Apollo Group Inc.

Apollo Group Inc. is listed on NASDAQ (APOL). This Annual Report on Form 10-K, including Management's Discussion and Analysis of Financial Condition and Results of Operations which is incorporated by reference from our 2005 Annual Report, contain forward-looking statements regarding future events and future results of Apollo Group, Inc. (Apollo Group) that are based on current expectations, estimates, forecasts, and the beliefs and assumptions of us and our management, and speak only as of the date made and are not guarantees of future performance. The words believes, expects, anticipates, estimates, plans, and other similar statements of expectations identify forward-looking statements. Forward-looking statements are inherently uncertain and subject to risks. Such statements should be viewed with caution. Future events and actual results could differ materially from those set forth in the forward-looking statements as a result of many factors.

Apollo Investment Corporation

Apollo Investment Corporation is listed on NASDAQ (AINV). Apollo Investment Corporation (Apollo Investment), a Maryland corporation organized on February 2, 2004, is a closed-end, non-diversified management investment company that has filed an election to be treated as a business development company (BDC) under the Investment Company Act of 1940 (the 1940 Act). In addition, for tax purposes we have elected to be treated as a regulated investment company, or RIC, under the Internal Revenue Code of 1986, as amended. Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We intend to invest primarily in middle-market companies in the form of mezzanine and senior secured loans, as well as by making direct equity investments in such companies. From time to time, we may also invest in public companies that are thinly traded.

BEA Systems Inc. ..ial Condition and Results of Operations-Risk Factors That May Impact Future Operating Results for risk factors that may adversely affect the Company. ..

Bluefly Inc. ..sells over 350 brands of designer apparel, accessories and home products at discounts up to 75% off retail value. During 2004, we offered over 27,000 ..

BKF Capital Group Inc. ..rough John A. Levin & Co., Inc. (John A. Levin & Co.), an SEC-registered investment adviser, and its related entities. John A. Levin & Co. owns 100% o..

Bristol West Holdings Inc ..on, is a provider of non-standard private passenger automobile insurance and related services. When this report uses the words we, us, and our, these ..

Broadcom Corporation ..nd wireless broadband communications semiconductors. Our products enable the convergence of high-speed data, high definition video, voice and audio at..

Peabody Energy Corporation ..the world. During the year ended December 31, 2004, we sold 227.2 million tons of coal. During this period, we sold coal to over 300 electricity gener..

Bowl America Inc. ..he Company) was incorporated in 1958. The Company commenced business with one bowling center in 1958, and at the end of the past fiscal year, the Comp..

CACI International Inc. ..zed as a Delaware corporation under the name CACI WORLDWIDE, INC. on October 8, 1985. By a merger on June 2, 1986, the Registrant became the parent of..

Cavalier Homes Inc. ..Delaware corporation with its executive offices located at 32 Wilson Boulevard 100, Addison, Alabama 35540. Unless otherwise indicated by the context,..

C-COR Incorporated ..ontains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-lookin..

Cedar Fair L.P. .. Partnership) is a publicly traded Delaware limited partnership managed by Cedar Fair Management, Inc., an Ohio corporation whose shares are held by a..

Commerce Group Inc. (The) .. automobile insurance. We were incorporated in 1976. We write insurance through our principal subsidiary, Commerce, which was incorporated in 1971 and..

ChoicePoint Inc. ..nt), was incorporated in 1997. Over the past seven years, ChoicePoint has transformed from a predominately manually-driven and insurance customer-focu..

CHINA UNICOM LTD ..ince 1993, the Chinese government has implemented a number of measures to restructure and introduce competition in the telecommunications industry. Pr..

Colony Bankcorp Inc. ..ss corporation which was incorporated on November 8, 1982. The Company was organized for the purpose of operating as a bank holding company under the ..

CNET Networks Inc. ..nd creator of content environments for the interactive age. CNET Networks takes pride in being a different kind of media company, creating richer, dee..

CONOCOPHILLIPS ..rgy company. ConocoPhillips was incorporated in the state of Delaware on November 16, 2001, in connection with, and in anticipation of, the merger bet..

Credence Systems Corporation ..ng validation test equipment, diagnostics and failure analysis products and automatic test equipment, or ATE, used for testing semiconductor integrate..

CarrAmerica Realty Corporation ..ed, self-administered and self-managed publicly traded real estate investment trust (REIT). We focus on the acquisition, development, ownership and op..

Centerstate Banks of Florida Inc. ..as incorporated under the laws of the State of Florida on September 20, 1999. CenterState is a registered bank holding company under the Bank Holding ..

Cephalon Inc. ..pany dedicated to the discovery, development and marketing of innovative products to treat sleep and neurological disorders, cancer and pain. In addit..

Cowlitz Bancorporation ..r Washington law to become the holding company for Cowlitz Bank, a Washington state chartered bank that commenced operations in 1978. The principal ex..

Cytokinetics Incorporated ..company, incorporated in Delaware in 1997, focused on the treatment of cancer and cardiovascular disease. We currently have three novel small molecule..

D&E Communications Inc. ..vices to residential and business customers in markets throughout the eastern half of Pennsylvania. Including the operations of Conestoga Enterprises,..

Dollar General Corporation ..eading discount retailer of quality general merchandise at everyday low prices. Through conveniently located stores, the Company offers a focused asso..

Discovery Holding Co ..ing Company was incorporated in the state of Delaware on March 9, 2005 as a wholly-owned subsidiary of Liberty Media Corporation, which we refer to as..

Amdocs Limited ..CS Amdocs Limited was organized under the laws of the Island of Guernsey in 1988. Since 1995, Amdocs Limited has been a holding company for the variou..

Deutsche Telekom AG ..company is Deutsche Telekom AG. We are a private stock corporation organized under German law. Our registered office is located at Friedrich-Ebert-All..

Encana Corporation ..g map outlines EnCanas onshore North America landholdings and key resource plays as of December 31, 2005. [[Image Removed: GRAPHIC]] 8 - UPSTREAM The ..

ENBRIDGE INC ..uer's primary business activities are the transportation and distribution of energy. Enbridge conducts its business through four operating segments: E..

Endurance Specialty Holdings Ltd ..in Bermuda. Through our operating subsidiaries based in Bermuda, the United Kingdom and the United States, we focus on underwriting specialty lines of..

Callaway Golf Company ..ated in California in 1982 and reincorporated in Delaware on July 1, 1999. In 1997, the Company acquired substantially all of the assets of Odyssey Sp..

Enerplus Resources Fund ..torical Overview Enerplus was formed in 1986 and was historically one of a group of royalty trusts, income funds and other entities managed by compani..

Eschelon Telecom Inc. ..ge carrier (CLEC), is headquartered in Minneapolis, Minnesota and was incorporated in Delaware in 1996 under the name Advanced Telecommunications, Inc..

Exponent Inc. .. with the founding of the partnership Failure Analysis Associates which was incorporated the following year in California and reincorporated in Delawa..

Forest Laboratories Inc. ..elop, manufacture and sell both branded and generic forms of ethical drug products which require a physicians prescription, as well as non-prescriptio..

FactSet Research Systems Inc. ..inancial intelligence to the global investment community. FactSet applications support and make more efficient an array of workflows for buy and sell ..

FSI International Inc. ..rganized in 1973 (FSI), designs, manufactures, markets and supports equipment used in the fabrication of microelectronics, such as advanced semiconduc..

Check Point Software Technologies Ltd. ..ket and support a wide range of software and combined hardware and software products and services that enable our customers to communicate securely ov..

Fonar Corporation ..mpany or Fonar, is a Delaware corporation which was incorporated on July 17, 1978. Our address is 110 Marcus Drive, Melville, New York 11747 and our t..

Fisher Scientific International Inc. ..provider of products and services to the global scientific research, global biopharma production supplies, U.S. clinical laboratory and U.S. lab safet..

Cullen-Frost Bankers Inc. ..ed by Item 1A. Risk Factors and the section captioned Forward-Looking Statements and Factors that Could Affect Future Results in Item 7. Management's ..

GMX Resources Inc. ..roducer headquartered in Oklahoma City, Oklahoma. As of December 31, 2004, our principal drilling and development activities were focused on our prope..

Guess? Inc. ..ing documents incorporated by reference herein, we make forward-looking statements, which are not historical facts, but are forward-looking statements..

Gladstone Commercial Corporation ..under the General Corporation Laws of the State of Maryland on February 14, 2003 primarily for the purpose of investing in and owning net leased indus..

General Dynamics Corporation ..tical information systems and technologies; land and expeditionary combat vehicles, armaments and munitions; shipbuilding and marine systems; and busi..

GSI Commerce Inc. ..that enable retailers, branded manufacturers, entertainment companies and professional sports organizations to operate e-commerce businesses. We began..

Hain Celestial Group Inc. (The) ..ual Report to 2005, 2004, 2003 or fiscal 2005, 2004, 2003 or other years refer to our fiscal year ended June 30 of that year and references to 2006 or..

Harsco Corporation ..l provider of market-leading industrial services and engineered products. The Companys operations fall into three reportable segments: Mill Services, ..

HyperSpace Communications ..acceleration and data compression software. We offer two software products. Our initial software product HyperWebT, was introduced in late 2001. In Ja..

HMG-Courtland Properties Inc. ..MG,), was organized in 1972 as a Delaware corporation. HMG (excluding its 95% owned subsidiary Courtland Investments, Inc., which files a separate tax..

HOUSEHOLD CAPITAL TR VII ..Household) was acquired by HSBC Holdings plc (HSBC) by way of merger with H2 Acquisition Corporation (H2), a wholly owned subsidiary of HSBC, in a pur..

Heritage Property Investment Trust Inc ..elf-managed real estate investment trust, or REIT. We are a Maryland corporation and one of the nations largest owners of neighborhood and community s..

icad inc. ..the State of Delaware, as Howtek, Inc., and has sold and supported over 20,000 high quality, professional graphic arts, photographic and medical imagi..

Indevus Pharmaceuticals Inc. ..the acquisition, development and commercialization of pharmaceutical products and product candidates primarily focused in the areas of urology, gyneco..

iGATE Corporation ..ntains statements that are not historical facts and that constitute forward-looking statements within the meaning of such term under the Private Secur..

Ingram Micro Inc. ..statements, including but not limited to, management's expectations of competition; revenues, margin, expenses and other operating results or ratios; ..

INTAC International ..ing company focused on the exploitation of strategic business opportunities available in China and the Asia-Pacific Rim. Throughout this Report, refer..

IRIS International Inc. ..emote Imaging Systems, Inc., was incorporated in California in 1979 and reincorporated in Delaware in 1987. Our company consists of three operating un..

InfoVista S.A. ..office InfoVista S.A. 6, rue de la Terre de Feu 91940 Les Ulis France Telephone: + 33 (1) 64 86 79 00 4.1.2 Legal form and applicable law InfoVista S...

j2 Global Communications Inc ..ration founded in 1995. By leveraging the power of the Internet, we provide outsourced, value-added messaging and communications services to individua..

Kindred Healthcare Inc. ..company that through its subsidiaries operates hospitals, nursing centers, institutional pharmacies and a contract rehabilitation services business ac..

LaCrosse Footwear Inc. ..in this Annual Report to we, us or our refer collectively to LaCrosse Footwear, Inc. and its subsidiaries. Forward-Looking Statements We caution you t..

LSI Logic Corporation ..actures and markets complex, high-performance integrated circuits and storage systems. We are focused on four markets: communications, consumer produc..

Magna International Inc. ..EW We are the most diversified automotive supplier in the world. We design, develop and manufacture automotive systems, assemblies, modules and compon..

MTS Systems Corporation ..er of test systems and high-performance industrial position sensors. The Company's testing solutions help customers accelerate and improve their desig..

MutualFirst Financial Inc. ..n, is a savings and loan holding company that has as its wholly-owned subsidiary Mutual Federal Savings Bank (Mutual Federal). MFS Financial was forme..

NovaMed Inc. .. and operator of ambulatory surgery centers (ASCs). Our primary focus and strategy is to acquire, develop and operate ASCs in joint ownership with phy..

Nortech Systems Incorporated ..Minnesota corporation organized in December 1990. Prior to December 1990, the Company operated as DSC Nortech, Inc., which filed a petition for reorga..

Orient-Express Hotels Ltd. ..her with its subsidiaries, OEH) is incorporated in the Islands of Bermuda and is a foreign private issuer as defined in Rule 3b-4 of the U.S. Securiti..