Apollo Group, Inc. Authorizes 3-for-2 Stock Split

PHOENIX, ARIZONA, August 28, 1995 -- Apollo Group, Inc. (Nasdaq:APOL) has authorized a 3-for-2 stock split of its Common Stock to be effected in the form of a stock dividend, which will be distributed on September 22, 1995 to shareholders of record at the close of business on September 8, 1995. The holders of the Company's Common Stock will receive a stock dividend at the rate of « shares of Class A Common Stock for each share of Class A or Class B Common Stock owned. Shareholders will not be entitled to receive any resulting fractional shares, but will receive the value of any such fractional shares in cash.

On December 6, 1994, Apollo completed an initial public offering of its Class A Common Stock. The Company received total net proceeds of approximately $35.0 million. Apollo currently has 14.7 million shares outstanding.

Apollo Group, Inc., through its subsidiaries the University of Phoenix and the Institute for Professional Development, is one of the largest providers of higher education programs for working adults in the United States, with total enrollment exceeding 36,000 students. Educational programs and services are offered at over 65 campuses and learning centers in 25 states and Puerto Rico.

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.