EXHIBIT 21
LIST OF SUBISIDIARIES
1. The Company holds 100% of the outstanding capital stock of:
The University of Phoenix, Inc.
Institute for Professional Development
Apollo Development Corporation
Apollo Press, Inc.
Online, Inc.
Apollo Education Corporation
Western International University, Inc.
College for Financial Planning Institutes Corporation
Apollo Learning Group, Inc.
International Education Partners, Inc.
Apollo Investments, Inc.
2. The University of Phoenix, Inc. holds 100% of the outstanding
capital stock of:
The University of Phoenix, Inc. (Michigan)
Apollo Canada Holding Company
3. The College for Financial Planning Institutes Corporation
holds 100% of the outstanding capital stock:
College for Financial Planning, Inc.
4. Western International University, Inc. holds 100% of the
outstanding capital stock of:
W.I.U. (London) Limited
5. Apollo Canada Holding Company holds 100% of the outstanding
capital stock of:
University of Phoenix, ULC
