9 November 2016 Americas/United States Equity Research Knowledge Services

Rating (from NEUTRAL) OUTPERFORM [V] Price (08-Nov-16,US$) 23.50 Target price (US$) (from 24.00) 30.00 52-week price range 26.30 - 15.84 Market cap (US$ m) 1,471.64 *Stock ratings are relative to the coverage universe in each analyst's or each team's respective sector. ¹Target price is for 12 months. [V] = Stock Considered Volatile (see Disclosure Appendix)

Research Analysts Trace Urdan 415 249 7926 [email protected] Jeffrey Lee 415 249 7933 [email protected]

DeVry Education Group Inc. (DV) UPGRADE RATING

Trump Win Lightens Regulatory Load ■ We upgraded DeVry to Outperform from Neutral and raised our target price to $30 based on last night’s election outcome: We believe the risk represented by defense to repayment (DTR) is greatly reduced in a Trump administration, if not through a reversal of the rule, then through a schoolfriendly definition of harm. We think Gainful Employment (GE) regulations are likely to be similarly muted, through either executive or legislative action and that DeVry will successfully receive a waiver or other consideration to allow the Ross School of Veterinary Medicine to avoid GE sanctions. ■ Sum of the parts suggests upside: DeVry’s problems have not evaporated overnight. Its core DeVry University (DVU) business continues to experience double-digit volume declines, as it struggles to differentiate itself in an increasingly competitive market. Its medical schools have seemed to wilt under new competitive pressure and its nursing school has recently exhibited signs of stress and slowing growth. Nevertheless we believe that in total these assets are undervalued. What prevented us from recommending the stock was fear of potential DTR claims. With a new Dept. of Ed likely to interpret misrepresentation more narrowly, these concerns have abated and made the upside more compelling in our view. ■ Catalysts and Risks: Continued improvement at DVU, Ross, and AUC, stabilization at Chamberlain and resolution of FTC claim are all potential positives. Most likely risk includes continued underperformance. ■ Raising target price to $30 from $24: Our target is based on our view of the sum of the parts of DeVry’s business, which we believe ranges between $27 and $33. The biggest swing factor between the extremes remains an assessment of the company’s regulatory liability.

Share price performance 30 25 20 15 Jan - 1 6

D V .N

Apr- 16

Ju l - 1 6

O ct - 1 6

S& P 5 0 0 IN D EX

On 08-Nov-2016 the S&P 500 INDEX closed at 2139.56 Daily Nov10, 2015 - Nov08, 2016, 11/10/15 = US$23.31

Quarterly EPS 2016A 2017E 2018E

Q1 0.08 0.39 0.51

Q2 -0.78 0.73 0.79

Q3 Q4 0.81 -0.14 0.75 0.68 0.82 0.81

Financial and valuation metrics Year EPS (CS adj.) (US$) Prev. EPS (US$) P/E (x) P/E rel. (%) Revenue (US$ m) EBITDA (US$ m) OCFPS (US$) P/OCF (x) EV/EBITDA (current) Net debt (US$ m) ROIC (%) Number of shares (m) BV/share (Next Qtr., US$) Net debt (Next Qtr., US$ m) Net debt/tot eq (Next Qtr.,%)

62.62 25.6 12.3 .8

6/16A 6/17E 2.42 2.65 9.7 8.9 52.1 48.2 1,843.5 1,829.9 288.3 300.6 3.60 3.72 5.0 6.3 4.9 4.7 -308 -91 17.48 10.36 IC (current, US$ m) EV/IC (x) Dividend (current, US$) Dividend yield (%)

6/18E 2.93 8.0 48.9 1,900.4 313.6 4.87 4.8 4.5 -325 11.62 1,279.04 .9 -

Source: Company data, Thomson Reuters, Credit Suisse estimates

DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

9 November 2016

DeVry Education Group Inc.

(DV)

Price (08 Nov 2016): US$23.5; Rating: (from NEUTRAL) OUTPERFORM [V]; Target Price: (from US$24.00) US$30.00; Analyst: Trace Urdan Income Statement Revenue (US$ m) EBITDA Depr. & amort. EBIT (US$) Net interest exp Associates Other adj. PBT (US$) Income taxes Profit after tax Minorities Preferred dividends Associates & other Net profit (US$) Other NPAT adjustments Reported net income Cash Flow EBIT Net interest Cash taxes paid Change in working capital Other cash & non-cash items Cash flow from operations CAPEX Free cashflow to the firm Aquisitions Divestments Other investment/(outflows) Cash flow from investments Net share issue(/repurchase) Dividends paid Issuance (retirement) of debt Other Cashflow from financing activities Effect of exchange rates Changes in Net Cash/Debt Net debt at start Change in net debt Net debt at end Balance Sheet (US$) Assets Cash & cash equivalents Account receivables Inventory Other current assets Total current assets Total fixed assets Intangible assets and goodwill Investment securities Other assets Total assets Liabilities Accounts payables Short-term debt Other short term liabilities Total current liabilities Long-term debt Other liabilities Total liabilities Shareholder equity Minority interests Total liabilities and equity Net debt

6/16A 1,843.5 288 (86) 203 (5) 0 198 15 212 0 (56) 156 0 156 6/16A 203 (5) (27) (78) 139 232 (69) 162 (146) (0) (215) (31) (23) 0 (11) (66) 5 (45) (353) 45 (308) 6/16A

6/17E 1,829.9 301 (86) 215 0 0 215 (47) 168 -0 0 168 0 168 6/17E 215 0 (65) 4 83 237 (71) 166 (331) 0 (402) (32) (23) 130 (127) (52) 1 (217) (308) 217 (91) 6/17E

6/18E 1,900.4 314 (86) 228 0 0 228 (42) 186 -0 0 186 0 186 6/18E 228 0 (41) (8) 129 308 (74) 234 0 0 (74) 0 0 0 0 0 0 234 (91) (234) (325) 6/18E

308 162 0 48 518 522 931 126 2,097

221 158 0 47 426 516 1,274 125 2,340

455 167 0 49 671 514 1,264 128 2,577

65 0 297 362 0 148 510 1,582 5 2,097 (308)

63 0 290 353 130 144 627 1,708 5 2,340 (91)

66 0 305 372 130 152 654 1,918 5 2,577 (325)

Per share No. of shares (wtd avg) CS adj. EPS Prev. EPS (US$) Dividend (US$) Dividend payout ratio Free cash flow per share Earnings Sales growth (%) EBIT growth (%) Net profit growth (%) EPS growth (%) EBITDA margin (%) EBIT margin (%) Pretax margin (%) Net margin (%) Valuation EV/Sales (x) EV/EBITDA (x) EV/EBIT (x) P/E (x) Price to book (x) Asset turnover Returns ROE stated-return on (%) ROIC (%) Interest burden (%) Tax rate (%) Financial leverage (%) Gearing Net debt/equity (%) Net Debt to EBITDA (x) Interest coverage ratio (X) Quarterly EPS 2016A 2017E 2018E

Q1 0.08 0.39 0.51

6/16A 6/17E 64 64 2.42 2.65 0.00 0.00 0.00 0.00 2.52 2.60 6/16A 6/17E (3.5) (0.7) 0.1 5.9 14.7 7.9 16.2 11.1 15.6 16.4 11.0 11.7 10.7 11.7 8.5 9.2 6/16A 6/17E 0.63 0.75 4.9 4.7 5.7 6.4 9.7 8.9 1.0 0.9 0.9 0.8 6/16A 6/17E 9.9 10.2 0.2 0.1 0.97 1.00 (10.3) 21.7 0.00 0.08 6/16A 6/17E (19.4) (5.3) Net Cash Net Cash 39.3 (686.6) Q2 Q3 -0.78 0.81 0.73 0.75 0.79 0.82

6/18E 63 2.93 0.00 0.00 3.70 6/18E 3.9 6.1 10.4 10.3 16.5 12.0 12.0 9.8 6/18E 0.60 4.5 5.0 8.0 0.8 0.7 6/18E 10.3 0.1 1.00 18.5 0.07 6/18E (16.9) Net Cash (728.7) Q4 -0.14 0.68 0.81

Share price performance 30 25 20 15 Jan - 1 6

Apr- 1 6

D V .N

Ju l - 1 6

O ct - 1 6

S& P 5 0 0 IN D EX

On 08-Nov-2016 the S&P 500 INDEX closed at 2139.56 Daily Nov10, 2015 - Nov08, 2016, 11/10/15 = US$23.31

Source: Company data, Thomson Reuters, Credit Suisse estimates

DeVry Education Group Inc. (DV)

2

9 November 2016

Figure 1: DeVry Education: Sum of the Parts CY2017 Revenue DeVry University Ross / AUC Medical Ross / AUC Vet Chamberlain College of Nursing Carrington Colleges DeVry Brasil Becker Other Corporate Legal Liability Total

451 297 89 416 188 255 163

1,859

CY:17 Taxed Earnings

CY:17 Untaxed Earnings Tax Rate

(2) 42 12 46 (6) 22 24 (18)

(4) 60 18 75 (9) 24 41 (22)

140

204

40% 30% 30% 40% 40% 8% 40% 19%

Low 15.0x 16.0x 8.0x 16.0x 6.0x 11.0x 18.0x 13.0x

High 13.0x 18.0x 10.0x 19.0x 8.0x 12.0x 20.0x 15.0x

Net Cash Mark et Cap Mean Implied Share Price

Low ($35) $673 $100 $743 ($35) $245 $440 ($238) ($200) $63 $1,755 $1,943 $30.41

High ($30) $757 $125 $883 ($47) $267 $488 ($275) ($100) $63 $2,131

Source: Company data, Credit Suisse estimates

DeVry Education Group Inc. (DV)

3

Figure 2: DeVry Education Group - Income Statement ($ in thousands except per share) FY12A Tuition Other educational Total Revenues y/y growth Costs of educational services % of revenue y/y growth

FY13A

FY14A

FY15A

Sep-15A

Dec-15A

Mar-16A

Sep-16A

Dec-16E

Mar-17E

396,056 45,357 441,413 -4.5%

421,602 34,601 456,203 -5.9%

425,966 48,255 474,221 -3.2%

429,757 1,673,381 41,943 170,156 471,700 1,843,537 -0.3% -3.5%

399,027 50,865 449,892 1.9%

415,109 36,331 451,440 -1.0%

418,256 50,668 468,924 -1.1%

415,566 1,647,958 1,709,382 44,040 181,904 190,999 459,606 1,829,862 1,900,381 -2.6% -0.7% 3.9%

983,438 1,000,055 51.1% 52.3% 2.2% 1.7%

245,077 55.5% -0.5%

241,021 52.8% -3.9%

252,867 53.3% -0.1%

247,813 52.5% -0.8%

986,778 53.5% -1.3%

250,673 55.7% 2.3%

235,980 52.3% -2.1%

249,516 53.2% -1.3%

241,301 52.5% -2.6%

939,934 48.9%

1,949,909 1,840,033 1,784,639 1,756,981 121,874 124,342 138,733 153,962 2,071,783 1,964,375 1,923,372 1,910,943 -4.1% -5.2% -2.1% -0.6% 960,814 46.4% 5.1%

962,223 49.0% 0.1%

Jun-16A

FY16A

Jun-17E

FY17E

FY18E

CY16E

CY17E

CY18E

CY19E

CY20E

1,669,859 177,394 1,847,253 -0.8%

1,670,270 186,264 1,856,534 0.5%

1,754,634 195,577 1,950,211 5.0%

1,859,544 205,356 2,064,900 5.9%

1,967,039 215,624 2,182,663 5.7%

977,470 1,013,441 53.4% 53.3% -0.9% 3.7%

987,333 53.4% -0.2%

991,011 53.4% 0.4%

1,041,020 53.4% 5.0%

1,101,398 53.3% 5.8%

1,164,357 53.3% 5.7%

852,392 46.6%

Gross Profit % of revenue

1,110,969 1,002,152 53.6% 51.0%

910,888 47.7%

196,336 44.5%

215,182 47.2%

221,354 46.7%

223,887 47.5%

856,759 46.5%

199,219 44.3%

215,460 47.7%

219,408 46.8%

218,305 47.5%

886,940 46.7%

859,920 46.6%

865,523 46.6%

909,191 46.6%

963,502 46.7%

1,018,306 46.7%

Student services/administration % of revenue y/y growth Total operating expenses Special charges

789,903 756,384 727,869 708,285 38.1% 38.5% 37.8% 37.1% 6.1% -4.2% -3.8% -2.7% 1,750,717 1,718,607 1,711,307 1,708,340 78,446 78,840 30,797 44,693

164,016 37.2% -7.7% 409,093 24,073

159,163 34.9% -9.0% 400,184 112,396

161,483 34.1% -10.4% 414,350 (976)

169,388 654,050 35.9% 35.5% -3.4% -7.7% 417,201 1,640,828 79,359 214,853

161,065 36.8% -1.8% 411,738 5,047

155,696 34.5% -2.2% 391,676

157,803 33.7% -2.3% 407,320

163,207 637,771 659,151 35.5% 34.9% 34.7% -3.6% -2.5% 3.4% 404,507 1,615,241 1,672,593

647,632 35.1% -4.6% 1,634,965

647,824 34.9% 0.0% 1,638,835

672,783 34.5% 3.9% 1,713,803

704,112 34.1% 4.7% 1,805,510

735,544 33.7% 4.5% 1,899,900

32,320 7.3%

56,019 12.3%

60,847 12.8%

38,154 8.5%

59,765 13.2%

61,604 13.1%

212,289 11.5%

217,699 11.7%

236,408 12.1%

259,390 12.6%

282,762 13.0%

Operating Income (Loss) Operating Margin Net interest

321,066 15.5%

245,768 12.5%

212,065 11.0%

202,603 10.6%

54,499 11.6%

(1,795)

(1,959)

(1,901)

(3,250)

(2,199)

(1,607)

(1,381)

Pretax income Taxes Tax Rate (ex-write-off) Non controlling interest Extraordinary Expense Discontinued operations (net of tax)

319,271 91,480 28.7% (816) 78,862 (27,541)

243,809 56,760 23.3% (2,054) 61,307 (16,902)

210,164 39,719 18.9% (660) 2,877 (33,281)

199,353 35,125 17.6%

30,121 5,723 19.0% 79 -

54,412 10,318 19.0% (117)

59,466 7,536 12.7% (5) 6,332

54,533 12,957 23.8% (368)

Net Income from Continuing Ops. % of revenue

226,975

187,049

169,785

164,228

24,398

44,094

45,598

11.0%

9.5%

8.8%

8.6%

5.5%

9.7%

9.6%

Average shares (diluted) y/y growth

67,705 -4.1%

64,611 -4.6%

64,853 0.4%

65,344 0.8%

64,279 -1.8%

64,654 -1.2%

Reported GAAP EPS EPS (Continuing Operations) y/y growth

$2.51 $3.35 -29.3%

$1.95 $2.90 -13.6%

$2.33 $2.62 -9.5%

$2.08 $2.51 -4.1%

$0.08 $0.38 -19.6%

152,843 7.4% $2.26 409,755 19.8% -27.6%

150,444 7.7% $2.33 339,018 17.3% -17.3%

183,567 9.5% $2.83 301,882 15.7% -11.0%

120,500 6.3% $1.84 293,159 15.3% -2.9%

93,828 21.3% $1.46 53,345 12.1% -9.8%

Free cash flow % of revenue Free cash flow per share EBITDA % of revenue y/y growth

34

202,709 11.0%

55,099 12.0%

214,621 11.7%

227,789 12.0%

(5,155)

(1,057)

2

63

78

313

313

(1,176)

313

313

313

313

197,554 41,890 21.2% (411) 6,332

37,097 8,335 22.5% 3 -

59,767 13,429 22.5%

61,667 13,855 22.5%

55,177 12,397 22.5%

214,934 48,016 22.3%

228,101 42,199 18.5%

211,113 42,257 20.0%

218,012 44,969 20.6%

236,721 43,793 18.5%

259,702 48,045 18.5%

283,075 52,369 18.5%

0

0

0

0

0

41,576

155,664

28,762

46,338

47,812

42,780

166,918

185,903

168,856

173,043

192,927

211,657

230,706

8.8%

8.4%

6.4%

10.3%

10.2%

9.3%

9.1%

9.8%

9.1%

9.3%

9.9%

10.3%

10.6%

64,353 -1.4%

63,784 -2.2%

64,371 -1.5%

63,896 -0.6%

63,719 -1.4%

63,542 -1.3%

63,365 -0.7%

63,631 -1.2%

63,365 -0.4%

63,938 -1.4%

63,409 -0.8%

63,365 -0.1%

63,365 0.0%

63,365 0.0%

($0.78) $0.68 -9.5%

$0.81 $0.71 1.6%

($0.16) $0.65 13.4%

($0.05) $2.42 -3.8%

$0.39 $0.45 18.6%

$0.73 $0.73 6.6%

$0.75 $0.75 6.2%

$0.68 $0.68 3.6%

$2.65 $2.62 8.5%

$2.93 $2.93 11.8%

$3.10 $2.64 12.3%

$2.73 $2.73 3.3%

$3.04 $3.04 11.6%

$3.34 $3.34 9.7%

$3.64 $3.64 9.0%

(58,357) (12.8%) ($0.90) 77,266 16.9% -4.1%

133,214 28.1% $2.07 82,414 17.4% 3.4%

(6,512) (1.4%) ($0.10) 76,211 16.2% 4.9%

162,173 8.8% $2.52 288,260 15.6% -1.7%

86,450 19.2% $1.35 59,069 13.1% 10.7%

(51,766) (11.5%) ($0.81) 81,451 18.0% 5.4%

126,724 27.0% $1.99 83,303 17.8% 1.1%

4,214 0.9% $0.07 76,810 16.7% 0.8%

165,622 9.1% $2.60 300,634 16.4% 4.3%

234,258 12.3% $3.70 313,593 16.5% 4.3%

164,691 8.9% $2.54 299,145 16.2% 5.7%

230,619 12.4% $3.60 304,072 16.4% 1.6%

225,217 11.5% $3.54 322,146 16.5% 5.9%

364,070 17.6% $5.75 345,257 16.7% 7.2%

394,086 18.1% $6.22 368,995 16.9% 6.9%

Source: Company data, Credit Suisse estimates

9 November 2016

Inc. (DV)

4

Figure 3: DeVry Education Group - Segment and Enrollment Data ($ in thousands except per share) FY12A Segment Revenue Info: Business, Technology and Management 1,303,556 y/y growth -10.7%

Sep-15A

Dec-15A

Mar-16A

Sep-16A

Dec-16E

Mar-17E

1,096,695 -15.9%

FY13A

FY14A 929,948 -15.2%

FY15A 794,161 -14.6%

159,466 -21.7%

160,212 -23.8%

156,417 -23.3%

Jun-16A 135,037 -23.4%

FY16A 611,132 -23.0%

120,890 -24.2%

123,161 -23.1%

123,291 -21.2%

Jun-17E 106,226 -21.3%

FY17E 473,568 -22.5%

FY18E 440,331 -7.0%

FY19E 438,701 -0.4%

FY20E 447,309 2.0%

Medical & Healthcare y/y growth

611,953 9.6%

672,604 9.9%

769,126 14.4%

859,477 11.7%

223,984 8.7%

234,374 9.5%

246,806 9.5%

231,168 8.0%

936,332 8.9%

236,754 5.7%

241,702 3.1%

253,111 2.6%

237,265 2.6%

968,832 3.5%

1,014,025 4.7%

1,070,523 5.6%

1,129,453 5.5%

Intl. & Professional Education y/y growth

156,284 10.2%

196,576 25.8%

228,057 16.0%

258,840 13.5%

58,673 10.3%

62,403 1.9%

71,745 17.4%

106,197 27.5%

299,018 15.5%

92,970 58.5%

87,364 40.0%

93,269 30.0%

116,817 10.0%

390,419 30.6%

448,982 15.0%

502,860 12.0%

553,146 10.0%

(1,500)

(2,665)

(2,535)

(710)

(786)

(747)

(702)

(2,945)

(722)

(786)

(747)

(702)

(2,957)

(2,957)

(2,957)

(2,957)

2,071,793 -4.1% 1,740,730

1,964,375 -5.2% 1,702,677

1,923,372 -2.1% 1,711,196

1,909,943 -0.7% 1,715,576

441,413 -4.5% 407,390

456,203 -5.9% 398,024

474,221 -3.2% 411,108

471,700 -0.3% 406,884

1,843,537 -3.5% 1,623,406

449,892 1.9% 409,610

451,440 -1.0% 389,542

468,924 -1.1% 404,075

459,606 -2.6% 393,668

1,829,862 -0.7% 1,596,895

1,900,381 3.9% 1,654,248

2,009,127 5.7% 1,741,068

2,126,952 5.9% 1,835,570

206,084 86,638 38,341 (9,997) 321,066 15.5%

99,123 117,199 46,876 (27,813) 235,385 12.0%

30,638 141,020 44,277 (13,095) 202,840 10.5%

14,953 153,447 38,672 (6,749) 200,323 10.5%

(1,557) 34,252 2,038 (2,794) 31,939 7.2%

8,897 42,222 7,846 (2,920) 56,045 12.3%

6,393 52,819 4,648 (3,992) 59,868 12.6%

(683) 37,885 28,316 (11,541) 53,977 11.4%

13,050 167,178 42,848 (21,247) 201,829 10.9%

(6,288) 43,211 4,081 (2,849) 38,155 8.5%

5,192 44,388 13,105 (2,920) 59,765 13.2%

3,080 55,054 7,461 (3,992) 61,604 13.1%

(3,564) 39,715 30,489 (11,541) 55,099 12.0%

(1,580) 182,368 55,136 (21,302) 214,622 11.7%

(5,427) 193,031 61,486 (21,302) 227,789 12.0%

(5,753) 205,390 71,379 (21,302) 249,714 12.4%

(4,204) 217,260 81,283 (21,302) 273,037 12.8%

15.8% 14.2% 24.5%

9.0% 17.4% 23.8%

3.3% 18.3% 19.4%

1.9% 17.9% 14.9%

-1.0% 15.3% 3.5%

5.6% 18.0% 12.6%

4.1% 21.4% 6.5%

-0.5% 16.4% 26.7%

2.1% 17.9% 14.3%

-5.2% 18.3% 4.4%

4.2% 18.4% 15.0%

2.5% 21.8% 8.0%

-3.4% 16.7% 26.1%

-0.3% 18.8% 14.1%

-1.2% 19.0% 13.7%

-1.3% 19.2% 14.2%

-0.9% 19.2% 14.7%

New undergraduates (Total) y/y growth Total undergraduates (Total) y/y growth Undergraduate retention (Total) y/y growth

40,570

34,686

31,404

26,639

4,467 -24.2% 27,018 -23.0% 78.0% -11 bps

4,186 -14.3% 24,179 -21.2% 82.2% 18 bps

3,873 -14.3% 23,216 -19.7% 80.0% 60 bps

3,827 -14.3% 21,990 -18.6% 78.2% 20 bps

17,734

-25.4% 29,524 -20.9%

4,669 -22.2% 24,322 -22.7% 72.7% 12 bps

17,052

-15.2% 37,323 -14.8%

4,521 -28.9% 28,898 -22.6% 79.4% -51 bps

16,555

-9.5% 43,787 -14.0%

4,886 -28.5% 30,702 -20.8% 82.0% -183 bps

16,555

-14.5% 50,937 -16.4%

6,003 -20.5% 31,476 -17.4% 72.6% 20 bps

19,877

-24.3% 60,907 -12.5% 80.2%

-16.7% 23,427 -20.7%

0.0% 21,579 -7.9%

3.0% 21,946 1.7%

4.0% 23,013 4.9%

Graduate coursetakers (Total) y/y growth

23,151 -1.3%

20,048 -13.4%

16,698 -16.7%

14,678 -12.1%

12,368 -14.2%

12,621 -17.3%

11,699 -21.8%

11,106 -21.1%

11,949 -18.6%

10,385 -16.0%

10,597 -16.0%

10,197 -12.8%

9,325 -16.0%

10,126 -15.3%

9,620 -5.0%

9,139 -5.0%

8,682 -5.0%

Total DVUC (Total) y/y growth

84,057 -9.7%

70,985 -15.6%

60,486 -14.8%

52,001 -14.0%

43,845 -16.5%

43,323 -19.8%

40,597 -22.4%

38,124 -22.5%

41,472 -20.2%

34,707 -20.8%

34,775 -19.7%

33,413 -17.7%

31,315 -17.9%

33,553 -19.1%

31,199 -7.0%

31,084 -0.4%

31,695 2.0%

DVUC revenue per student ($) y/y growth

3,876 -1.2%

3,860 -0.4%

3,842 -0.5%

3,814 -0.7%

3,637 -6.2%

3,698 -5.0%

3,853 -1.1%

3,542 -1.3%

3,683 -3.4%

3,483 -4.2%

3,542 -4.2%

3,690 -4.2%

3,392 -4.2%

3,527 -4.2%

3,527 0.0%

3,527 0.0%

3,527 0.0%

DeVry University Online (Total) y/y growth

72,808 -7.6%

New Chamberlain College (Total) y/y growth Total Chamberlain College (Total) y/y growth Chamberlain College Retention y/y growth

8,667 2.7% 10,574 24.7% 82.6% 33 bps

12,675 19.9% 81.3% -126 bps

15,038 18.6% 74.8% -650 bps

4,651 16.3% 21,423 23,107 42.5% 23.5% 93.8% 80.0% 1900 bps -3655 bps

5,048 24.1% 25,703 23.3% 89.4% -28 bps

5,531 15.6% 27,857 20.7% 86.9% -87 bps

4,850 13.1% 27,502 19.2% 81.3% -7 bps

26,042 21.6% 84.4% -944 bps

4,646 -0.1% 26,413 14.3% 79.1% -87 bps

5,156 2.1% 28,766 11.9% 89.4% 0 bps

5,764 4.2% 30,750 10.4% 86.9% 0 bps

5,092 5.0% 30,098 9.4% 81.3% 0 bps

29,007 11.4% 84.2% -22 bps

31,181 7.5% 84.2% 0 bps

33,064 6.0% 84.2% 0 bps

34,880 5.5% 84.2% 0 bps

New Carrington Colleges y/y growth Total Carrington Colleges y/y growth Carrington Colleges Retention y/y change

7,780 -29.5% 7,374 -27.9% 68.5% -13 bps

9,157 17.7% 7,524 2.0% 70.9% 240 bps

8,452 -7.7% 7,592 0.9% 72.8% 189 bps

9,532 12.8% 7,556 -0.5% 68.8% -393 bps

2,584 -1.5% 7,560 -1.0% 66.3% -187 bps

1,858 -4.8% 7,211 -3.1% 70.8% -115 bps

2,058 -5.9% 7,181 -6.0% 71.0% -220 bps

1,681 -39.3% 6,456 -14.0% 66.5% 448 bps

8,181 -14.2% 7,102 -6.0% 68.7% -18 bps

2,338 -9.5% 6,638 -12.2% 66.6% 33 bps

1,709 -8.0% 6,410 -11.1% 70.8% 0 bps

1,893 -8.0% 6,447 -10.2% 71.0% 0 bps

1,681 0.0% 5,968 -7.6% 66.5% 0 bps

7,622 -6.8% 6,366 -10.4% 68.7% 8 bps

7,927 4.0% 6,304 -1.0% 68.7% 0 bps

8,244 4.0% 6,486 2.9% 68.7% 0 bps

8,573 4.0% 6,729 3.8% 68.7% 0 bps

2,097 15.7% 6,033 15.0%

2,046 -2.4% 6,092 1.0%

2,115 3.4% 6,416 5.3%

2,019 -4.5% 6,154 -4.1%

518 -7.5% 6,374 3.7% 89.5% 226 bps

6,313 3.7% 99.0% 0 bps

535 -13.3% 5,850 -2.1% 84.2% -388 bps

2,044 1.2% 6,271 1.9%

466 -10.0% 6,168 -3.2% 89.0% -46 bps

6,075 -3.8% 98.5% -55 bps

535 0.0% 5,626 -3.8% 83.8% -39 bps

1,807 -11.6% 6,009 -4.2%

1,834 1.5% 5,828 -3.0%

1,889 3.0% 5,723 -1.8%

1,946 3.0% 5,683 -0.7%

0 bps

806 -18.7% 6,168 -5.8% 91.7% -127 bps

0 bps

0 bps

0 bps

0 bps

39,288 14.1% 5,965 -4.0%

41,351 12.4% 5,969 -2.6%

39,808 8.9% 5,807 -0.8%

39,415 12.2% 5,940 -3.0%

39,219 5.4% 6,037 0.3%

41,344 5.2% 5,846 -2.0%

43,273 4.6% 5,849 -2.0%

41,692 4.7% 5,691 -2.0%

41,382 5.0% 5,856 -1.4%

43,312 4.7% 5,856 0.0%

45,273 4.5% 5,914 1.0%

47,292 4.5% 5,973 1.0%

79,280

24,768 26.4% 68,550

90,020

26,749 8.0% 83,441

28,087 5.0% 92,363

29,210 4.0% 99,696

30,379 4.0% 105,987

84.1% -1745 bps

15,892 10.4% 76,862 32.9% 76.9% 297 bps

83.5% -66 bps

89.0% 552 bps

89.0% 0 bps

89.0% 0 bps

149,437 9.5% 54,870 (5.0%)

150,788 8.6% 28,351 (1.0%)

158,375 6.0% 52,733 (3.9%)

166,875 5.4% 54,403 3.2%

176,053 5.5% 56,395 3.7%

184,974 5.1% 58,632 4.0%

Intersegment Total Revenues y/y growth Total Operating Expenses Segment Operating Income: Business, Technology and Management Medical & Healthcare Intl. & Professional Education Other Operating Income % of revenue Segment Margins: Business, Technology and Management Medical & Healthcare Intl. & Professional Education

Enrollment Info

DeVry Medical International (new students) y/y growth DeVry Medical International y/y growth retention y/y change

11,448

0 bps

0 bps

0 bps

Total Medical Enrollment y/y growth Medical revenue per student ($) y/y growth

23,981 0.1% 6,379 9.3%

26,291 9.6% 6,396 0.3%

29,046 10.5% 6,658 4.1%

35,133 21.0% 6,122 -8.0%

37,213 13.6% 6,019 -4.3%

DeVry Brasil (new students) y/y growth DeVry Brasil Total y/y growth retention y/y change

7,244 89.0% 25,634

7,390 2.0% 27,715

8,845 19.7% 31,177

19,589 121.5% 49,291

114.4% 3244 bps

82.0% -3241 bps

85.1% 310 bps

133,672 2.7% 66,358 (15.7%)

124,990 (6.5%) 64,727 (2.5%)

120,708 (3.4%) 50,816 (21.5%)

Total enrollments (as reported) Total enrollments (weighted avg) y/y change Total student starts y/y change

14,399 176.0% 57,819 45.1% 101.6% 73.9% 1644 bps -3099 bps

136,425 13.0% 57,779 13.7%

138,877 11.0% 28,628 41.5%

57,819

140,431 9.4% 12,310 (8.2%)

24,768 26.4% 79,280 35.0% 94.3% -391 bps

161,228 9.1% 36,878 12.0%

157,212 8.8% 11,533 (15.0%)

Source: Company data, Credit Suisse estimates

Inc. (DV)

5

76,862

152,981 8.9% 11,517 (6.4%)

26,749 8.0% 90,020 13.5% 90.0% -428 bps

166,706 3.4% 38,280 3.8%

163,027 3.7% 11,135 (3.4%)

9 November 2016

0 bps

991 17.7% 6,546 2.2% 92.9% -98 bps

Figure 4: DeVry Education Group - Balance Sheet ($ in thousands except per share) FY13A

FY14A

FY15A

196,576 2,975 7,019 139,778

358,188 3,448 8,347 132,621

353,022 3,579 10,743 139,163

32,515 35,320 414,183 571,657 790,935 13,450 49,672 1,425,714 1,839,897

39,679 34,808 577,091 555,837 814,811 13,450 36,447 1,420,545 1,997,636

41,458 53,092 601,057 545,874 876,060 13,450 37,752 1,473,136 2,074,193

Liabilities Current portion of debt Accounts payable Accrued salaries and expenses Advance tuition payments Deferred tuition revenue Total current liabilities

55,131 145,867 27,135 70,343 298,476

52,260 157,471

Revolving loan Senior Debt Deferred income taxes Other long-term liabilities Total non-current liabilities Total liabilities Minority interest

Assets Cash & equivalents Marketable securities Restricted cash Accounts receivable, net Inventory Deferred income taxes Prepaid expenses and other current assets Total current assets Property & equipment, net Goodwill and other intangible assets, net Deferred income taxes Marketable Securities Perkins Program Fund, net Other assets Total non-current assets Total assets

Total shareholders' equity Total liabilities & shareholders' equity Net cash Net cash per share

Sep-15A

Dec-15A

Mar-16A

Jun-16A

FY16A

FY17E

FY18E

436,453 3,398 7,917 185,956

178,193 3,493 13,973 121,817

330,214 3,528 10,995 170,035

308,164 3,609 7,183 162,389

221,090 3,738 6,999 158,225

221,090 3,738 6,999 158,225

455,347 3,738 7,377 166,768

36,451 47,939 718,114

41,261 41,551 400,288

43,080 36,754 594,606

36,760 518,105

42,599 36,343 498,022

35,817 425,869

514,872 1,278,162

515,285 1,276,051

515,681 1,273,943 52,608

13,450 58,115 1,864,599 2,202,311

13,450 58,779 1,863,564 2,361,586

13,450 58,663 1,914,345 2,340,214

35,817 425,869 515,681 1,273,943 52,608 13,450 58,663 1,914,345 2,340,214

37,751 670,981 513,688 1,264,197 52,608 13,450 61,830 1,905,774 2,576,755

530,336 837,320

535,551 900,895

512,340 936,058

521,763 930,863 52,608

13,450 37,522 1,418,628 2,136,742

13,450 58,728 1,508,624 1,908,912

13,450 59,443 1,521,291 2,115,897

13,450 60,207 1,578,891 2,096,996

63,083 168,594

59,777 156,280

56,762 157,269

54,222 177,226

64,687 196,707

99,160 308,891

90,232 321,909

223,343 439,400

77,778 291,809

170,106 401,554

100,442 361,836

64,687 196,707 100,442 361,836

56,169 155,627 76,966 288,763

53,616 175,246 168,206 397,068

63,028 191,664 97,867 352,559

63,028 191,664 97,867 352,559

66,431 202,011 103,150 371,593

57,501 85,913 143,414 441,890 854

47,921 101,038 148,959 457,850 6,393

56,092 101,762 157,854 479,763 9,620

130,000

51,236 99,085 150,321 589,721 3,652

37,752 109,701 147,453 439,262 2,813

46,530 108,349 154,879 556,433 3,529

29,936 118,025 147,961 509,797 5,112

29,936 118,025 147,961 509,797 5,112

30,769 112,026 272,795 717,635 5,043

130,000 37,358 108,556 275,914 564,676 5,043

130,000 46,010 107,139 283,149 680,217 5,043

130,000 29,168 114,999 274,167 626,726 5,043

130,000 29,168 114,999 274,167 626,726 5,043

130,000 30,743 121,207 281,951 653,543 5,043

1,397,153 1,839,897

1,533,393 1,997,636

1,584,810 2,074,193

1,543,369 2,136,742

1,466,837 1,908,912

1,555,935 2,115,897

1,582,087 2,096,996

1,582,087 2,096,996

1,601,678 2,324,356

1,632,592 2,202,311

1,676,326 2,361,586

1,708,445 2,340,214

1,708,445 2,340,214

1,918,169 2,576,755

199,551 $3.09

361,636 $5.58

356,601 $5.46

439,851 $6.84

181,686 $2.81

333,742 $5.19

311,773 $4.89

311,773 $4.84

62,755 $0.98

110,072 $1.73

94,828 $1.50

94,828 $1.49

329,085 $5.19

308,164 3,609 7,183 162,389 36,760 518,105 521,763 930,863 52,608 13,450 60,207 1,578,891 2,096,996

Sep-16A

Dec-16E

Mar-17E

189,017 3,738 5,795 184,294

117,654 3,738 13,827 120,545

236,334 3,738 10,872 168,136

40,814 423,658

40,830 41,117 337,712

514,444 1,280,277 32,037 13,450 60,490 1,900,698 2,324,356

57,423 162,704 224,713 444,840

(8,608) ($0.14)

Jun-17E

Source: Company data, Credit Suisse estimates

9 November 2016

Inc. (DV)

6

Figure 5: DeVry Education Group - Cash Flow Statement ($ in thousands except per share) FY13A

Sep-15A

Dec-15A

Mar-16A

Jun-16A

Dec-16E

Mar-17E

FY15A

134,711 17,685 82,739 7,078 88,506 (17,115) 9,150 13,774 (1,328) (82,262) 23,430 (2,883) (10,864) 301 262,922

140,699 17,440 85,008 5,548 89,886 3,563 6,774 (3,956) (2,396) (96,534) (19,716) 10,830 (24,725) (9,314) 203,107

5,386 6,238 19,677 1,348 20,594 (16) 7,952 2,826 (76,472) 8,894 (3,303) (10,363) 133,820 116,581

(50,471) 3,974 19,693 1,554 20,007 (16,977) 7,311 99,473 (6,056) 58,254 (14,028) (5,954) (9,836) (147,006) (40,062)

51,930 3,777 19,979 1,588 21,109 3,200 (2,453) (3,849) 2,978 (65,526) 3,544 (2,874) 17,738 92,029 143,170

(9,601) 8,379 20,051 1,661 20,306 (27,855) 1,346 45,004 3,812 (7,905) 9,628 2,519 14,516 (69,981) 11,880

(2,756) 22,368 79,400 6,151 82,016 (41,648) 14,156 140,628 3,560 (91,649) 8,038 (9,612) 12,055 8,862 231,569

25,149 5,750 17,476 3,439 22,481 3,328 418 1,388 (45,280) (6,017) (3,717) (35,995) 109,348 97,768

Cash used for investing activities Capital Expenditures (113,504) (79,355) Proceeds (Payments) for sales (purchases) of other (39,035) assets (13,570) Marketable securities (net) (93) 8,603 Net cash/investing activities (152,632) (84,322)

(82,607) (73,117) (158) (155,882)

(22,753) (3,114) (13) (25,880)

(18,295) (170,577) (73) (188,945)

(9,956) 27,902 (3,122) 14,824

(18,392) (117) 3,103 (15,406)

(69,396) (145,906) (105) (215,407)

(11,318) (331,070) (342,388)

10,482 (21,903) 1,372 (6,457) (16,506) (1,050) 161,044 197,144 358,188

8,828 (23,230) (24,714) (9,497) (48,613) (3,778) (5,166) 358,188 353,022

240 (7,976) (2,931) (10,667) 3,397 83,431 353,022 436,453

31 (11,563) (8,534) 13 (20,053) (9,200) (258,260) 436,453 178,193

(6,993) (2,972) (9,965) 3,992 152,021 178,193 330,214

66 (11,414) (7,978) (5,610) (24,936) 6,412 (22,050) 330,214 308,164

337 (22,977) (31,481) (11,500) (65,621) 4,601 (44,858) 353,022 308,164

6,350 130,000 (8,044) (3,518) 124,788 695 (119,137) 308,164 189,027

(71,373) 189,027 117,654

118,680 117,654 236,334

183,567 $2.83 21.6%

120,500 $1.84 (34.8%)

93,828 $1.46 (20.4%)

(58,357) ($0.90) (16.4%)

133,214 $2.07 32.6%

(6,512) ($0.10) (78.3%)

162,173 $2.52 36.6%

86,450 $1.35 (7.3%)

(51,766) ($0.81) (10.0%)

126,724 $1.99 (3.7%)

Cash provided by operating activities Net income 125,739 Share-based compensation charge 15,493 Depreciation 83,111 Amortization 10,139 Provision for refunds and doubtful accounts 80,557 Deferred income taxes (12,462) Loss on disposals and adjustments to land 10,633 Other 47,079 Restricted cash (4,521) Accounts receivable (124,448) Inventories Prepaid expenses and other 24,389 Perkins program fund contribution and other Accounts payable (6,697) Accrued salaries, wages, expenses 15,446 Advance tuition payments 6,648 Deferred tuition revenue (7,158) Net cash/operating activities 263,948

Cash provided by financing activities Proceeds from exercise of stock options and issued 4,976 stock Proceeds from revolving credit facility (net) Excess tax benefit from share-based payments (2,443) Cash dividends paid (31,529) Proceeds from sale of common stock (net) (52,186) Other (4,390) Net cash/financing activities (85,572) Effects of exchange rate differences (3,244) Net increase (decrease) in cash/equivalents 22,500 Cash at beginning of year 174,076 Cash at end of year [period] 196,576 Free cash flow Free cash flow per share y/y growth

150,444 $2.33 3.1%

FY16A

Sep-16A

FY14A

46,338 4,173 19,572 2,115 19,836 (2,204)

Jun-17E

FY17E

FY18E

162,079 22,687 76,239 9,773 75,894 (18,844) 418 184 (72,625) 3,779 1,888 (7,035) (17,498) 236,940

185,903 23,821 76,059 9,745 78,970 1,575 (378) (87,512) 1,108 3,403 10,348 5,284 308,324

(71,318) (331,070) (402,388)

(74,066) (74,066)

(15,244) 236,334 221,090

6,350 130,000 (22,977) (32,176) (3,518) 77,679 695 (87,074) 308,164 221,090

234,258 221,090 455,347

4,214 $0.07 (165.1%)

165,622 $2.60 3.3%

234,258 $3.70 42.0%

47,812 3,966 19,588 2,111 19,112 6,884

42,780 8,798 19,604 2,108 14,465 (26,851)

(8,032) 43,913 (1,398) (1,254) (7,077) (147,747) (31,766)

2,955 (66,702) 2,693 (2,553) 19,619 91,240 146,724

3,873 (4,555) 8,502 9,412 16,417 (70,339) 24,214

(20,000)

(20,000)

(20,000)

(20,000)

(20,000)

(20,000)

(11,563) (8,044)

(8,044)

(11,414) (8,044)

(19,607)

(8,044)

(19,458)

Source: Company data, Credit Suisse estimates

9 November 2016

Inc. (DV)

7

9 November 2016

Companies Mentioned (Price as of 08-Nov-2016)

DeVry Education Group Inc. (DV.N, $23.5, NEUTRAL[V], TP $24.0)

Disclosure Appendix Analyst Certification

I, Trace Urdan, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and securities and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report. 3-Year Price and Rating History for DeVry Education Group Inc. (DV.N) DV.N Date 02-Feb-16 25-May-16 02-Jun-16 19-Aug-16

Closing Price (US$) 18.08 17.57 15.84 25.63

Target Price (US$) 29.00 25.00 17.00 24.00

* Asterisk signifies initiation or assumption of coverage.

Target Price

Rating O*

30

N

25

Closing Price DV.N

20

15 01- Mar- 2016 01- May- 2016

01- Jul- 2016

01- Sep- 2016 01- Nov- 2016

O U T PERFO RM N EU T RA L

The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activities

As of December 10, 2012 Analysts’ stock rating are defined as follows:

Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark* over the next 12 months. Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months. Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months.

*Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin American and non-Japan Asia stocks, ratings are based on a stock’s total return relative to the average total return of the relevant country or regional benchmark; prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stock’s absolute total return potential to its current share price and (2) the relative attractiveness of a stock’s total return potential within an analyst’s coverage universe. For Australian and New Zealand stocks, the expected total return (ETR) calculation includes 12-month rolling dividend yield. An Outperform rating is assigned where an ETR is greater than or equal to 7.5%; Underperform where an ETR less than or equal to 5%. A Neutral may be assigned where the ETR is between -5% and 15%. The overlapping rating range allows analysts to assign a rating that puts ETR in the context of associated risks. Prior to 18 May 2015, ETR ranges for Outperform and Underperform ratings did not overlap with Neutral thresholds between 15% and 7.5%, which was in operation from 7 July 2011.

Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances. Not Rated (NR) : Credit Suisse Equity Research does not have an investment rating or view on the stock or any other securities related to the company at this time. Not Covered (NC) : Credit Suisse Equity Research does not provide ongoing coverage of the company or offer an investment rating or investment view on the equity security of the company or related products. Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward. Analysts’ sector weightings are distinct from analysts’ stock ratings and are based on the analyst’s expectations for the fundamentals and/or valuation of the sector* relative to the group’s historic fundamentals and/or valuation: Overweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is favorable over the next 12 months. Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months. Underweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is cautious over the next 12 months. *An analyst’s coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cover multiple sectors.

DeVry Education Group Inc. (DV)

8

9 November 2016

Credit Suisse's distribution of stock ratings (and banking clients) is: Global Ratings Distribution

Rating

Versus universe (%)

Of which banking clients (%)

Outperform/Buy* 43% (63% banking clients) Neutral/Hold* 39% (61% banking clients) Underperform/Sell* 15% (55% banking clients) Restricted 3% *For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdings, and other individual factors.

Important Global Disclosures

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Risks to our $24 target price and Neutral rating for DV are the Federal Trade Comission lawsuit, regulatory risks, such as adherence to 90/10, cohort default rate, financial responsibility ratio, and gainful employment rules, as well as oversight by regulatory agencies, and legislative changes.

Please refer to the firm's disclosure website at https://rave.credit-suisse.com/disclosures for the definitions of abbreviations typically used in the target price method and risk sections. See the Companies Mentioned section for full company names

The subject company (DV.N) currently is, or was during the 12-month period preceding the date of distribution of this report, a client of Credit Suisse. Credit Suisse provided investment banking services to the subject company (DV.N) within the past 12 months. Credit Suisse has received investment banking related compensation from the subject company (DV.N) within the past 12 months Credit Suisse expects to receive or intends to seek investment banking related compensation from the subject company (DV.N) within the next 3 months. As of the date of this report, Credit Suisse makes a market in the following subject companies (DV.N). For date and time of production, dissemination and history of recommendation for the subject company(ies) featured in this report, disseminated within the past 12 months, please refer to the link: https://rave.credit-suisse.com/disclosures/view/report?i=269423&v=-31fk5l6tffkwdd9rz6r8er1ns .

Important Regional Disclosures

Singapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising from this research report. The analyst(s) involved in the preparation of this report may participate in events hosted by the subject company, including site visits. Credit Suisse does not accept or permit analysts to accept payment or reimbursement for travel expenses associated with these events. Restrictions on certain Canadian securities are indicated by the following abbreviations: NVS--Non-Voting shares; RVS--Restricted Voting Shares; SVS--Subordinate Voting Shares. Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may not contain regulatory disclosures the non-affiliated Canadian investment dealer would be required to make if this were its own report. For Credit Suisse Securities (Canada), Inc.'s policies and procedures regarding the dissemination of equity research, please visit https://www.creditsuisse.com/sites/disclaimers-ib/en/canada-research-policy.html. Principal is not guaranteed in the case of equities because equity prices are variable. Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that. This research report is authored by: Credit Suisse Securities (USA) LLC .................................................................................................................................Trace Urdan ; Jeffrey Lee DeVry Education Group Inc. (DV)

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For Credit Suisse disclosure information on other companies mentioned in this report, please visit the website at https://rave.creditsuisse.com/disclosures or call +1 (877) 291-2683.

DeVry Education Group Inc. (DV)

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DeVry Education Group Inc. (DV)

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