<SEC-DOCUMENT>0000949377-20-000032.txt : 20200221
<SEC-HEADER>0000949377-20-000032.hdr.sgml : 20200221
<ACCEPTANCE-DATETIME>20200221160814
ACCESSION NUMBER:		0000949377-20-000032
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20200221
DATE AS OF CHANGE:		20200221

SUBJECT COMPANY:	

	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:			0630

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-43087
		FILM NUMBER:		20640077

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			International Value Advisers, LLC
		CENTRAL INDEX KEY:			0001456417
		IRS NUMBER:				412253838

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		212-584-3570

	MAIL ADDRESS:	
		STREET 1:		717 FIFTH AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>iva_13d.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549 </B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>SCHEDULE 13D </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>INFORMATION TO BE INCLUDED IN STATEMENTS
FILED PURSUANT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO &sect; 240.13d-1(a) AND AMENDMENTS THERETO
FILED PURSUANT TO &sect; 240.13d-2(a) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Amendment No. )* </B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Adtalem Global Education Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Issuer) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><B>Common Stock, par value $0.01 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Title of Class of Securities) </B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>00737L103 </B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>717 Fifth Avenue, 10th Floor </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, NY 10022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 584-3570</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><B>February 13, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Date of Event Which Requires Filing of This
Statement) </B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule
13d-1(f) or Rule 13d-1(g), check the following box &#9744;.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Note.</B> Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. <I>See</I> &sect; 240.13d-7 for other parties to whom copies
are to be sent.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="width: 97%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The remainder of this cover page shall be filled out for a reporting person&rsquo;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 17.25pt">The information required on the remainder
of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of
1934 (&ldquo;Act&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, <I>see</I> the <I>Notes.</I>)&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 17.25pt">CUSIP No. 00737L103</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Names of Reporting Persons.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I.R.S. Identification Nos. of above persons (entities only).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">International Value Advisers, LLC</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the Appropriate Box if a Member of a Group (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a) &#9744;; (b) &#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SEC Use Only</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Source of Funds</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">AF</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check Box if Disclosure of Legal Proceeding is Required Pursuant
        to Items 2(d) or 2(e)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Citizenship or Place of Organization</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">Delaware, United States</P></TD></TR>
<TR>
    <TD COLSPAN="4" ROWSPAN="4" STYLE="border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Beneficially</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">owned by</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Each</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Reporting</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center">With:</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sole Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">0</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shared Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">2,425,719</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sole Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">0</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shared Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">2,697,751</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">2,697,751</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check if the Aggregate Amount in Row (9) Excludes Certain Shares
        (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">&#9744;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Percent of Class Represented by Amount in Row (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.1%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;IA</P></TD></TR>
<TR>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 82%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 17.25pt">&nbsp;</P>

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


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 17.25pt">CUSIP No. 00737L103</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Names of Reporting Persons.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I.R.S. Identification Nos. of above persons (entities only).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">Charles de Vaulx</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the Appropriate Box if a Member of a Group (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a) &#9744; (b) &#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SEC Use Only</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Source of Funds</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">OO</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check Box if Disclosure of Legal Proceeding is Required Pursuant
        to Items 2(d) or 2(e)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Citizenship or Place of Organization</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">United States</P></TD></TR>
<TR>
    <TD COLSPAN="4" ROWSPAN="4" STYLE="border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Beneficially</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">owned by</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Each</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Reporting</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center">With:</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sole Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">0</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shared Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">1,740,688</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sole Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">0</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shared Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">2,012,720</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">2,012,720</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check if the Aggregate Amount in Row (9) Excludes Certain Shares
        (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">&#9744;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Percent of Class Represented by Amount in Row (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3.8%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;IN</P></TD></TR>
<TR>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 82%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 17.25pt">&nbsp;</P>

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

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 17.25pt">CUSIP No. 00737L103</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Names of Reporting Persons.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I.R.S. Identification Nos. of above persons (entities only).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">Charles de Lardemelle</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the Appropriate Box if a Member of a Group (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a) &#9744; (b) &#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SEC Use Only</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Source of Funds</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">OO</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check Box if Disclosure of Legal Proceeding is Required Pursuant
        to Items 2(d) or 2(e)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Citizenship or Place of Organization</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">United States</P></TD></TR>
<TR>
    <TD COLSPAN="4" ROWSPAN="4" STYLE="border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Beneficially</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">owned by</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Each</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Reporting</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center">With:</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. </FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sole Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">685,031</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shared Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">1,740,688</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sole Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">685,031</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shared Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">2,012,720</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>    <TD COLSPAN="8" STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">2,697,751</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check if the Aggregate Amount in Row (9) Excludes Certain Shares
        (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">&#9744;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Percent of Class Represented by Amount in Row (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.1%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;IN</P></TD></TR>
<TR>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 82%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 17.25pt">&nbsp;</P>

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

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Item 1. Security and Issuer</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">This statement relates to the common
stock, par value $0.01 per share (the &ldquo;Shares&rdquo;), of Adtalem Global Education Inc., a Delaware corporation (the &ldquo;Issuer&rdquo;),
with principal executive offices at 500 West Monroe Street, Chicago, IL 60661</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Item 2. Identity and Background</B></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Shares reported herein are held by various separately managed account clients (the &ldquo;Managed
Accounts&rdquo;) and certain funds (the &ldquo;Funds&rdquo;) under the management and control of International Value Advisers,
LLC (&ldquo;IVA&rdquo;), a Delaware limited liability company and an investment adviser registered under the Investment Advisers
Act of 1940. The Funds are the following: (i) IVA Worldwide Fund, an investment company registered under the Investment Company
Act of 1940, as amended (&ldquo;WORLD&rdquo;); (ii) IVA Global Fund (Delaware) L.P., a Delaware limited partnership (&ldquo;IVAGF&rdquo;);
and (iii) IVA Global SICAV, an investment company registered in the Grand Duchy of Luxembourg as an undertaking for collective
investment in transferable securities (&ldquo;SICAV&rdquo;). IVA is also the managing partner of IVAGF&rsquo;s general partner.
Charles de Vaulx and Charles (&ldquo;Chuck&rdquo;) de Lardemelle are co-Chief Investment Officers (each a &ldquo;CIO&rdquo;, and
together, the &ldquo;CIOs&rdquo;) for, WORLD, IVAGF and all but one Managed Account and, as such, have the authority to make decisions
regarding disposition of their Shares and the authority to make decisions regarding voting of some of the shares. Chuck de Lardemelle
also acts as the sole Portfolio Manager for a Managed Account and the SICAV, and, as such, has the authority to make decision regarding
disposition of their shares and the authority to make decisions regarding voting all of their Shares. IVA and the CIOs are each
referred to herein individually as a &ldquo;Reporting Person&rdquo; and collectively as the &ldquo;Reporting Persons.&rdquo; </FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-size: 10pt">The principal business address of IVA and the CIOs is 717 Fifth Avenue, 10<SUP>th</SUP> Floor,
New York, NY 10022. </FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The principal business of IVA and the CIOs is to invest funds for client accounts under their
management.</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Neither IVA nor the CIOs has, during the last five years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors). </FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(e)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Neither IVA nor the CIOs has, during the last five years, been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(f)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">IVA is a Delaware limited liability company. Charles de Vaulx and Chuck de Lardemelle are
citizens of the United States.</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Item 3. Source and Amount of Funds or Other Consideration</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">The Shares reported herein were acquired
at an aggregate purchase amount of $92,737,080. The Shares were acquired with investment funds of the Managed Accounts and Funds
advised by IVA.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Item 4. Purpose of Transaction</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">IVA acquired the Shares for investment
purposes in the ordinary course of business.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">In pursuing such investment purposes,
the Reporting Persons may further purchase, hold, vote, trade, dispose or otherwise deal in the Shares at times, and in such manner,
as they deem advisable to benefit from changes in market prices of such Shares, changes in the Issuer's operations, business strategy
or prospects, or from sale or merger of the Issuer.&nbsp; To evaluate such alternatives, the Reporting Persons will routinely monitor
the Issuer's operations, prospects, business development, management,
competitive and strategic matters, capital structure, and prevailing market conditions, as well as alternative investment opportunities,
liquidity requirements of the Reporting Persons and other investment considerations.&nbsp; Consistent with its investment research
methods and evaluation criteria, the Reporting Persons may discuss such matters with management or directors of the Issuer, other
shareholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals,
sources of credit and other investors.&nbsp; Such factors and discussions may materially affect, and result in, the Reporting Persons'
modifying their ownership of the Issuer&rsquo;s Shares., exchanging information with the Issuer pursuant to appropriate confidentiality
or similar agreements, proposing changes in the Issuer's operations or board of directors, governance or capitalization, or in
proposing one or more of the other actions described in subsections (a) through (j) of Item 4 of Schedule 13D.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">The Reporting Persons reserve the
right to formulate other plans and/or make other proposals, and take such actions with respect to their investment in the Issuer,
including any or all of the actions set forth in paragraphs (a) through (j) of Item 4 of Schedule 13D, or acquire additional Shares
or dispose of all the Shares beneficially owned by them, in the public market or privately negotiated transactions.&nbsp; The Reporting
Persons may at any time reconsider and change their plans or proposals relating to the foregoing.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">Michael W. Malafronte, Managing Partner
of IVA, serves on the Issuer&rsquo;s board of directors.</P>

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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Item 5. Interest in Securities of the Issuer</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">The aggregate percentage of Share
reportedly owned by each person named herein is based upon 52,913,988 Shares outstanding, as of January 27, 2020 and reported in
the Issuer&rsquo;s Form 10-Q filed on February 4, 2020.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">IVA</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">As of February 21, 2020, 2,697,751 Shares in aggregate were deemed to be beneficially owned by
IVA, as the investment manager to i) WORLD which owns 1,397,052 Shares constituting 2.6% of the Issuer&rsquo;s outstanding Shares,
ii) IVAGF which owns 66,807 Shares constituting 0.1% of the Issuer&rsquo;s outstanding Shares, iii) SICAV which owns 283,981 Shares
constituting 0.5% of the Issuer&rsquo;s outstanding Shares, and iv) the Managed Accounts which own 949,911 Shares constituting
1.8% of the Issuer&rsquo;s outstanding Shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 0.75in">Percentage: 5.1%</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Sole power to vote or direct the vote: 0</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Shared power to vote or direct the vote: 2,425,719</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Sole power to dispose or direct the disposition:
0</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Shared power to dispose or direct the disposition:
2,697,751</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Charles de Vaulx</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Mr. De Vaulx, as the co-CIO and managing member of IVA, may be deemed the beneficial owner of
2,012,720 Shares owned by certain Funds and all but one Managed Account.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Percentage: 3.8%</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Sole power to vote or direct the vote: 0</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Shared power to vote or direct the vote: 1,740,688</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Sole power to dispose or direct the disposition:
0</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Shared power to dispose or direct the disposition:
2,012,720</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Chuck de Lardemelle</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Mr. de Lardemelle, as a co-CIO and managing member of IVA, may be deemed the beneficial owner
of 2,697,751 Shares owned by the Funds and the Managed Accounts.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Percentage: 5.1%</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Sole power to vote or direct the vote: 685,031</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Shared power to vote or direct the vote: 1,740,688</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Sole power to dispose or direct the disposition:
685,031</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 0.75in">Shared power to dispose or direct the disposition:
2,012,720</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">As of February 21, 2020, the Reporting
Persons collectively beneficially owned an aggregate of 2,697,751 Shares, constituting 5.1% of the Issuer&rsquo;s outstanding Shares.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">Each Reporting Person, as a member
of a &ldquo;group&rdquo; with the other Reporting Persons, may be deemed beneficial owner of the Shares directly owned by the other
Reporting Persons. Each Reporting Person disclaims beneficial ownership of such Shares except to the extent of his or its pecuniary
interest therein.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">c)</FONT></TD><TD><FONT STYLE="font-size: 10pt">A list of transactions in the Shares that were effected by the Reporting Persons during the past
60 days is attached as <U>Exhibit A</U> hereto and is incorporated herein by reference. All of the transactions listed on <U>Exhibit
A</U> were effected in the open market.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">d)</FONT></TD><TD><FONT STYLE="font-size: 10pt">No other person is known to have the right to receive or the power to direct the receipt of dividends
from, or the proceeds from the sale of, Shares other than the Funds and Managed Accounts that IVA manages. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">e)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Not applicable.</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">On February 21, 2020 the Reporting
Persons entered into a Joint Filing Agreement in which, among other things, the Reporting Persons agreed to joint filing on behalf
of each of them of statements on Schedule 13D with respect to the securities of the Issuer. The Joint Filing Agreement is attached
hereto <U>Exhibit B</U>.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Item 7. Material to be Filed as Exhibits</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><U>Exhibit A</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions
in Shares that were effected by IVA during the past sixty days.</P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><U>Exhibit B</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint Filing Agreement</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">After reasonable inquiry and to the best
of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete
and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Dated: February 21, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in"><B>International Value Advisers, LLC</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">By:&#9; &#9;<U>/s/ Charles de Vaulx&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">Name:&#9; &#9;Charles de Vaulx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">Title:&#9; &#9;Managing Member</P>

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in"><B>Charles de Vaulx</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"><U>/s/ Charles de Vaulx&#9;</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in"><B>Charles de Lardemelle</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in"><U>/s/ Charles de Lardemelle&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>EXHIBIT INDEX</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;Transactions in Shares that were effected by IVA during
the past sixty days</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">Exhibit B&nbsp;&nbsp;&nbsp;&nbsp;Joint Filing Agreement</P>




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<TYPE>EX-1
<SEQUENCE>2
<FILENAME>iva_ex-1.htm
<DESCRIPTION>TRANSACTIONS IN SHARES
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>


<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>TRANSACTIONS DURING PAST 60 DAYS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Reporting Persons engaged in the
following transactions in shares of Common Stock of the Issuer during the past 60 days:</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 3in; text-indent: 0.5in"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline; width: 15%">Account</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 15%">Date of Transaction</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 20%"><P STYLE="margin-top: 0; margin-bottom: 0">Transaction Type</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(Purchase or Sale)</P></TD>
    <TD STYLE="text-decoration: underline; font-weight: bold; text-align: right; width: 7%">Shares</TD>
    <TD STYLE="text-decoration: underline; font-weight: bold; text-align: right; width: 7%">Price</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>IVAGF</TD>
    <TD STYLE="text-align: center">1/2/2020</TD>
    <TD STYLE="text-align: center">Sale</TD>
    <TD STYLE="text-align: right">6,298</TD>
    <TD STYLE="text-align: right">$34.54</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">1/6/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">2,487</TD>
    <TD STYLE="text-align: right">$34.67</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">1/6/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">22,670</TD>
    <TD STYLE="text-align: right">$35.06</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Account</TD>
    <TD STYLE="text-align: center">1/6/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">1,427</TD>
    <TD STYLE="text-align: right">$35.06</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">1/7/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">45,566</TD>
    <TD STYLE="text-align: right">$35.49</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Account</TD>
    <TD STYLE="text-align: center">1/7/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">2,868</TD>
    <TD STYLE="text-align: right">$35.49</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">1/8/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">16,893</TD>
    <TD STYLE="text-align: right">$35.63</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">1/8/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">23,902</TD>
    <TD STYLE="text-align: right">$35.38</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Account</TD>
    <TD STYLE="text-align: center">1/8/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">1,504</TD>
    <TD STYLE="text-align: right">$35.38</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Account</TD>
    <TD STYLE="text-align: center">1/8/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">5,470</TD>
    <TD STYLE="text-align: right">$35.63</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>IVAGF</TD>
    <TD STYLE="text-align: center">1/9/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">2,719</TD>
    <TD STYLE="text-align: right">$35.93</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>WORLD</TD>
    <TD STYLE="text-align: center">1/9/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">32,024</TD>
    <TD STYLE="text-align: right">$35.93</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">1/9/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">2,849</TD>
    <TD STYLE="text-align: right">$35.93</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Accounts</TD>
    <TD STYLE="text-align: center">1/9/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">29,594</TD>
    <TD STYLE="text-align: right">$35.93</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>IVAGF</TD>
    <TD STYLE="text-align: center">1/10/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">4,047</TD>
    <TD STYLE="text-align: right">$35.46</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>WORLD</TD>
    <TD STYLE="text-align: center">1/10/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">47,664</TD>
    <TD STYLE="text-align: right">$35.46</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">1/10/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">4,241</TD>
    <TD STYLE="text-align: right">$35.46</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Accounts</TD>
    <TD STYLE="text-align: center">1/10/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">44,048</TD>
    <TD STYLE="text-align: right">$35.46</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>IVAGF</TD>
    <TD STYLE="text-align: center">1/13/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">1,417</TD>
    <TD STYLE="text-align: right">$35.63</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>WORLD</TD>
    <TD STYLE="text-align: center">1/13/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">16,682</TD>
    <TD STYLE="text-align: right">$35.63</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">1/13/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">1,484</TD>
    <TD STYLE="text-align: right">$35.63</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Accounts</TD>
    <TD STYLE="text-align: center">1/13/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">15,417</TD>
    <TD STYLE="text-align: right">$35.63</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>IVAGF</TD>
    <TD STYLE="text-align: center">1/14/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">2,630</TD>
    <TD STYLE="text-align: right">$36.18</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>WORLD</TD>
    <TD STYLE="text-align: center">1/14/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">30,982</TD>
    <TD STYLE="text-align: right">$36.18</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">1/14/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">2,757</TD>
    <TD STYLE="text-align: right">$36.18</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Accounts</TD>
    <TD STYLE="text-align: center">1/14/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">28,631</TD>
    <TD STYLE="text-align: right">$36.18</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">1/15/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">61,601</TD>
    <TD STYLE="text-align: right">$36.39</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>IVAGF</TD>
    <TD STYLE="text-align: center">1/31/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">1,733</TD>
    <TD STYLE="text-align: right">$34.51</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>WORLD</TD>
    <TD STYLE="text-align: center">1/31/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">29,636</TD>
    <TD STYLE="text-align: right">$34.51</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Accounts</TD>
    <TD STYLE="text-align: center">1/31/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">18,918</TD>
    <TD STYLE="text-align: right">$34.51</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>IVAGF</TD>
    <TD STYLE="text-align: center">2/3/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">3,033</TD>
    <TD STYLE="text-align: right">$35.11</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>WORLD</TD>
    <TD STYLE="text-align: center">2/3/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">51,862</TD>
    <TD STYLE="text-align: right">$35.11</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Accounts</TD>
    <TD STYLE="text-align: center">2/3/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">33,105</TD>
    <TD STYLE="text-align: right">$35.11</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Account</TD>
    <TD STYLE="text-align: center">2/4/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">84,577</TD>
    <TD STYLE="text-align: right">$35.12</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Account</TD>
    <TD STYLE="text-align: center">2/5/2020</TD>
    <TD STYLE="text-align: center">Sale</TD>
    <TD STYLE="text-align: right">9,186</TD>
    <TD STYLE="text-align: right">$36.26</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Account</TD>
    <TD STYLE="text-align: center">2/5/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">87,423</TD>
    <TD STYLE="text-align: right">$35.97</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Account</TD>
    <TD STYLE="text-align: center">2/6/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">25,000</TD>
    <TD STYLE="text-align: right">$35.88</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>IVAGF</TD>
    <TD STYLE="text-align: center">2/11/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">1,483</TD>
    <TD STYLE="text-align: right">$33.17</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>WORLD</TD>
    <TD STYLE="text-align: center">2/11/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">36,558</TD>
    <TD STYLE="text-align: right">$33.17</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">2/11/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">3,112</TD>
    <TD STYLE="text-align: right">$33.17</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Accounts</TD>
    <TD STYLE="text-align: center">2/11/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">23,989</TD>
    <TD STYLE="text-align: right">$33.17</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>IVAGF</TD>
    <TD STYLE="text-align: center">2/12/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">989</TD>
    <TD STYLE="text-align: right">$34.00</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>WORLD</TD>
    <TD STYLE="text-align: center">2/12/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">24,386</TD>
    <TD STYLE="text-align: right">$34.00</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">2/12/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">2,076</TD>
    <TD STYLE="text-align: right">$34.00</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Accounts</TD>
    <TD STYLE="text-align: center">2/12/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">16,002</TD>
    <TD STYLE="text-align: right">$34.00</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>IVAGF</TD>
    <TD STYLE="text-align: center">2/13/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">1,116</TD>
    <TD STYLE="text-align: right">$34.44</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>WORLD</TD>
    <TD STYLE="text-align: center">2/13/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">27,502</TD>
    <TD STYLE="text-align: right">$34.44</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">2/13/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">2,342</TD>
    <TD STYLE="text-align: right">$34.44</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Accounts</TD>
    <TD STYLE="text-align: center">2/13/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">18,046</TD>
    <TD STYLE="text-align: right">$34.44</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>IVAGF</TD>
    <TD STYLE="text-align: center">2/14/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">50</TD>
    <TD STYLE="text-align: right">$34.73</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>IVAGF</TD>
    <TD STYLE="text-align: center">2/14/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">1,065</TD>
    <TD STYLE="text-align: right">$35.02</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>WORLD</TD>
    <TD STYLE="text-align: center">2/14/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">1,235</TD>
    <TD STYLE="text-align: right">$34.73</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>WORLD</TD>
    <TD STYLE="text-align: center">2/14/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">26,264</TD>
    <TD STYLE="text-align: right">$35.02</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">2/14/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">105</TD>
    <TD STYLE="text-align: right">$34.73</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>SICAV</TD>
    <TD STYLE="text-align: center">2/14/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">2,236</TD>
    <TD STYLE="text-align: right">$35.02</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Accounts</TD>
    <TD STYLE="text-align: center">2/14/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">810</TD>
    <TD STYLE="text-align: right">$34.73</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Managed Accounts</TD>
    <TD STYLE="text-align: center">2/14/2020</TD>
    <TD STYLE="text-align: center">Purchase</TD>
    <TD STYLE="text-align: right">11,107</TD>
    <TD STYLE="text-align: right">$35.02</TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>iva_ex-2.htm
<DESCRIPTION>JOINT FILING AGREEMENT
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>JOINT FILING AGREEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 17.25pt">In accordance with Rule 13d-1(k) under
the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of
a statement on Schedule 13D (including amendments thereto) with respect to the common stock, par value $0.01 per share, of Adtalem
Global Education Inc., and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filing. In evidence
thereof, the undersigned hereby execute this Joint Filing Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Dated: February 21, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in"><B>International Value Advisers, LLC</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 4in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">By:&#9; &#9;<U>/s/ Charles de Vaulx&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">Name:&#9; &#9;Charles de Vaulx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">Title:&#9; &#9;Managing Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 3in; text-indent: 0.5in"><B>Charles de Vaulx</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 3in; text-indent: 0.5in"><U>/s/ Charles de Vaulx&#9;</U></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 3in; text-indent: 0.5in"><B>Charles de Lardemelle</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 3in; text-indent: 0.5in"><U>/s/ Charles de Lardemelle&#9;</U></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 3in; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

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