On December 8, 2016, DeVry Education Group Inc. (DeVry Group)
entered into a letter agreement (the Letter Agreement) with
Michael W. Malafronte and International Value Advisers, LLC,
relating to the Support Agreement (the Support Agreement)
previously entered into on June 29, 2016 by and among DeVry
Group, International Value Advisers, LLC and affiliated parties
listed therein (collectively, IVA), and Michael W. Malafronte, in
his individual capacity and as a member of IVA. In particular,
the Support Agreement provides that Mr. Malafrontes resignation
from the board of directors of DeVry Group shall become effective
in the event IVA and IVA Affiliates (as defined in the Support
Agreement) ceases collectively to beneficially own or have other
ownership interest in aggregate Net Long Positions (as defined
under the Support Agreement) of at least 10% of the outstanding
shares of DeVry Group common stock (the 10% Ownership
Requirement). to the Letter Agreement, DeVry Group has agreed
that Mr. Malafronte may remain a member of the board of directors
for the duration of his term ending at the 2017 annual meeting of
shareholders even if the 10% Ownership Requirement is not
otherwise met during such term.

The foregoing description of certain terms contained in the
Letter Agreement does not purport to be complete and is qualified
in its entirety by reference to the copy of the Letter Agreement
filed as Exhibit 10.1 to this Current Report on Form 8-K and
incorporated herein by reference.