Real Estate OptimizationGiven recent reductions in force, primarily at DeVry University and Carrington, the organization has excess administrative office capacity in the Chicago area. As part of its ongoing real estate optimization program, management plans to sell the Wood Dale, Ill., administrative office building later this year and relocate those employees to existing administrative office space in other Chicagoland locations. DeVry anticipates recording a non-cash restructuring charge of $9 to $10 million associated with this transaction in the second fiscal quarter of 2013. It expects to save approximately $2 million annually as a result of this consolidation. Organizational Highlights Business, Technology and Management Segment DeVry University For the September session at DeVry University, new undergraduate enrollments decreased 8.6 percent to 6,580 compared to 7,200 for the previous year. Total undergraduate students decreased 14.9 percent to 56,086 versus 65,933 for the session a year ago, reflecting a continuation of the trends experienced in previous periods. At the graduate level, total coursetakers in the September session decreased 7.8 percent to 22,072 versus 23,937 for the same session a year ago. DeVry believes these results can be viewed in the broader context of declining enrollments at the graduate level in all sectors of higher education, particularly among MBA programs. The total number of DeVry University online undergraduate and graduate coursetakers in the September session decreased 9.4 percent to 71,200 versus 78,602 in the same session a year ago. DeVry University recently launched a new advertising campaign that underscores the growing need for an educated workforce to fill tomorrow’s jobs in high-demand sectors. The new campaign can be seen at the following link: http://investors.devryinc.com/Investor-Relations/Presentations-and-Reports/default.aspx As an example of the strong value proposition of our career-focused programs, graduate employment at DeVry University was 85.7 percent in the most recent annual reporting period. This average includes graduates of associate and bachelor’s degree programs for the twelve-month period ending February 2012. See the enrollment table on page six for additional information.