Edison-Brentwood Academy in East Palo Alto received a ranking of 10 out of 10, according to the "similar schools ranking" recently announced by the state of California for the 1999-2000 academic year. The purpose of the API is to measure the academic performance and progress of California schools. The "similar schools rank" indicates where a school's API score rates compared with 100 other schools with similar demographic characteristics. A score of 10, the highest score possible, represents an API score that is "well above average for elementary, middle, or high schools with similar characteristics."

In Massachusetts, Dr. Robert Martin was one of only five public school principals awarded the Edgerly School Leadership Award in recognition of his school's significant gains on that state's standardized Massachusetts Comprehensive Assessment System (MCAS) tests for the 1999-2000 academic year. During Dr. Martin's tenure as principal, MCAS test scores at Seven Hills have improved 4.9 percent, one of the highest rates of improvement in the state of Massachusetts.

Except for the historical information contained in this announcement, the matters discussed are forward looking statements (as that term is used in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including risks detailed from time to time in Edison's filings with the Securities and Exchange Commission. In particular, Edison calls to the reader's attention the risk factors described in its Quarterly Report on Form 10-Q dated November 14, 2000 under the heading Additional Risk Factors That May Affect Future Results. Any such forward-looking statements speak only as of the date such statements are made, and Edison undertakes no obligations to publicly release the results of any revision to these forward-looking statements or otherwise update or supplement this announcement or risk factors contained herein.

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