Argosy Education Group to Open New Campuses in California and Tennessee.

CHICAGO--(BUSINESS WIRE)--March 18, 1999--Argosy Education Group, Inc. (NASDAQ: ARGY), the nation's largest for-profit provider of doctoral level programs, announced today that its University of Sarasota unit will open a new campus in Orange, California. The company also said it has received state regulatory approval to award the master's degree in professional counseling at a new school to be opened in Nashville, Tennessee.

Classes will begin at the new Orange campus in the spring 1999 quarter. Like the existing University of Sarasota campuses in Sarasota and Tampa, Florida, the Orange campus will grant doctoral, master's and bachelor's degrees in education, business and behavioral sciences. Neil King, Ph.D., has been named associate provost and campus director. Previously, he was clinical program director at the Arizona School of Professional Psychology. The University of Sarasota is accredited by the Southern Association of Colleges and Schools.

The new Tennessee School of Professional Psychology will be a unit of Argosy's American Schools of Professional Psychology (ASPP), which grants postgraduate degrees in a variety of specialties within the fields of clinical psychology and counseling. ASPP currently operates nine campuses in Illinois (2), Minnesota, Georgia, Virginia, Hawaii, Arizona, Florida and California. The institution is accredited by the North Central Association of Colleges and Schools, and four of its campuses are additionally accredited by the American Psychological Association.

"These two new campuses illustrate our strategy of driving growth by extending the reach of our existing schools into new geographic areas," said Michael C. Markovitz, Ph.D., chairman of Argosy's board of directors. "Our recent initial public offering provided additional resources to further our expansion plans."

Argosy also operates the Medical Institute of Minnesota, which offers associate degrees in a variety of allied health professions; and Prime Tech Institute, offering diploma programs in network engineering, internet engineering, software programming and paralegal studies. The company's four schools currently have a total of 14 campuses in eight states and Ontario, Canada. Total student enrollment was 4,749 students as of February 28, 1999. In addition, Argosy's Ventura Group is a leading provider of courses and materials to prepare individuals for licensure examinations in the fields of psychology; social work; counseling; marriage and family therapy; and marriage, family and child counseling. Argosy Education Group, Inc. is headquartered in Chicago.

The forward-looking statements contained in the release are based upon various assumptions, and certain risks and uncertainties could cause actual results to differ materially from those stated. Factors that could cause such differences include these matters disclosed in the Company's filings with the Securities and Exchange Commission. Argosy Education Group, Inc. assumes no obligation to update its forward-looking statements.