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 Edison in Full Compliance with Loan Obligations Friday, May 23, 2003 This statement clarifies recent reports by both Bloomberg and Dow Jones that the Company had defaulted on these loan agreements. As clearly disclosed in the Companys most recent 10-Q, the Company received written waivers from these lenders with respect to a particular financial covenant contained in the agreements; therefore, the Company is not in default, said Chip Delaney, Edisons Vice-Chairman for Business and Finance. Failure to report that the Company had received such waivers renders the news reports incomplete at best, commented Chris Cerf, Edisons President and Chief Operating Officer. The Bloomberg story implies that the issue remains unresolved and that the company omitted to disclose it appropriately. Both inferences are flatly inaccurate, said Cerf. Peter Lyons, spokesman for School Services LLC stated We have no basis to believe that Edison is in default of its obligations to School Services. Nor do we expect that to change in the future. Mr. Delaney confirmed that Merrill Lynch also is satisfied that Edison is in compliance with its loan obligations. $
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