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

PHOENIX, ARIZONA, February 5, 1996 -- 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 February 29, 1996 to shareholders of record at the close of business on February 16, 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.

On January 24, 1996, Apollo completed a secondary public offering of Class A Common Stock, sold by certain management shareholders of the Company. In addition, on January 26, 1996, the underwriters exercised their option to purchase an additional 412,500 shares from the selling shareholders. This sale was completed on January 30, 1996. The Company did not receive any of the proceeds of the offering. Apollo currently has 22,130,000 shares outstanding.

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 exceeding 40,000 students. Educational programs and services are offered at over 75 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.