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

Page 5 of 7 – SEC Filing

EXPLANATORY NOTE

This Amendment No. 3 to Schedule 13D (the Amendment) is being
filed with respect to the Reporting Persons beneficial ownership in DeVry
Education Group Inc. (DeVry or the Issuer). This amendment supplements the
Schedule D as previously filed on June 22, 2016 (as amended, the Schedule
13D). Each Item below amends and supplements the information disclosed under
the corresponding Item of the Schedule 13D. Unless otherwise indicated herein,
capitalized terms used but not defined in this Amendment shall have the same
meaning herein as are ascribed to such terms in Schedule 13D.

Item 5. Interest in Securities of the Issuer

Item 5 a. and b. is hereby amended and restated as follows:

The aggregate percentage of Share reportedly owned by each
person named herein is based upon 62,623,000 Shares outstanding, as of October
27, 2016 and reported in the Issuers Form 10-K filed on November 2, 2016.

1.	IVA
	a)	As of November 8, 2016, 10,502,491 Shares in aggregate were deemed to be beneficially owned by IVA, as the investment manager to i) WORLD which owns 6,398,432 Shares constituting 10.2% of the Issuers outstanding Shares, ii) IVAGMF which owns 446,387 Shares constituting 0.7 % of the Issuers outstanding Shares, iii) SICAV which owns 758,451 Shares constituting 1.2% of the Issuers outstanding Shares, and iv) the Managed Accounts which own 2,899,221 Shares constituting 4.6% of the Issuers outstanding Shares.
		Percentage: 16.8%
	b)	Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 9,795,581 Sole power to dispose or direct the disposition: 0 Shared power to dispose or direct the disposition: 10,502,491
2.	Charles de Vaulx
	a)	Mr. De Vaulx, as the CIO and managing member of IVA, may be deemed the beneficial owner of 10,502,491 Shares owned by the Funds and the Managed Accounts.
		Percentage: 16.8%
	b)	Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 9,795,581 Sole power to dispose or direct the disposition: 0 Shared power to dispose or direct the disposition: 10,502,491
3.	Chuck de Lardemelle
	a)	Mr. de Lardemelle, as a PM and managing member of IVA, may be deemed the beneficial owner of 10,502,491 Shares owned by the Funds and the Managed Accounts.
		Percentage: 16.8%
	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: 10,502,491

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