March 6, 2017 Dr. Susan Henking, President Shimer College 3424 South State St. Chicago, IL 60616 Dear President Henking: This letter is formal notification of action taken by the Higher Learning Commission (“HLC” or “the Commission”) Board of Trustees (“the Board”) concerning Shimer College (“the College” or “the institution”). At its meeting on February 23, 2017, the Board voted to approve the College’s teach-out agreement with Illinois Institute of Technology in the event that the Change of Control, Structure, or Organization transaction with North Central College does not occur by June 1, 2017. If the transaction occurs, please send the Commission written notice of the closing date within 24 hours after the transaction has closed and the effective date of Shimer College’s resignation of its accreditation with the Commission. You are also obligated to notify the Commission prior to closing if any of the material terms of this transaction have changed or appear likely to change. By Commission policy the closing must take place within no more than thirty days from the date of the Board’s approval. If there is any delay such that the transaction cannot close within this time frame, you must notify the Commission as soon as possible. The College must also notify the Commission if the transaction will not occur and the College plans to invoke the teach-out agreement. Commission policy COMM.A.10.010, Commission Public Notices and Statements, requires that the Commission publish this letter on its website. The College is encouraged to prepare statements to its constituencies regarding this action; I ask that you copy Dr. Karen Solomon on any such communication.

President Henking, March 6, 2017 2

On behalf of the Board of Trustees, I thank you and your associates for your cooperation. Please contact Dr. Solomon if you have questions about any of the information in this letter. Sincerely,

Barbara Gellman-Danley President cc: Chair of the Board of Trustees, Shimer College Harold Stone, Senior Director of College Relations, Shimer College Chair of the Board of Trustees, Illinois Institute of Technology Alan Cramb, President, Illinois Institute of Technology Siva Balasubramanian, Associate Vice Provost for University Accreditation and

Assessment, Illinois Institute of Technology James Applegate, Executive Director, Illinois Board of Higher Education Sunil Ahuja, Vice President for Accreditation Relations, Institutional Change and

Research, Higher Learning Commission Karen Solomon, Vice President for Accreditation Relations and Director of the

Standard Pathway, Higher Learning Commission Karen Peterson Solinski, Executive Vice President for Legal and Governmental

Affairs, Higher Learning Commission