Devry Education Group Inc. (DV): International Value Advisers Cashing In

Page 6 of 7 – SEC Filing

As of November 8, 2016, the Reporting Persons collectively
beneficially owned an aggregate of 10,502,491 Shares, constituting 16.8% of the
Issuers outstanding Shares.

Each Reporting Person, as a member of a group with the other
Reporting Persons, may be deemed beneficial owner of the Shares directly owned
by the other Reporting Persons. Each Reporting Person disclaims beneficial
ownership of such Shares except to the extent of his or its pecuniary interest
therein.

Item 7. Material to be Filed as Exhibits

Exhibit A

Transactions in Shares that were effected by IVA during the past sixty days.

SIGNATURE

     After reasonable inquiry and to
the best of his knowledge and belief, each of the undersigned certifies that the
information set forth in this statement is true, complete and correct.

Dated: November 9, 2016

	International Value Advisers, LLC
	By:	/s/ Michael W. Malafronte
	Name:	Michael W. Malafronte
	Title:	Managing Partner

	Charles de Vaulx
	/s/ Charles de Vaulx
	Charles de Lardemelle
	/s/ Charles de Lardemelle

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