Apollo Group Inc. Reports Business Outlook for Fiscal 2005

August 25, 2004

We are pleased to report that we expect degree enrollments at local campuses to grow between 12% and 13% over the prior year at the end of the first quarter of fiscal 2005. In addition, we expect online degree enrollments to grow in excess of 40% over the prior year at the end of the first quarter of fiscal 2005.

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