, introduction of new programs, and expansion into new markets."

Apollo Group, Inc. has been providing higher education programs to working adults for over 25 years. Apollo Group, Inc., operates through its subsidiaries the University of Phoenix, Inc., the Institute for Professional Development, the College for Financial Planning Institutes Corporation, Western International University, Inc. and Apollo Learning Group, Inc. The consolidated enrollment in its educational programs makes it the largest private institution of higher education in the United States. It offers educational programs and services at 52 campuses and 92 learning centers in 35 states, Puerto Rico and Vancouver, British Columbia. Combined degree enrollment was 94,255 students as of May 31, 2000.

For more information about Apollo Group, Inc. and its subsidiaries, call 1-800-990-APOL.

Apollo Group, Inc. and Subsidiaries Degree and Non-degree Enrollments

*Excludes 1,632 degree enrollments at LeTourneau University.

This press release includes statements, which may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risk and uncertainties that could cause actual results to differ materially from the forward-looking statements.