NOTE 1: NATURE OF OPERATIONS

For purposes of this report, “Adtalem,” “we,” “our,” “us,” or similar references refers to Adtalem Global Education Inc. and its consolidated subsidiaries, unless the context requires otherwise. Adtalem is a global provider of educational services and one of the largest publicly-held educational organizations in the world. The Consolidated Financial Statements include accounts of Adtalem and its wholly-owned and majority-owned subsidiaries. Adtalem’s wholly-owned subsidiaries include:

· Chamberlain University (“Chamberlain”)

· American University of the Caribbean School of Medicine (“AUC”)

· Ross University School of Medicine (“RUSM”)

· Ross University School of Veterinary Medicine (“RUSVM”)

· Association of Certified Anti-Money Laundering Specialists (“ACAMS”)

· Becker Professional Education (“Becker”)

· OnCourse Learning (“OCL”)

In addition, Adtalem had a 97.9% ownership interest in Adtalem Education of Brazil (“Adtalem Brazil”) as of June 30, 2019. On July 1, 2019, the Adtalem Brazil management noncontrolling interest members exercised their put options and sold their remaining ownership interests in Adtalem Brazil to Adtalem. As of the first quarter of fiscal year 2020, Adtalem owns 100% of Adtalem Brazil. In addition, Adtalem maintains a 69% ownership interest in EduPristine.

These institutions offer degree and non-degree programs in business, healthcare and technology and serve students in postsecondary education as well as accounting, finance and legal professionals.

On December 4, 2018, Adtalem completed the sale of its previously wholly-owned subsidiary Carrington College (“Carrington”). On December 11, 2018, Adtalem completed the sale of its previously wholly-owned subsidiary DeVry University. Carrington and DeVry University are presented as discontinued operations. See “Note 2: Discontinued Operations” for additional details.

Chamberlain offers a pre-licensure bachelor’s degree in nursing at 21 campus locations and post-licensure bachelor’s, master’s and doctorate degree programs in nursing through its online platform. Pre-licensure students take non-clinical courses either online or onsite. All post-licensure nursing and Master of Public Health (“MPH”) courses are offered online.

AUC operates a campus in the Caribbean country of St. Maarten. Students complete their basic science curriculum on a campus in the Caribbean and complete their clinical education in the U.S., Canadian and United Kingdom teaching hospitals under affiliation with AUC.

In January 2019, RUSM relocated its campus operations to Barbados from Dominica. RUSM students complete their basic science curriculum on a campus in the Caribbean and complete their clinical education in the U.S. and Canadian teaching hospitals under affiliation with RUSM.

RUSVM operates a campus in the Caribbean country of St. Kitts. RUSVM students complete their basic science curriculum on a campus in the Caribbean and complete their clinical education in the U.S. and international veterinary schools under affiliation with RUSVM.

ACAMS is an international membership organization dedicated to enhancing the knowledge, skills and expertise of anti-money laundering and financial crime detection and prevention professionals. ACAMS’ main products include membership service, Certified Anti-Money Laundering Specialist (“CAMS”) certification, conferences, risk assessment, training and publications.

Becker prepares candidates for the U.S. Certified Public Accountant (“CPA”) examination and the Certified Management Accountant (“CMA”) examination. Becker also offers continuing professional education programs and seminars in accounting and finance. Classes are taught online and live across the U.S. and in approximately 35 other countries.

OCL is a provider of compliance training, licensure preparation, continuing education and professional development across the U.S. OCL programs are focused on banking and credit union compliance and regulatory training, and Mortgage Lending Officer certification exam preparation and continuing education.

EduPristine is a professional education provider in India in the areas of finance, accounting, analytics, marketing and healthcare.

Adtalem Brazil is based in São Paulo and is currently comprised of 13 institutions: Centro Universitário Unifanor (“UniFanor”), Centro Universitário UniFavip (“UniFavip”), Centro Universitário Boa Viagem (“UniFBV”), Centro Universitário Metrocamp (“UniMetrocamp”), Centro Universitário UniRuy (“UniRuy”), Faculdade ÁREA1 (“AREA1”), Faculdade Ideal (“Faci”), Faculdade Diferencial Integral (“Facid”), Faculdade de Imperatriz (“Facimp”), Faculdade Martha Falcão (“FMF”), Grupo Ibmec Educacional S.A. (“Ibmec”), Damásio Educacional (“Damasio”), and São Judas Tadeu (“SJT”). These schools operate 17 locations located in 11 States in Northeast, North and Southeast Brazil. Adtalem Brazil also operates over 180 distance learning centers throughout Brazil under Damasio’s franchise agreements. Adtalem Brazil’s institutions offer undergraduate and graduate programs mainly focused in business, engineering, healthcare, law, management, medical and technology. In addition, Damasio offers legal bar exam review courses.