<SEC-DOCUMENT>0001144204-18-035139.txt : 20180621
<SEC-HEADER>0001144204-18-035139.hdr.sgml : 20180621
<ACCEPTANCE-DATETIME>20180621153952
ACCESSION NUMBER:		0001144204-18-035139
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180621
DATE AS OF CHANGE:		20180621

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Adtalem Global Education Inc.
		CENTRAL INDEX KEY:			0000730464
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				363150143
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0811

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13988
		FILM NUMBER:		18911807

	BUSINESS ADDRESS:	
		STREET 1:		500 WEST MONROE
		STREET 2:		28TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60661
		BUSINESS PHONE:		630-515-7700

	MAIL ADDRESS:	
		STREET 1:		500 WEST MONROE
		STREET 2:		28TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60661

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Adtalem Global Education
		DATE OF NAME CHANGE:	20170522

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Adtalem Global Education Inc.
		DATE OF NAME CHANGE:	20170519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Adtalem Global Education
		DATE OF NAME CHANGE:	20170519
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>tv496945_11k.htm
<DESCRIPTION>FORM 11-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 11-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNUAL REPORT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EMPLOYEE STOCK PURCHASE, SAVINGS AND
SIMILAR PLANS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Wingdings">x</FONT>
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 21%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">For the fiscal year ended:&nbsp;</FONT></TD>
    <TD STYLE="width: 79%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.625in"><FONT STYLE="font-size: 10pt">December 31, 2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 21%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Commission file number:&nbsp;</FONT></TD>
    <TD STYLE="width: 79%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.75in"><FONT STYLE="font-size: 10pt">1-13988</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">Adtalem Global Education Success Sharing Retirement Plan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">A.&nbsp;&nbsp;Full title of the plan:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 70%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ADTALEM GLOBAL EDUCATION INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">500 WEST MONROE</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: left">CHICAGO, ILLINOIS 60661</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">B.&nbsp;&nbsp;Name of issuer of the securities held pursuant to the plan and address of its principal executive office:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REQUIRED INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan&rsquo;s audited financial statements and other required
information are included on</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">pages 2-20.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the following administrator of the Adtalem Profit Sharing Retirement Plan has duly caused this annual report to be signed
on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Adtalem
    Global Education Success Sharing Retirement Plan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Plan)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">June 21, 2018</FONT></TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/Donna Jennings</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Donna Jennings &ndash; Administrator</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Total Number of Pages <U>&nbsp;&nbsp;20&nbsp;&nbsp; </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADTALEM GLOBAL EDUCATION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUCCESS SHARING RETIREMENT PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT ON AUDITED FINANCIAL STATEMENTS
AND </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUPPLEMENTAL SCHEDULES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR THE YEARS ENDED DECEMBER 31, 2017
AND 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADTALEM GLOBAL EDUCATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SUCCESS SHARING RETIREMENT PLAN</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>TABLE OF CONTENTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center"><U>Page</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#a_01"><B>Report of Independent Registered Public Accounting Firm</B></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_01">3 - 4</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Financial Statements:</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><A HREF="#a_02">Statements of Net Assets Available for Benefits</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_02">5</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><A HREF="#a_03">Statements of Changes in Net Assets Available for Benefits</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_03">6</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><A HREF="#a_04">Notes to Financial Statements</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_04">7 - 16</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Supplemental Schedules:</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><A HREF="#a_05">Schedule of Delinquent Participation Contributions</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_05">17</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><A HREF="#a_06">Schedule of Assets (Held at End of Year)</A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_06">18</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tv496945_ex23.htm" STYLE="-sec-extract: exhibit"><B>Consent of Independent Registered Public Accounting Firm</B></A></TD>
    <TD STYLE="text-align: center"><A HREF="tv496945_ex23.htm" STYLE="-sec-extract: exhibit">19</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_01"></A>Report of Independent Registered Public
Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Audit and Finance Committee</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adtalem Global Education Success Sharing
Retirement Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Opinion on the Financial Statements</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying statements
of net assets available for benefits of Adtalem Global Education Success Sharing Retirement Plan (f.k.a DeVry Education Group Success
Sharing Retirement Plan (the &ldquo;Plan&rdquo;) as of December 31, 2017 and 2016, the related statements of changes in net assets
available for benefits for the years then ended, and the related notes to the financial statements (collectively, the financial
statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits
of the Plan as of December 31, 2017 and 2016, and the changes in net assets available for benefits for the years then ended, in
conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Emphasis of Matter</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed in Note 10 to the financial
statements, the Plan was amended to merge Alert Global Media, LLC 401(k) Plan into the Plan effective January 1, 2017. Total assets
transferred from Alert Global Media, LLC 401(k) Plan were approximately $6.4 million and were received by the Plan on January 3,
2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis for Opinion</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These financial statements are the responsibility
of the Plan&rsquo;s management. Our responsibility is to express an opinion on the Plan&rsquo;s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and
are required to be independent with respect to the Plan in accordance with U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Report on Supplemental Information</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The supplemental information in the accompanying
schedule of delinquent participant contributions for the year ended December 31, 2017, and schedule of assets (held at end of year)
as of December 31, 2017 have been subjected to audit procedures performed in conjunction with the audit of the Plan&rsquo;s financial
statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the
financial statements but includes supplemental information required by the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Department of Labor&rsquo;s Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information
is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information
reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures
to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the
supplemental information in the accompanying schedules, we evaluated whether the supplemental information, including its form and
content, is presented in conformity with the Department of Labor&rsquo;s Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedules
is fairly stated in all material respects in relation to the financial statements as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ RSM US LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Plan's auditor since
2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indianapolis, Indiana</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">June 21, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADTALEM GLOBAL EDUCATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SUCCESS SHARING RETIREMENT PLAN</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U><A NAME="a_02"></A>STATEMENTS OF NET ASSETS AVAILABLE FOR
BENEFITS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>DECEMBER 31, 2017 AND 2016</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 56%; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 18%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center; padding-right: 0">2017</TD>
    <TD NOWRAP STYLE="width: 3%; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 18%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center; padding-right: 0">2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif"><B>Assets:</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif">Investments at fair value</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529,500,288</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469,345,441</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif">Investment at contract value</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">42,321,248</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">45,301,334</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif">Receivables:</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in">Participant contributions</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">-</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">145,849</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in">Employer contributions</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">365,902</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">554,508</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in">Notes from participants</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">13,490,376</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,638,673</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in">Other</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">-</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,113</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif"><B>Total assets</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">585,677,814</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">529,016,918</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif"><B>Liabilities:</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1pt">Operating payables</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; border-bottom: Black 1pt solid">5,460</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,739</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif"><B>Total liabilities</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">5,460</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,739</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif"><B>Net assets available for benefits</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.25pt double; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585,672,354</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.25pt double; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529,011,179</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADTALEM GLOBAL EDUCATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SUCCESS SHARING RETIREMENT PLAN</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U><A NAME="a_03"></A>STATEMENTS OF CHANGES IN NET ASSETS </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AVAILABLE FOR BENEFITS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>YEARS ENDED DECEMBER 31, 2017 AND 2016</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center; padding-right: 0; padding-left: 0">2017</TD>
    <TD NOWRAP STYLE="width: 3%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center; padding-right: 0; padding-left: 0">2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif"><B>Additions to net assets attributed to:</B></TD>
    <TD NOWRAP STYLE="padding-right: 0.05in; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.375in">Investment income from interest and dividends</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,615,871</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,699,962</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.375in">Net appreciation in fair value of investments</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">69,053,275</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0; text-align: right">18,352,032 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.375in">Participant contributions</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">26,782,563</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">29,113,017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.375in">Participant rollovers from other plans</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">3,006,531</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;&nbsp;&nbsp;2,247,278 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.375in">Employer matching contributions</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">11,803,966</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">15,612,318</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.375in">Employer discretionary contributions</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">9,410,988</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;&nbsp;&nbsp;9,349,944 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.375in">Interest income on notes receivable from participants</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">594,726</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">613,936 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.375in">Qualified non-elective contributions</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">41,983</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,644 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.375in">Revenue sharing</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">230,283</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;244,560 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.625in">Total additions</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">130,540,186</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">99,237,691</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif"><B>Deductions from net assets attributed to:</B></TD>
    <TD NOWRAP STYLE="padding-right: 0.05in; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.375in">Benefits paid to participants</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;&nbsp;&nbsp;79,593,798 </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;&nbsp;&nbsp;82,346,623 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.375in">Investment and administrative expenses</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718,988</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;&nbsp;&nbsp;756,479</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.625in">Total deductions</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">80,312,786</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">83,103,102</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.625in">Net increase before merger in</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">50,227,400</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">16,134,589</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 0.05in; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif"><B>Merger in (Note 10)</B></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">6,433,775</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.625in">Net increase</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">56,661,175</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">16,134,589</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif"><B>Net assets available for benefits:</B></TD>
    <TD NOWRAP STYLE="padding-right: 0.05in; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.05in; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.375in">Beginning of year</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;529,011,179</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">&nbsp;&nbsp;512,876,590</TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 0.375in">End of year</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585,672,354</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in; padding-left: 0">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529,011,179 </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_04"></A>ADTALEM GLOBAL EDUCATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SUCCESS SHARING RETIREMENT PLAN</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>NOTES TO FINANCIAL STATEMENTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.7pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Plan Description</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">The following description of
Adtalem Global Education Success Sharing Retirement Plan (the &ldquo;Plan&rdquo;) is provided for general information purposes
only. Participants should refer to the Plan document for a more complete description of the Plan&rsquo;s provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">The Plan is a participant-directed
defined contribution plan with elective employee participation on a before-tax and after-tax basis under Section 401(k) of the
Internal Revenue Code (&ldquo;IRC&rdquo;). The Plan is subject to the provisions of the Employee Retirement Income Security Act
of 1974, as amended, (&ldquo;ERISA&rdquo;). The Plan covers all United States of America employees of Adtalem Global Education
Inc. (&ldquo;Adtalem&rdquo; or &ldquo;Employer&rdquo;) and its subsidiaries eligible on the date of hire to make employee contributions.
Participants are eligible for Adtalem&rsquo;s matching contributions on the first day of employment and discretionary contributions
after completing ninety days of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">Adtalem is the administrator
of the Plan. Fidelity Management Trust Company (&ldquo;FMTC&rdquo; or &ldquo;Trustee&rdquo;) and affiliates serves as trustee of
the Plan and performs certain administrative and record keeping services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Contributions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">The Plan is funded by voluntary
employee pre-tax contributions and after-tax Roth contributions. Employee contributions are subject to limitations set by the Internal
Revenue Service (&ldquo;IRS&rdquo;). Participant contributions are made by payroll deductions and are determined each pay period
by multiplying the participant selected contribution rate then in effect by his/her eligible compensation for such period. The
Plan has an auto enrollment feature for newly hired employees. Unless they elect otherwise, participants are automatically enrolled
at 3% of eligible compensation. The Plan also allows the participant to contribute into the Plan balances from another qualified
benefit plan, known as &ldquo;rollover contributions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">A participant can designate
and change on a daily basis the proportions in which his/her contributions, as well as ongoing account balances, are allocated
among the Plan&rsquo;s active investment funds. The minimum allocation to each fund is 1%. However, investments in the Adtalem
Global Education Inc. Stock Fund may be made only with current period contributions and are limited to 25% of these contributions.
Prior account balances may not be allocated to this fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">Adtalem makes a matching employer
contribution into the Plan of 100% up to the first 4% of the participant&rsquo;s compensation. Adtalem may also make a discretionary
contribution in an amount determined annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify"><U>Allocations to Participants</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Each participant&rsquo;s account
is credited with the participant&rsquo;s contribution and the Adtalem matching contribution. Adtalem does a true-up match annually
to credit individual retirement plan participant's accounts for any match contributions not received as a result of reaching the
annual limit on employee contributions earlier in the plan year. A contribution receivable is recorded for employee deferrals and
related Adtalem matching contributions earned during the Plan year but not received until the following Plan year. Adtalem&rsquo;s
discretionary contribution, if any, is allocated to participants&rsquo; accounts following the end of Adtalem&rsquo;s June 30 fiscal
year for which the contribution is declared. For the plan years ended December 31, 2017 and 2016, the discretionary contribution
was $9,410,988 and $9,349,944, respectively (for Adtalem&rsquo;s fiscal years ended June 30, 2017 and 2016). Adtalem&rsquo;s discretionary
contribution for the fiscal year ended June 30, 2018 has not yet been declared. It will be recorded as a contribution in the Plan&rsquo;s
financial statements for the year ending December 31, 2018 and allocated to participants based on their compensation for the period
July 1, 2017 to June 30, 2018. Earnings of the Plan are allocated on a daily basis. Participant accounts are charged with an allocation
of investment and administrative expenses that are paid by the Plan. Allocations are based on the participant earnings, account
balances, or specific transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided
from the participant&rsquo;s vested accrual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The investment options provided
by the Plan include mutual funds, collective trusts, the Adtalem Global Education Inc. Stock Fund, which is a direct purchase stock
fund, and the Prudential Fixed Income Fund which is a guaranteed investment fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify"><U>Vesting</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">Participants
are fully vested in their contributions and related investment earnings and losses at all times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">Participants are immediately
vested in Adtalem&rsquo;s contributions, other than any discretionary contributions that may be made to the Plan by Adtalem. Discretionary
contributions made by Adtalem are ratably vested over a five-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify"><U>Withdrawals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A participant who has attained
age 59&frac12; may withdraw a portion (minimum of $1,000) or all of his/her account balance provided that a participant may make
only one such withdrawal in any Plan year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">Hardship
withdrawals are available according to provisions of the Plan if approved by the Plan Administrator, but are limited to the value
of the participant's contributions and the participant's immediate financial need. In addition, participants are limited to one
hardship withdrawal per year. Earnings and Adtalem contributions are not eligible for hardship withdrawals. Participants who receive
a hardship withdrawal are prohibited from making contributions to the Plan for six months. In the case of a partial withdrawal
made by a participant with an interest in more than one investment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt"> fund, the amount withdrawn from each of the participant's investment funds is in the same proportion as the value of his/her interest
in each investment fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in"> <U>Distributions</U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">In the
event of retirement or disability (as described in the Plan's provisions) or termination of employment for any reason other than
death, and provided the value of the participant's account is in excess of $1,000, the participant may elect one of two distribution
options or may defer either election to a later date. The two distribution options available are (1) receive a lump sum distribution
or (2) receive a specified number of annual installments over a period of generally up to ten years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">In the
event that a participant dies before the balance of his/her account has been distributed, the remaining balance of his/her account
shall be distributed to the participant's beneficiaries in a lump sum distribution or installments. If upon a participant's retirement,
disability, or termination of employment the value of the participant's account is not in excess of $1,000, such participant receives
an immediate distribution. For purposes of determining the account balance for involuntary distributions of vested benefits of
$1,000 or less, the portion of the balance attributable to rollover contributions and allocable earnings will be considered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">Distributions
are generally cash distributions; however, a participant who is entitled to a distribution and who has investments in whole or
in part in the Adtalem Global Education Inc. Stock Fund may elect, in writing, to have the value of his/her investment in the Adtalem
Global Education Inc. Stock Fund distributed in whole shares of Adtalem Global Education Inc. Common Stock. Fractional shares are
distributed in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt"><U>Notes
Receivable from Participants</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">A participant
may borrow funds from his/her Plan account subject to the provisions of the Plan. A participant is eligible to have up to two outstanding
loans at a given time and may borrow up to half the value of his/her Plan account (including any current loan balance), but no
more than $50,000, less his/her highest outstanding loan balance during the preceding 12-month period. No notes will be made while
any other note is in default. Notes are granted for a minimum term of one year, and up to a maximum of five years (ten years for
a purchase of a principal residence); however, the participant may prepay the note at any time. Each note bears a fixed rate of
interest determined at the inception of the note by the Plan Administrator. The fixed rate of interest applied to each note is
the prime rate as published in the Wall Street Journal on the last business day of the month preceding the calendar month in which
the participant requests the note plus 1.00%. As of December 31, 2017, note interest rates in effect ranged from 4.25% to 5.25%
with various maturity dates. Payment of the note is made in substantially level payments through payroll deductions. Payments of
principal and interest are allocated to the investment funds elected for current contributions. A participant may continue to contribute
to the Plan while he/she has an outstanding note balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in"><U>Forfeitures</U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">Any portion
of a participant&rsquo;s account balance in which the participant is not vested upon termination of employment constitutes forfeiture.
As of December 31, 2017 and 2016, forfeited nonvested accounts totaled $621,066 and $2,068,773, respectively. As of January 1,
2009, the Plan provides</P>



<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">that forfeitures
are to be used to pay Plan administrative expenses or to reduce employer contributions. For the plan year ended December 31, 2017,
$2,763,436 of forfeitures were used to reduce employer contributions and no forfeitures were utilized to pay for plan expenses.
For the plan year ended December 31, 2016, no forfeitures were utilized to reduce contributions and $40,000 of forfeitures were
used to pay for plan expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt"><U>Revenue
Sharing</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.7pt">FMTC may
receive revenue sharing payments from mutual funds in which the Plan&rsquo;s assets are invested. Effective April 1, 2015, for
funds with a revenue sharing component, which charges fees to participants, FMTC will credit the revenue sharing cost back to the
participant&rsquo;s accounts at the end of each quarter. The revenue sharing credits vary from 0.02% to 0.40% depending on the
funds selected. For the years ended December 31, 2017 and December 31, 2016, total revenue sharing received amounted to $230,283
and $244,560, respectively, all of which were used to pay investment and administrative expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.7pt"><B>2.</B></TD><TD><B><U>Summary of Significant Accounting Policies</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -21.8pt"><U>Basis
of Accounting</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">The financial
statements of the Plan are prepared on the accrual basis of accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">Investments
held by a defined contribution plan are required to be reported at fair value, except for fully benefit-responsive investment contracts.
Contract value is the relevant measure for the portion of the net assets available for benefits of a defined contribution plan
attributable to fully benefit-responsible investment contracts because contract value is the amount participants normally would
receive if they were to initiate permitted transactions under the terms of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -21.8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -21.8pt"><U>Use
of Estimates</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">The preparation
of financial statements in conformity with accounting principles generally accepted in the United States of America requires management
to make estimates and assumptions that affect certain reported amounts of assets and liabilities, changes therein and the disclosure
of contingent assets and liabilities. Accordingly, actual results may differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Investment Valuation and
Income Recognition</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Investments are reported at
fair value (except for fully benefit-responsive investment contracts, which are reported at contract value). Fair value is the
price that would be received to sell an asset or paid to transfer a liability in an orderly transactions between market participants
at the measurement date. The Plan&rsquo;s Investment Committee determines the Plan&rsquo;s valuation policies utilizing information
provided by the investments advisers, custodians, and insurance company. See Note 4 for discussion of fair value measurements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Purchases and sales of securities
are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend
date. Net appreciation includes the Plan&rsquo;s gains and losses on investments purchased and sold as well as held during the
year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><U>Notes Receivable
from Participants</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Notes receivable from participants
are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant notes are reclassified
as distributions based upon the terms of the Plan document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Notes receivable from participants
have been classified as an investment asset for Form 5500 reporting purposes and accordingly have been included as an investment
in Schedule H, Part IV, Line 4(i) &ndash; Schedule of Assets (Held at End of Year).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Distributions to Withdrawing
Participants</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">Distributions
to withdrawing participants are recorded when paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Expenses</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Investment expenses incurred
by the manager of the funds and directly related administrative expenses are deducted from the earnings of the Plan. Other administrative
expenses are paid by Adtalem.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Subsequent Events</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Plan Administrator monitors
significant events occurring after the balance sheet date and prior to the issuance of the financial statements to determine the
impacts, if any, of events on the financial statements to be issued. All subsequent events of which the Plan Administrator was
aware were evaluated through the date that these financial statements were issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.7pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Insurance Contracts</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Plan has entered into a
benefit-responsive insurance contract with Prudential Retirement Insurance and Annuity Company (&ldquo;Prudential&rdquo;). The
fully benefit-responsive guaranteed investment contract provides preservation of principal, maintains a stable interest rate, and
provides daily liquidity at contract value for participant withdrawals and transfer in accordance with the provisions of the Plan.
The fund is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses.
The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate that
is guaranteed to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The guaranteed rates of interest
for 2017 and 2016 were 3.40% and 3.50%, respectively. For purposes of crediting interest to participants, the rates for 2017 and
2016 were 3.25% and 3.35%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As described in Note 2, because
the guaranteed insurance contracts are fully benefit-responsive, contract value is the relevant measurement attributable for that
portion of the net assets available for the benefits attributable to the guaranteed insurance contract. Contract value, as reported
to the Plan by Prudential, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative
expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of the investment at contract value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">There are no reserves against
contract value for credit risk of a contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon
with the issuer, but it may not be less than zero percent. Such interest rates are reviewed on an annual basis for resetting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Certain events limit the ability
of the Plan to transact at contract value with the issuer. Such events include, but are not limited to layoffs, Plan termination,
business closings, re-organizations, liquidations and the failure of the Plan to qualify under Section 401(a) or Section 401(k)
of the IRC. The Plan Administrator does not believe that any events which would limit the Plan&rsquo;s ability to transact at contract
value with participants are probable of occurring.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The guaranteed insurance contract
does not permit Prudential to terminate the agreement prior to the scheduled maturity date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.7pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Fair Value Measurements</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">Authoritative guidance establishes
a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques
used to measure fair value. The guidance defines fair value as the exchange price that would be received for an asset or paid to
transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction
between market participants. The guidance also specifies a fair value hierarchy based upon the observability of inputs used in
valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable
inputs (lowest level) reflect internally developed market assumptions. In accordance with authoritative guidance, fair value measurements
are classified under the following hierarchy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">Level 1 &ndash; Quoted prices
for identical instruments in active markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">Level 2 &ndash; Quoted prices
for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">Level 3 &ndash; Model-derived
valuations in which one or more significant inputs or significant value-drivers are unobservable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">When available, Adtalem uses
quoted market prices to determine fair value, and such measurements are classified within Level 1. In some cases where market
prices are not available, Adtalem makes use of observable market based inputs to calculate fair value, in which case the measurements
are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed
models that use, where possible, current market-based parameters such as interest rates and yield curves. These measurements are
classified within Level 3.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">To assess the appropriate classification
of investments within the fair value hierarchy, the availability of market data is monitored. Changes in economic conditions or
valuation techniques may require the transfer of investment from one fair value level to another. In such instances, the transfer
is reported at the end of the reporting period. Management evaluates the significance of transfers between levels based upon the
nature of the investment and size of the transfer relative to total net assets available for benefits. For the years ended December
31, 2017 and 2016, there were no transfers in or out of Levels 1, 2, or 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Fair value measurements of assets
and liabilities are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement
may therefore be classified within Level 3 even though there may be significant inputs that are readily observable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">The following is a description
of the valuation methodologies used for assets measured at fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>Money Market and Mutual Funds:</I>
Valued at the daily net asset value (&ldquo;NAV&rdquo;) of shares held by the Plan, which are deemed to be actively traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>Collective Trusts:</I> Valued
at the daily published NAV per unit held by the Plan as quoted by the funds. The NAV is based on the fair value of the underlying
investments held by the fund less its liabilities and is the basis for current transactions. Participant transactions may occur
daily.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>Common Stock:</I> Valued at
the closing price reported on the active market on which the security is traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The preceding methods described
above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.
Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the
use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different
fair value measurement at the reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following tables set forth
by level, within the fair value hierarchy, the Plan&rsquo;s investments at fair value on a recurring basis as of December 31, 2017
and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 39%; padding-right: 0"><B>As of December 31, 2017</B></TD>
    <TD STYLE="width: 2%; padding-right: 0">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; text-align: center; padding-right: 0"><B>Level 1</B></TD>
    <TD STYLE="width: 2%; padding-right: 0">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center; padding-right: 0"><B>Level 2</B></TD>
    <TD STYLE="width: 2%; padding-right: 0">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center; padding-right: 0"><B>Level 3</B></TD>
    <TD STYLE="width: 2%; padding-right: 0">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: center; padding-right: 0"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Money Market and Mutual Funds</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">$ &nbsp;&nbsp;258,079,514 </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">$ 258,079,514 </TD></TR>
<TR STYLE="background-color: White">
    <TD>Collective Trusts</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;&nbsp;261,816,844 </TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;- </TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;- </TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;&nbsp;261,816,844 </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Common Stock</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;&nbsp;&nbsp;&nbsp;9,603,930 </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;- </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;- </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;&nbsp;&nbsp;&nbsp;9,603,930 </TD></TR>
<TR STYLE="background-color: White">
    <TD>Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; padding-right: 0.05in">$ &nbsp;&nbsp;529,500,288 </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; padding-right: 0.05in">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; padding-right: 0.05in">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; padding-right: 0.05in">$ 529,500,288 </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 38%; padding-right: 0"><B>As of December 31, 2016</B></TD>
    <TD STYLE="width: 2%; padding-right: 0">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; text-align: center; padding-right: 0"><B>Level 1</B></TD>
    <TD STYLE="width: 2%; padding-right: 0">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center; padding-right: 0"><B>Level 2</B></TD>
    <TD STYLE="width: 2%; padding-right: 0">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center; padding-right: 0"><B>Level 3</B></TD>
    <TD STYLE="width: 2%; padding-right: 0">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; text-align: center; padding-right: 0"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Money Market and Mutual Funds</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">$&nbsp;&nbsp;&nbsp;242,624,675</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">$ 242,624,675</TD></TR>
<TR STYLE="background-color: White">
    <TD>Collective Trusts</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;218,163,690 </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;- </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;- </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;218,163,690</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Common Stock</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;8,557,076 </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;- </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;- </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.05in">&nbsp;8,557,076</TD></TR>
<TR STYLE="background-color: White">
    <TD>Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; padding-right: 0.05in">$&nbsp;&nbsp;&nbsp;469,345,441 </TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; padding-right: 0.05in">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; padding-right: 0.05in">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; padding-right: 0.05in">$ 469,345,441</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><B>5.</B></TD><TD><B><U>Income Tax Status</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -0.7pt">The IRS
has determined and informed Adtalem by a letter dated November 21, 2017, that the Plan and related trust are designed in accordance
with applicable sections of the IRC. Although the Plan has been amended since receiving the determination letter, the Plan Administrator
and the Plan&rsquo;s counsel believe that the Plan is designed and is currently being operated in compliance with the applicable
requirements of the IRC. The Plan sponsor has indicated that it will take the necessary steps, if any, to correct any failure to
operate the Plan in compliance with the IRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify; text-indent: -18.7pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Accounting principles generally
accepted in the United States of America require plan management to evaluate tax positions taken by the plan and recognize a tax
liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the
IRS. The Plan is subject to routine audits by taxing jurisdictions; however there are currently no audits for any tax periods in
progress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Plan Termination</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">Adtalem anticipates that the
Plan will continue without interruption but reserves the right to terminate or freeze the Plan at any time. In the event the Plan
is terminated or frozen, all amounts not yet allocated to the participants&rsquo; accounts will be allocated in accordance with
the provisions of the Plan. The resultant participants&rsquo; accounts then become fully vested. If the Plan is terminated, the
assets in the Plan will be completely distributed. If the Plan is frozen, the assets of the Plan will be retained in the Plan for
distribution at such time and in such a manner as the Plan provides.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>7.</B></TD><TD STYLE="text-align: justify"><B><U>Investment Risk</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">The Plan provides for various
investment options including Adtalem Global Education Inc. Common Stock and a number of mutual funds, commingled funds and an insurance
contract all of which invest in stocks, bonds, and other investment securities. Certain investment securities are exposed to risks
such as changes in interest rates, fluctuations in market conditions and credit risk. The level of risk associated with certain
investment securities and uncertainty related to changes in value of these securities could materially affect participant account
balances and amounts reported in the financial statements and accompanying notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>8.</B></TD><TD STYLE="text-align: justify"><B><U>Related-Parties and Party-in-Interest Transactions</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">At December 31, 2017 and 2016,
a significant portion of the Plan's assets were invested in investment funds advised by Fidelity Management &amp; Research Company
(&ldquo;FMR&rdquo;), an affiliate of FMTC, the Plan's Trustee. Fidelity Investments Institutional Operations Company, the Plan's
record keeper, is </P>



<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">also an affiliate of FMTC and FMR. Investment and administrative
fees paid to Fidelity for the years ended December 31, 2017 and 2016 were $340,188 and $352,347, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">At December 31, 2017, the Plan
held 228,393 shares of Adtalem Global Education Inc. Common Stock valued at $9,603,930. At December 31, 2016, the Plan held 274,265
shares of Adtalem Global Education Inc. Common Stock valued at $8,557,076.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.</B></TD><TD STYLE="text-align: justify"><B><U>Reconciliation of Financial Statements to Form 5500</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">The following is a reconciliation
of net assets available for benefits per the financial statements at December 31, 2017 and 2016 to the Form 5500:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 62%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; padding-left: 0"><B>2017</B></TD>
    <TD STYLE="width: 2%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; padding-left: 0"><B>2016</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Net assets available for benefits per the financial statements</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585,672,354</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529,011,179</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Deemed participant loans</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0; text-align: right">(344,885)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0; text-align: right">(282,613)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Investments</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0; text-align: right">(1)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0; text-align: right">168</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Adjustment for participant and employer contributions receivable allocated to participant accounts and other</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0; text-align: right">(365,902)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0; text-align: right">(700,357)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Net assets available for benefits per the Form 5500</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 0.05in; padding-left: 0; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584,961,566</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 0.05in; padding-left: 0; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528,028,377</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">The following is a reconciliation
of changes in net assets available for benefits per the financial statements for the years ended December 31, 2017 and 2016 to
the Form 5500:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 62%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center; padding-right: 0; padding-left: 0"><B>2017</B></TD>
    <TD STYLE="width: 2%; text-align: center; padding-right: 0; padding-left: 0"><B>&nbsp;&nbsp;&nbsp;</B></TD>
    <TD STYLE="width: 18%; text-align: center; padding-right: 0; padding-left: 0"><B>2016</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Net increase in net assets available for benefits per the financial statements</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 0.05in; padding-left: 0; text-align: right">$56,661,175</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 0.05in; padding-left: 0; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,134,589</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Adjustment for participant and employer contributions and other</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 0; text-align: right">272,014</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 0; text-align: right">(411,710)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Net increase in net assets available for benefits per Form 5500 </TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 0.05in; padding-left: 0; text-align: right">$56,933,189</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 0.05in; padding-left: 0; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,722,879</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>10.</B></TD><TD STYLE="text-align: justify"><B><U>Plan Merger</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">On July 1, 2016, Becker Professional
Education, a subsidiary of Adtalem, acquired Association of Certified Anti-Money Laundering Specialists (&ldquo;ACAMS&rdquo;).
Effective January 1, 2017, employees of ACAMS became eligible to participate in the Plan. In addition, the Plan was amended to
merge Alert Global Media, LLC 401(k) Plan into the Plan effective January 1, 2017. Alert Global Media, LLC 401(k) Plan is the plan
that ACAMS employees participated in prior to the acquisition. Total assets transferred in from Alert Global Media, LLC 401(k)
Plan were approximately $6.4 million and were received by the Plan on January 3, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.7pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>11.</B></TD><TD STYLE="text-align: justify"><B><U>Plan Name Change</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On May 24, 2017, Adtalem changed
its name from Devry Education Group Inc. to Adtalem Global Education Inc. Therefore, the name of the Plan has changed from DeVry
Education Group Success Sharing Retirement Plan to Adtalem Global Education Success Sharing Retirement Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>12.</B></TD><TD STYLE="text-align: justify"><B><U>Nonexempt Transactions</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During 2017, the Employer inadvertently
failed to deposit $52,201 of participant deferrals within the required timeframe as stated by the United States Department of Labor
(&ldquo;DOL&rdquo;) regulations. The Employer reimbursed the Plan for lost interest in the amount of $23. The Employer filed Form
5330 and paid the applicable excise tax in June 2018. The excise tax payments were made from the Employer&rsquo;s assets and not
from the assets of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During 2016, the Employer inadvertently
failed to deposit $298,003 of participant deferrals within the required timeframe as stated by the DOL regulations. The Employer
reimbursed the Plan for lost interest in the amount of $393. The Employer filed Form 5330 and paid the applicable excise tax in
June 2018. The excise tax payments were made from the Employer&rsquo;s assets and not from the assets of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_05"></A>ADTALEM GLOBAL EDUCATION SUCCESS SHARING
RETIREMENT PLAN</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE H, LINE 4a&mdash;SCHEDULE OF
DELINQUENT PARTICIPANT <BR>
CONTRIBUTIONS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR THE YEAR ENDED DECEMBER&nbsp;31,
2017</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Participant</P>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Contributions</P>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Transferred Late to</P>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Plan</P></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">Total That Constitute Nonexempt Prohibited</FONT><BR>
<FONT STYLE="font-size: 7.5pt">Transactions</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">Total&nbsp;Fully</FONT><BR>
<FONT STYLE="font-size: 7.5pt">Corrected&nbsp;Under</FONT><BR>
<FONT STYLE="font-size: 7.5pt">VFCP and PTE</FONT><BR>
<FONT STYLE="font-size: 7.5pt">2002-51</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7.5pt">Check Here if Late Participant Loan Repayments are Included: X</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7.5pt">Contributions</FONT><BR>
<FONT STYLE="font-size: 7.5pt">Not&nbsp;Corrected</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7.5pt">Contributions</FONT><BR>
<FONT STYLE="font-size: 7.5pt">Corrected</FONT><BR>
<FONT STYLE="font-size: 7.5pt">Outside&nbsp;of&nbsp;VFCP</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7.5pt">Contributions</FONT><BR>
<FONT STYLE="font-size: 7.5pt">Pending</FONT><BR>
<FONT STYLE="font-size: 7.5pt">Correction</FONT><BR>
<FONT STYLE="font-size: 7.5pt">in VFCP</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: center; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: center; text-indent: -10pt">2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52,201</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$52,201&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$&mdash;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$&nbsp; &mdash;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$&nbsp;&nbsp;&mdash;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: center; text-indent: -10pt">2016&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$298,003</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$298,003&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$&mdash;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$&nbsp; &mdash;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$&nbsp;&nbsp;&mdash;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U><A NAME="a_06"></A>ADTALEM GLOBAL EDUCATION SUCCESS SHARING
RETIREMENT PLAN</U></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>PLAN NO. 001; PLAN EIN: 36-3150143</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; padding-bottom: 5"><U>Form 5500, Schedule H, Part IV, Line 4(i)</U></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE OF ASSETS (HELD AT END OF YEAR)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AT DECEMBER 31, 2017</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 3%; font: 12pt Times New Roman, Times, Serif; text-align: center; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 38%; font: 12pt Times New Roman, Times, Serif; text-align: center; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 34%; font: 12pt Times New Roman, Times, Serif; text-align: center; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">(c)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: center; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">&nbsp;(d)
    </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; font: 12pt Times New Roman, Times, Serif; text-align: center; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">(e)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 0; padding-right: 0"><FONT STYLE="font-size: 7pt">Identity of issue, borrower, lessor, or similar party</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">Description of investment</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">&nbsp;Cost** </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 7pt">Current Value</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><B>Money Market and Mutual Funds</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">*</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Fidelity Management Trust Company </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Government Money Market Fund</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,427,216 </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">*</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Fidelity Management Trust Company </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Short Term Income Fund</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">894,511 </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Dimensional Fund Advisors </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">U.S. Portfolio Institutional Class</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">&nbsp;26,369,360 </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">*</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Fidelity Management Trust Company </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Spartan 500 Index Inst Fund</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">&nbsp;113,254,780 </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">The Vanguard Group, Inc. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Mid Cap Index Inst</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">13,336,569 </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Baird</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Core Plus Inst</FONT></TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">27,222,769 </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Lazard </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Emerging Markets Equity</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">&nbsp;6,596,268 </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Ariel </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">International Inst</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">&nbsp;240,570 </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">PIMCO </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">All Asset Fund Institutional Class</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">680,304 </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Dodge and Cox</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;Balanced Fund</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">&nbsp;24,622,425 </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Causeway Capital Management </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;International Value Fund</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">20,433,770 </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">&nbsp;258,078,542 </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><B>Collective Trusts</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">The Vanguard Group, Inc. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Target Retirement Income Trust II</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">6,766,858 </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">The Vanguard Group, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Target Retirement 2015 Trust II</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">&nbsp;25,337,189 </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">The Vanguard Group, Inc. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Target Retirement 2025 Trust II</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">&nbsp;64,620,597 </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">The Vanguard Group, Inc. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Target Retirement 2035 Trust II</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">&nbsp;66,420,335 </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">The Vanguard Group, Inc. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Target Retirement 2045 Trust II</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">&nbsp;80,616,307 </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">The Vanguard Group, Inc. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Target Retirement 2055 Trust II</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">&nbsp;18,055,557 </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">&nbsp;261,816,843 </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Prudential Retirement Insurance and Annuity Company </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Guaranteed Deposit Fund (at contract value)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">42,321,248</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">*</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Adtalem Global Education</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Common Stock</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">&nbsp;9,604,902 </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">*</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Participant Loans- Various Participants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">Participant loans with interest rates of 4.25% to 5.25% (maturing through November 2027)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">13,145,491</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; font: 12pt Times New Roman, Times, Serif; text-align: right; padding-right: 0.05in"><FONT STYLE="font-size: 7pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584,967,026</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 38%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 34%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt"><I>*Indicates party-in-interest</I></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-size: 7pt"><I>**These investments are participant directed, and therefore, cost information is not required to be presented</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>tv496945_ex23.htm
<DESCRIPTION>EXHIBIT 23
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 23</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public
Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference
in Registration Statement (Nos. 33-44421 and 333-198409) on Form S-8 of Adtalem Global Education Inc. of our report dated June
21, 2018, relating to our audit of the financial statements and supplemental schedules of Adtalem Global Education Success Sharing
Retirement Plan, which appears in this Annual Report on Form 11-K of Adtalem Global Education Success Sharing Retirement Plan for
the year ended December 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">RSM US LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Indianapolis, Indiana</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">June 21, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
