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

PHOENIX, ARIZONA, May 15, 1996 -- At a meeting of education industry analysts in New York, Apollo Group, Inc. (Nasdaq: APOL) announced that it 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 May 31, 1996 to shareholders of record at the close of business on May 21, 1996. The holders of the Company's Common Stock will receive a stock dividend at the rate of 1/2 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.

According to Dr. John G. Sperling, Chairman of the Board and CEO of the Company, who was speaking at the Smith Barney Education Industry Conference: "The Company is continuing to experience increases in its student enrollments, revenues and related earnings and plans to add several new locations throughout the remainder of this fiscal year. This stock split is indicative of the price appreciation over the last few months of the Company's Class A Common Stock. We are pleased with the Company's operating results and the stock market's valuation of our stock."

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, with total enrollment of approximately 45,000 students. Educational programs and services are offered at over 80 campuses and learning centers in 27 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.