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 Edison Schools Wins Vote to Open 7 Las Vegas Schools in Partnership with Clark County School District Friday, March 16, 2001 Edison announced that the Clark County School Board has authorized, by a vote of 5-2, the school district to enter into an agreement with Edison to manage 7 schools in Las Vegas. The agreement, which calls for Edison to serve approximately 7,500 students beginning this fall, would represent the largest concentration of Edison students in one community to date. The agreement with Clark County calls for Edison to manage 6 elementary schools and 1 middle school. The contract is subject to final negotiations with teacher, administrator, and support unions. As has been the case in a handful of Edison's schools located in jurisdictions where educational spending is substantially lower than the national average, the agreement calls for "start up" costs for these schools to be offset in part by philanthropic donations. Under the terms of the agreement, Edison has agreed to field an effort to raise approximately $1.5 million in such donations for each school by April 1 in order to open all the schools this fall. The company announced that it has already successfully secured commitments for $3.0 million and that it is aggressively moving to secure the remainder of the donations by the required date. If the campaign succeeds partially, schools for which philanthropy is raised would begin this fall and, provided philanthropy is raised, the others would be opened the following year. 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 February 14, 2001 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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