Edison Schools Selected to Pursue Management of Schools in New York City Thursday, December 21, 2000 Edison announced that it has been exclusively selected to pursue the process of managing five schools in New York City. In August of this year, the company submitted a proposal in response to New York City Schools Chancellor Harold Levy's request for private firms to manage some of the city's low performing schools. Upon successful conclusion of the conversion process, Edison would manage five schools-three in Brooklyn, one in the Bronx, and one in Manhattan-serving approximately 4,800 students. As per its proposal to manage these schools, Edison will develop a plan and outreach program tailored to each Schools Under Registration Review ("SURR") school community, in compliance with New York State charter school law and regulations. As it charts new courses for these troubled schools, Edison will meet with, listen to, and seek input from members of these communities in an effort to confront barriers to educational success, such as language, culture, parental engagement, health, and economic disadvantage. 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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