"Edison Schools knows what it takes to produce better educational results for children, and they know how to do it within a budget," Governor Ridge said.

"This will not be just another audit of the district’s books. This will be an expert, performance-based management analysis, such as Philadelphia’s schools have never seen before. It is designed, not to point fingers, but to suggest fresh ideas and innovative perspectives for the district –- ideas and perspectives that will be fully grounded in the tough day-to-day realities of managing and improving a struggling urban school district."

Edison Schools already has assembled an educational- and fiscal-management team for the Philadelphia review, including its own officers. Those officers include former superintendents of some of the nation’s largest urban school systems. Edison Schools also is contracting with outside firms to provide additional expert advice in analyzing the district’s financial and managerial systems.

"This is an exciting new endeavor for our company," said Edison CEO Christopher Whittle. "The Philadelphia School District’s challenges are immense. But we know that Governor Ridge and Mayor Street are committed to improving education for Philadelphia’s children –- and we believe we can help them find solutions that can work.

The state has signed a $2.7 million contract with Edison to undertake the expedited, two-month analysis. The agreement requires Edison to recommend different options to improve the Philadelphia School District’s educational and fiscal challenges. The contract gives both parties the option to extend the contract to help implement Governor Ridge’s plan, if both parties so desire.

Any statements in this press release about future expectations, plans and prospects for Edison, including statements containing the words "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the risk factors discussed in our most recent quarterly report filed with the SEC. In addition, the forward-looking statements included in this press release represent Edison’s estimates as of August 1, 2001. Edison anticipates that subsequent events and developments will cause Edison’s estimates to change. However, while Edison may elect to update these forward-looking statements at some point in the future, Edison specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Edison’s estimates or views as of any date subsequent to August 1, 2001.

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