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Apollo Group, Inc. (Nasdaq:APOL);

Six analysts and top management from twelve sector firms examine the education sector in this special 85-page Education Industry issue from The Wall Street Transcript, available at (212/952-7433) or http://www.twst.com/info/info465.htm.

“Apollo Group is a terrific business,” comments a leading industry analyst. “However, it’s a frustrating management team to work with and I wouldn’t think that I would be the only one to say that. Apollo Group’s management, in my view, is extremely manipulative, in terms of their readiness to try to massage the story. I’m not always convinced that Apollo Group is managing the business as much as they’re trying to manage the stock. That’s always problematic. At the same time, I do think they do a good job of running the business too. It’s hard to put Apollo Group too much at fault but I don’t know how to trust management. Simply put, I just find that they are a frustrating management team to work with. They’re hard to trust. You’ve got Kendra Gonzales, the CFO, who is not a senior decision-maker within Apollo Group, but oftentimes speaks out and hides behind Reg FD because she doesn’t necessarily know the answer to all the questions. You’ve also got Todd Nelson, the CEO, who’s something of a glad-handler. Nelson tells you what he thinks you want to hear and that is all the time. Then you’ve got Chairman John Sperling, who is a total wild card. At the other extreme from Kendra Gonzales, Sperling basically ignores Reg FD willy-nilly. Sperling talks to his friends and ignores the people who he doesn’t care about so much. He’s a wild card. So even though he’s out there talking with people, what he’s saying isn’t necessarily rock solid."

1) Education Industry - In an in-depth (11,600 words) Analyst Roundtable, Peter L. Martin, Senior Vice President at Jefferies & Company, Inc., Gerald R. Odening, Managing Director at J.P. Morgan H&Q and Jeffrey M. Silber, Senior Vice President at Gerard Klauer Mattison & Company, Inc. examine the outlook for the sector including enrollments in higher education, regulatory issues and share specific stock recommendations.

2) Educational Publishing & Service Companies - In an in-depth (4,700 words) Analyst Interview, Peter Appert, Managing Director at Deutsche Banc Alex. Brown, Inc., examines the outlook for the sector and shares specific stock recommendations.

3) Outlook for Education Stocks - In an in-depth (4,000 words) Analyst Interview, Greg W. Cappelli, Managing Director at Credit Suisse First Boston, examines the outlook for the sector and shares specific stock recommendations.

4) Knowledge Technologies - In an in-depth (4,700 words) Analyst Interview, George Sutton, Managing Director at RBC Capital Markets, examines the outlook for the sector and shares specific stock recommendations.

5) The TWST confidential Off-The-Record survey of management performance at eighteen sector firms asked market insiders about the ability of management teams to create shareholder value.

6) CEO interviews (average 2,500 words). Top management of twelve sector firms examine the outlook for their firm and the sector.