Devry Education Group Inc. (DV): International Value Advisers Lowers Stake

Page 6 of 8 – SEC Filing

As of August 25, 2016, the Reporting Persons collectively
beneficially owned an aggregate of 11,005,695 Shares, constituting 17.7% 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.

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