Institute for Professional Development (IPD) has extended its contracts with Indiana Wesleyan University and Cardinal Stritch University

Apollo Group, Inc. (Nasdaq:APOL) today announced at the Montgomery Securities Annual Investment Conference in San Francisco that the Institute for Professional Development (IPD) has extended its contracts with Indiana Wesleyan University and Cardinal Stritch University. IPD’s contract with Indiana Wesleyan University, based in Marion, Indiana began in 1985 and was extended until August, 2003. IPD’s contract with Cardinal Stritch University, based in Milwaukee, Wisconsin, began in 1982 and was extended until August, 2003. These two contracts are the largest of IPD’s 18 educational contracts and, combined, currently enroll approximately 5,000 working adult students and generated $7.3 million in revenues for IPD for the fiscal year ended August 31, 1997.

Dr. John G. Sperling, Chairman and President commented, "We are very pleased to extend our relationship with Indiana Wesleyan University and Cardinal Stritch University. We believe that these long-term relationships demonstrate Apollo’s commitment to quality programs and customer service. Since 1973, IPD has assisted private colleges and universities in offering degree programs and related services designed specifically for working professionals. With its 18 contracts, IPD continues to be a leader in higher education services for U.S. colleges and universities."

Apollo Group, Inc., through its subsidiaries the University of Phoenix, the Institute for Professional Development and Western International University, is one of the largest providers of higher education programs for working adults in the United States. Educational programs and services are offered at more than 100 campuses and learning centers in 30 states, Puerto Rico and London, England.

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.