Apollo Group, Inc. Announces University of Phoenix Online Tracking Stock Priced at $14.00 Per Share

Phoenix, Arizona, September 28, 2000 -- Apollo Group, Inc. (Nasdaq:APOL) announced today that its public offering of the University of Phoenix Online tracking stock was priced at $14.00 per share, and will be listed on the Nasdaq stock exchange under the symbol University of PhoenixX.

Apollo Group plans to issue 5,000,000 shares of the University of Phoenix Online tracking stock, and may issue up to an additional 750,000 if the underwriters exercise their over-allotment option in full.

Credit Suisse First Boston, Banc of America Securities LLC and Chase H&Q are the underwriters of the offering.

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 approximately 94,300 students as of May 31, 2000.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.

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

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.