DeVry Inc. was created in 1987 through the merger of DeVry Institutes and Keller Graduate School of Management, which have become the company's largest division, DeVry University. The company completed its initial public offering in June 1991, and now trades on the New York Stock Exchange under the symbol DV. Becker CPA Review, now the Becker Conviser Professional Review division of DeVry Inc., was acquired in 1996.

DeVry's historical roots trace back to 1931, when Dr. Herman DeVry established DeForest Training School in Chicago to prepare students for technical work in electronics, motion pictures, radio and later, television. The name was changed to DeVry Technical Institute in 1953, and then became DeVry Institute of Technology in 1968.

Over time, the DeVry system expanded its curricula and degree offerings. In 1957, the DeVry Institutes achieved associate degree-granting status in electronics engineering technology, now called electronics and computer technology at the associate degree level, and 12 years later were authorized to grant bachelor's degrees in the same discipline.

In 1966, DeVry was purchased by Bell and Howell's Education Group, and the company continued to expand. Under Bell and Howell's ownership, DeVry grew from two campuses in Chicago and Toronto to 11 locations in eight states and two Canadian provinces. DeVry's curricula expanded further, as a second bachelor's degree program in computer science for business (since renamed computer information systems) was introduced in 1979. During the 1980s, in response to a growing demand for professionals with business and technology expertise, DeVry introduced bachelor's degree programs in accounting, business administration and telecommunications management.

In 1987, DeVry merged with Keller Graduate School of Management after the graduate school, founded by two former DeVry executives, completed a leveraged buyout of DeVry Institutes from Bell and Howell.

Keller Graduate School of Management, founded in 1973 as the CBA Institute, had been established to provide a practitioner-oriented approach to management education. Founders Dennis J. Keller and Ronald L. Taylor launched the school's master of business administration degree program in 1976 and expanded the school's sites from one Chicago location to five sites in Chicago, the Chicago suburbs and Milwaukee, Wis.

After the merger of DeVry Institutes and Keller Graduate School of Management, the two institutions continued to expand both programmatically and geographically. In the 1990s, DeVry launched its technical management program, which is designed for those holding technical associate degrees and seeking a bachelor's degree, as well as programs in information technology and computer engineering technology. KGSM added six additional master's degree programs in management fields such as human resource management and telecommunications management.

In 1996, DeVry Inc. acquired Becker Conviser CPA Review, now Becker Conviser Professional Review. Becker Conviser helps certified public accountant, certified management accountant and chartered financial analyst candidates prepare for professional certification exams by providing training programs that are highly responsive to students' needs.

In 1998, Keller Graduate School of Management received approval from the North Central Association to offer its master's degree programs online, and DeVry Institutes followed, offering its bachelor's of science in business administration online, in 2000.

In February 2002, DeVry Institutes and Keller Graduate School of Management became DeVry University, following the approval of The Higher Learning Commission of the North Central Association.

One of the world's largest, publicly held, higher education companies, DeVry Inc. is the holding company for DeVry University and Becker Conviser Professional Review

Provides high-quality, career-oriented undergraduate and graduate programs in technology, business and management. DeVry University provides access to these programs through its system of campuses, adult learner sites and the online center to meet the needs of a diverse and geographically dispersed student population.

In striving to accomplish our mission, we adhere to the following values, reflecting the standards of service and conduct to which we have committed ourselves.

Continuous Improvement
We seek to continually improve individual and group performance in all aspects of our work.

Individual Worth
We believe in the dignity and worth of each individual and strive to treat everyone with fairness and respect.

Superior Customer Service
We believe in the importance of each customer and seek to satisfy customer expectations – and to do so in a helpful, caring manner.

High Standards of Performance
We believe that superior company performance requires from each of us a commitment to integrity, teamwork, individual responsibility and doing our personal best.

If you are looking for an exciting career path related to applications-oriented technology and business education check out the opportunities at DeVry University.

DeVry is committed to assisting students and graduates in their quest for success. DeVry campuses offer a full range of valuable services to their students. These benefits, including housing assistance, registrar services and extensive career services that help link students with employers in their fields of specialization, are available from the moment you complete your application for admission, throughout your DeVry education, through to graduation and beyond.

The Higher Learning Commission Approves Establishment of DeVry University

OAKBROOK TERRACE, Ill., Feb 21, 2002 /PRNewswire-FirstCall via COMTEX/ -- DeVry Inc. (NYSE: DV) today announced that The Higher Learning Commission of the North Central Association has approved the merger of DeVry Institutes and Keller Graduate School of Management into a single educational institution with the name DeVry University.
The Higher Learning Commission approval represents institutional recognition of a corporate governance change made in 1999, when the name of the holding company for DeVry Institutes and Keller Graduate School of Management (KGSM) was changed to DeVry University Inc.

The North Central Association, based in Chicago, is the largest of six regional bodies that make up the nation's system for accrediting colleges and universities.

"The DeVry University designation represents the clearest possible statement of the kind of comprehensive higher education system that we have become," said Dennis J. Keller, DeVry Inc. chairman and chief executive officer. "DeVry University provides high-quality, rigorous, master's, baccalaureate and associate degree programs in business, technology and management to a diverse student body made up of traditional-age students and adult learners."

Ronald L. Taylor, president and chief operating officer, said the merger has been an evolutionary process that began with KGSM's acquisition of DeVry Institutes in 1987.

"Over the years, the combined organizations have evolved significantly. We have expanded our degree offerings at the graduate and undergraduate levels. The two divisions have also collaborated in the development of new academic programs and formats, and by sharing faculty and administrative staff," Taylor said.

Taylor cited the examples of DeVry Online and DeVry University Centers, which provide both bachelor's and master's degree programs for adult learners in a single location and through the Internet.

"As DeVry University, we will continue to develop innovative ways to meet the post-secondary education needs of both traditional-age students and adult learners, and respond to the workforce requirements of industry," said Taylor.

The first DeVry University diplomas will be awarded to students graduating in June 2002.

DeVry University is a division of DeVry Inc., an international higher education company based in Oakbrook Terrace, Illinois. DeVry University offers master's, bachelor's and associate degree programs in business, technology and management. It is composed of 47 adult learning centers and 23 undergraduate campuses in the United States and Canada, including DeVry University Online.

DeVry University has adult learning centers and/or undergraduate campuses in the following states: Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Maryland, Missouri, New Jersey, New York, North Carolina, Ohio, Texas, Virginia, Washington and Wisconsin. DeVry Canada operates undergraduate campuses in Alberta and Ontario.

DeVry Inc. is the holding company for DeVry University and Becker Conviser Professional Review. DeVry University offers graduate and undergraduate degree programs in business, technology and management. Becker Conviser Professional Review is a leading provider of preparatory coursework for the certified public accountant, certified management accountant and chartered financial analyst exams. DeVry Inc. and its divisions are based in Oakbrook Terrace, Ill. For more information about DeVry Inc., visit www.devry.com .

Certain information contained in this release may constitute forward- looking statements pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Such statements may involve risks and uncertainty that could cause actual results to differ materially from the forward-looking statements. Potential risks and uncertainties include, but are not limited to, dependence on student financial aid, state and provincial approval and licensing requirements, and the other factors detailed in the company's SEC filings, including those discussed under the heading "Risk Factors" in the Company's Registration Statement on Form S-3 (No. 333-22457) filed with the Securities and Exchange Commission.