Apollo Group, Inc. Announces Appointment of New Chief Financial Officer

Phoenix, Arizona, September 14, 1998 -- Apollo Group, Inc. (Nasdaq:APOL) announced today that Kenda B. Gonzales, 41, has joined the company as Chief Financial Officer, reporting to Todd S. Nelson, President.

Prior to joining Apollo, Ms. Gonzales was the Senior Executive Vice President and Chief Financial Officer of UDC Homes, Inc. Ms. Gonzales has extensive experience as a chief financial officer and an in-depth background in public accounting with Peat, Marwick & Mitchell (KPMG Peat Marwick LLP).

Dr. John G. Sperling, Chairman and CEO, commented, "After an extensive search for a new CFO, which included the screening of more than 100 candidates, Apollo feels that Kenda Gonzales’ experience and background in capital markets, investor relations, SEC reporting, treasury and cash management makes her an excellent choice for Apollo."

Dr. Sperling continued, "We believe Ms. Gonzales will be an excellent addition to Apollo’s senior management team. Her depth of experience and technical background will greatly assist Apollo in continuing its financial performance and uninterrupted growth. Her mergers and acquisitions experience will be a tremendous asset in any future Apollo acquisition or strategic alliance."

Apollo Group, Inc., through its subsidiaries the University of Phoenix, Inc., the Institute for Professional Development, the College for Financial Planning, Inc. and Western International University, 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 66,800 students. Educational programs and services are currently offered at 113 campuses and learning centers in 33 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.