NOTE 1: NATURE OF OPERATIONS

DeVry Inc. (“DeVry”) is a global provider of educational services and one of the largest publicly-held educational organizations in the world. DeVry’s wholly owned subsidiaries consist of:

Advanced Academics Inc.	DeVry University
Becker Professional Education	Ross University Schools of
Chamberlain College of Nursing	Medicine and Veterinary Medicine
American University of the Caribbean	Carrington Colleges Group, Inc.

In addition, DeVry maintains a 96.3% ownership interest in DeVry Brasil (formerly known as Fanor); a Brazilian based postsecondary education organization. These institutions offer degree and non-degree programs in business, healthcare and technology and serve students in secondary through postsecondary education as well as accounting and finance professionals.

DeVry University is one of the largest regionally accredited higher education systems in North America, offering associate, bachelor’s and master’s degree programs in technology; healthcare technology; business and management. At June 30, 2013, DeVry University programs were offered at more than 90 locations in the United States and Canada and through DeVry University’s online platform.

Ross University comprises the Ross University School of Medicine with a campus in the Caribbean country of Dominica and a location in Freeport, Bahamas and the Ross University School of Veterinary Medicine with a campus in the Caribbean country of St. Kitts. The schools are collectively referred to as “Ross University”. Ross University students complete their basic science curriculum in modern, fully equipped campuses in the Caribbean and complete their clinical education in U.S. teaching hospitals and veterinary schools under affiliation with Ross University.

American University of the Caribbean School of Medicine (“AUC”) operates a campus in the Caribbean country of St. Maarten. Much like Ross University, students complete their basic science curriculum in a modern, fully equipped campus in the Caribbean and complete their clinical education in U.S. teaching hospitals and veterinary schools under affiliation with AUC.

Chamberlain College of Nursing (“Chamberlain”) offers pre-licensure associate and bachelor’s degree programs in nursing at thirteen campus locations and post-licensure bachelor’s, master’s and doctorate degree programs in nursing through its online platform. Non-clinical coursework is offered both on campus and online.

Carrington Colleges Group (“Carrington”) is comprised of Carrington College (formerly known as Apollo College), with 11 campuses in seven western states, and Carrington College of California (formerly known as Western Career College), with eight campuses in California. Carrington College and Carrington College California offer degree and diploma programs primarily in health care, dental, and veterinary career fields.

Becker Professional Education (“Becker”) prepares candidates for the Certified Public Accountant (“CPA”), Association of Chartered Certified Accountants (“ACCA”) and Chartered Institute of Management Accountants (“CIMA”) professional certification examinations, and offers continuing professional education programs and seminars in accounting and finance. These classes are taught in nearly 300 locations, including sites in 40 foreign countries and some DeVry University teaching sites. Becker’s physicians review offers comprehensive review programs for physicians preparing for the United States Medical Licensing Examination (USMLE) and the Comprehensive Osteopathic Medical Licensing Examination (COMLEX).

DeVry Brasil is based in Fortaleza, Ceará, Brazil, and is the parent organization of Faculdades Nordeste, Faculdade Ruy Barbosa, Faculdade FTE ÁREA1, Faculdade Boa Viagem (“FBV”) and Faculdade do Vale do Ipojuca (“Favip”). These institutions operate eleven campus locations in the cities of Salvador, Fortaleza, Recife, and Caruaru and serve more than 29,000 students through undergraduate and graduate programs in business management, law and engineering.

Advanced Academics Inc. (“AAI”) supplements traditional high school classroom programs through online course instruction using qualified teachers and a proprietary technology platform specifically designed for secondary education. AAI also operates virtual high schools in six states. Management has determined that the market in which Advanced Academics operates no longer aligns with DeVry’s long-term strategic plan and management is in the process of divesting Advanced Academics. As such, the assets and operations of Advanced Academics are considered “held for sale” as of June 30, 2013. This is further discussed in the “Management Discussion and Analysis” section of this Form 10-K as well as in Note 2-“Discontinued Operations” to the Consolidated Financial Statements.