Apollo Group, Inc. shareholders approve an increase in the company's authorized shares of Class A Common Stock.

PHOENIX--(BUSINESS WIRE)--October 15, 1996--At a Special Meeting of Shareholders, shareholders of the Apollo Group, Inc. (Nasdaq:APOL) today voted in favor of an amendment to increase the number of authorized shares of Class A Common Stock, no par value, from 65 million to 400 million.

The Company proposed the increase in the authorized number of shares of Class A Common Stock as a means of ensuring that the Company has sufficient shares available for business needs and activities as they arise, including stock splits or dividends, establishing strategic relationships with corporate partners, effecting additional financings, or providing equity incentives to employees, officers or directors. The additional shares also may be issued to acquire or invest in other businesses.

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 44,000 students. Educational programs and services are offered at over 80 campuses and learning centers in 29 states, Puerto Rico and London, England.

CONTACT: Apollo Group Inc.

James W. Hoggatt, 602/966-5394 ext. 1729

[e-mail]

or

Morgen-Walke Associates Incorporated

Donna N. Stein, APR, 212/850-5600

Press: Miriam Adler, 212/850-5702