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

Phoenix, Arizona, April 9, 1998 -- 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 April 27, 1998 to shareholders of record at the close of business on April 13, 1998. The holders of the Company's Common Stock will receive a stock dividend at the rate of ½ 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. As of March 31, 1998, the Company had a total of 51,027,418 shares of Class A Common Stock outstanding.

Apollo Group, Inc., through its subsidiaries the University of Phoenix, the Institute for Professional Development, the College for Financial Planning 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 110 campuses and learning centers in 32 states, Puerto Rico and London, England and world-wide through University of Phoenix’s and the College for Financial Planning’s distance education delivery systems.

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.