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

Page 7 of 9 – SEC Filing
3.

Chuck de Lardemelle

a)

Mr. de Lardemelle, as a PM and managing member of IVA,
may be deemed the beneficial owner of 12,221,652 Shares owned by the Funds
and the Managed Accounts.

Percentage: 19.5%

b)

Sole power to vote or direct the vote: 0
Shared power
to vote or direct the vote: 0
Sole power to dispose or direct the
disposition: 0

Shared power to dispose or direct the disposition:
12,221,652

            As
of June 22, 2016, the Reporting Persons collectively beneficially owned an
aggregate of 12,221,652 Shares, constituting 19.5% 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.

c)

A list of transactions in the Shares that were effected
by the Reporting Persons during the past 60 days is attached as Exhibit
A
hereto and is incorporated herein by reference. All of the
transactions listed on Exhibit A were effected in the open
market.

d)

No other person is known to have the right to receive or
the power to direct the receipt of dividends from, or the proceeds from
the sale of, Shares other than the Funds and Managed Accounts that IVA
manages.

e)

Not applicable.

Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer

            On
June 22, 2016 the Reporting Persons entered into a Joint Filing Agreement in
which, among other things, the Reporting Persons agreed to joint filing on
behalf of each of them of statements on Schedule 13D with respect to the
securities of the Issuer. The Joint Filing Agreement is attached hereto
Exhibit B.

Item 7. Material to be Filed as Exhibits

Exhibit A Transactions in
Shares that were effected by IVA during the past sixty days
Exhibit B Joint Filing
Agreement

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