Apollo Group Announces Board Approval for Increase in Stock Repurchase Plan

Phoenix, Arizona, May 25, 1999 -- Apollo Group, Inc. (Nasdaq:APOL) today announced that the Board of Directors has authorized a program allocating an additional $20 million in Company funds to repurchase shares of its Class A Common Stock. The increase will bring the total allocation authorized for the repurchase of Company stock up to $60 million. The Company has completed the repurchase of 1,621,000 shares associated with the original share repurchase allocation of $40 million. The funds allocated for the share repurchase will not affect the Company’s ability to finance future growth and expansion.

Dr. John G. Sperling, Chairman of the Board and CEO, said, "Apollo’s Board agrees that in view of the Company’s continued growth and success, buying back our shares represents an excellent long-term investment. Our confidence in the future of our business is reflected in the commitment we have made to repurchasing our shares."

Apollo Group, Inc., 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., is one of the largest providers of higher education programs for working adults in the United States, with total degree-seeking enrollment of approximately 81,000 students. Educational programs and services are currently offered at 126 campuses and learning centers in 34 states, Puerto Rico and Vancouver, Canada.

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.