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<SEC-DOCUMENT>0000930413-09-002120.txt : 20090421
<SEC-HEADER>0000930413-09-002120.hdr.sgml : 20090421
<ACCEPTANCE-DATETIME>20090421131240
ACCESSION NUMBER:		0000930413-09-002120
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090421
DATE AS OF CHANGE:		20090421
EFFECTIVENESS DATE:		20090421

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FEDERAL SIGNAL CORP /DE/
		CENTRAL INDEX KEY:			0000277509
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		IRS NUMBER:				361063330
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06003
		FILM NUMBER:		09761154

	BUSINESS ADDRESS:	
		STREET 1:		1415 W 22ND ST STE 1100
		CITY:			OAK BROOK
		STATE:			IL
		ZIP:			60523
		BUSINESS PHONE:		630-954-2000

	MAIL ADDRESS:	
		STREET 1:		1415 W 22ND ST STE 1100
		CITY:			OAK BROOK
		STATE:			IL
		ZIP:			60523

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FEDERAL SIGN & SIGNAL CORP /DE/
		DATE OF NAME CHANGE:	19600201

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KANDERS WARREN B
		CENTRAL INDEX KEY:			0000935577
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	MAIL ADDRESS:	
		STREET 1:		ONE LANDMARK SQUARE
		STREET 2:		22ND FLOOR
		CITY:			STAMFORD,
		STATE:			CT
		ZIP:			06901
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>c57314_dfan14a.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE> -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<A name="page_1"></A>

<P align="center">
<B><FONT size=2 face="serif">SCHEDULE 14A</FONT></B> </P>
<P align="center"><B><FONT size=2 face="serif">(RULE
  14a-101)</FONT></B> </P>
<P align="center">
<B><FONT size=2 face="serif">INFORMATION REQUIRED IN PROXY STATEMENT </FONT></B></P>
<P align="center"><B><FONT size=2 face="serif">SCHEDULE
  14A INFORMATION</FONT></B> </P>
<P align="center">
<B><FONT size=2 face="serif">PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE</FONT></B></P>
<P align="center"><B><FONT size=2 face="serif"> SECURITIES EXCHANGE ACT OF 1934</FONT></B> </P>
<P align="left">
<FONT size=2 face="serif">Filed by the Registrant:<br>
Filed by a Party other than the Registrant: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="serif">Check the appropriate box:</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=7% nowrap>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=90% nowrap>
<FONT size=2 face="serif">Preliminary Proxy Statement</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=7% nowrap>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=90% nowrap>
<FONT size=2 face="serif">Confidential, for Use of the Commission only (as permitted by Rule 14a-6(e)(2))</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=7% nowrap>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=90% nowrap>
<FONT size=2 face="serif">Definitive Proxy Statement</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=7% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">X</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=90% nowrap>
<FONT size=2 face="serif">Definitive Additional Materials</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=7% nowrap>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=90% nowrap>
<FONT size=2 face="serif">Soliciting Material Under Rule 14a-12</FONT>
	</TD>
</TR>
</TABLE>
<P align="center"><B><FONT size=2 face="serif">FEDERAL SIGNAL CORPORATION</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="center"> <FONT size=2 face="serif">(Name of Registrant as Specified
    in its Charter) </FONT></P>
<P align="center"> <B><FONT size=2 face="serif">WARREN B. KANDERS</FONT></B><FONT face="serif"> <br>
</FONT><B><FONT size=2 face="serif">STEVEN
      R. GERBSMAN</FONT></B><FONT face="serif"> <br>
      </FONT><B><FONT size=2 face="serif">NICHOLAS
      SOKOLOW</FONT></B><FONT face="serif"> </FONT></P>
<P align="center"> <FONT size=2 face="serif">(Name of Person(s) Filing Proxy
    Statement if Other Than the Registrant) </FONT></P>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left width=99% nowrap colspan=6><FONT size=2 face="serif">Payment
        of Filing Fee (Check the appropriate box)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap colspan=4>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">X</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=92% nowrap colspan=4><FONT size=2 face="serif">No fee
        required.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=92% nowrap colspan=4><FONT size=2 face="serif">Fee computed
        on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=5% nowrap><FONT size=2 face="serif">(1</FONT> </TD>
    <TD  align=left width=3% nowrap><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=82% nowrap><FONT size=2 face="serif">Title of each class
        of securities to which transaction applies:</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=5% nowrap><FONT size=2 face="serif">(2</FONT> </TD>
    <TD  align=left width=3% nowrap><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=82% nowrap><FONT size=2 face="serif">Aggregate number
        of securities to which transaction applies:</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=5% nowrap><FONT size=2 face="serif">(3</FONT> </TD>
    <TD  align=left width=3% nowrap><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=82% nowrap><FONT size=2 face="serif">Per unit price
        or other underlying value of transaction computed pursuant to Exchange
        Act Rule 0-11</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  align=left width=3% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=82% nowrap><FONT size=2 face="serif">(Set forth the
        amount on which the filing fee is calculated and state how it was determined):</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=5% nowrap><FONT size=2 face="serif">(4</FONT> </TD>
    <TD  align=left width=3% nowrap><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=82% nowrap><FONT size=2 face="serif">Proposed maximum
        aggregate value of transaction:</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=5% nowrap><FONT size=2 face="serif">(5</FONT> </TD>
    <TD  align=left width=3% nowrap><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=82% nowrap><FONT size=2 face="serif">Total fee paid:</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap colspan=4>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=92% nowrap colspan=4><FONT size=2 face="serif">Fee paid
        previously with preliminary materials.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=92% nowrap colspan=4><FONT size=2 face="serif">Check
        box if any part of the fee is offset as provided by Exchange Act Rule
        0-11(a)(2) and identify the</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=92% nowrap colspan=4><FONT size=2 face="serif">filing
        for which the offsetting fee was paid previously. Identify the previous
        filing by registration statement</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=92% nowrap colspan=4><FONT size=2 face="serif">number,
        or the Form or Schedule and the date of its filing.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=5% nowrap><FONT size=2 face="serif">(1</FONT> </TD>
    <TD  align=left width=3% nowrap><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=82% nowrap><FONT size=2 face="serif">Amount Previously
        Paid:</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=5% nowrap><FONT size=2 face="serif">(2</FONT> </TD>
    <TD  align=left width=3% nowrap><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=82% nowrap><FONT size=2 face="serif">Form, Schedule
        or Registration Statement No.:</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=5% nowrap><FONT size=2 face="serif">(3</FONT> </TD>
    <TD  align=left width=3% nowrap><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=82% nowrap><FONT size=2 face="serif">Filing Party:</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5% nowrap>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=5% nowrap><FONT size=2 face="serif">(4</FONT> </TD>
    <TD  align=left width=3% nowrap><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=left width=82% nowrap><FONT size=2 face="serif">Date Filed:</FONT> </TD>
  </TR>
</TABLE>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_2"></A>

<P align="left">
<B><FONT face="sans-serif">PRESS RELEASE</FONT></B><FONT face="sans-serif"> </FONT></P>
<P align="left">
<FONT face="sans-serif">Stamford, CT, April 21, 2009 </FONT></P>
<P align="left">&nbsp;</P>
<P align="left">
<B><FONT face="sans-serif">KANDERS URGES INVESTORS TO DISREGARD THE RHETORIC AND FOCUS ON THE RESULTS </FONT></B></P>
<P align="left">
<B><FONT face="sans-serif">We Believe There is a Need for New Blood on the Board to Provide Oversight and Accountability </FONT></B></P>
<P align="left">
<B><FONT face="sans-serif">Kanders Group Urges Rejection of Federal Signal Nominees </FONT></B></P>
<P align="left">
<FONT face="sans-serif">Stamford, CT, April 21, 2009 -- Warren B. Kanders, who together with Steven R. Gerbsman and Nicholas Sokolow (together the &#147;Kanders Group&#148;) is seeking election to the Board of Directors of Federal Signal Corporation
(NYSE: FSS), today sent the following letter to the shareholders of Federal Signal. In his letter, Mr. Kanders outlined the fundamental premise of this contested election &#150; this Board of Directors has presided over an unacceptable period of
sustained and precipitous deterioration of shareholder value and financial underperformance, squandered significant capital, failed in its oversight since 2004 of the same strategy, and continued to lavishly compensate itself and management for
failure. </FONT></P>
<P align="left">
<FONT face="sans-serif">Commenting on his letter, Mr. Kanders stated:  &#147;This proxy contest is about results and accountability. In spite of its 100-year history and leading positions in its markets, whether measured by total shareholder return,
gross or operating profit margins, or returns on invested capital, Federal Signal lags its peers. This Board of Directors has consistently failed its shareholders, employees and customers, and has allowed the Company to expend resources on
acquisitions without integrations and to accept a record of financial failure. Each of the proxy advisory services confirms our basic view &#150; this Company has a long history of underperformance relative to its peers and requires meaningful
changes to improve its performance.&#148; </FONT></P>
<P align="left">
<FONT face="sans-serif">Mr. Kanders concluded: &#147;Our nominees are the most qualified and are needed by Federal Signal at this time to hold management and the Board of Directors accountable to fulfill their current and future commitments to
investors. As significant shareholders of approximately 2.9% of the Company&#146;s stock, our interests are aligned with shareholders. We are here to help the Company and we are prepared to work constructively with senior management and provide them
with the guidance and experience they lack.&#148; </FONT></P>
<P align="left">
<FONT face="sans-serif">The Kanders Group urges stockholders to vote for their highly-qualified independent nominees &#150; Warren B. Kanders, Steven R. Gerbsman, and Nicholas Sokolow - by telephone, Internet or by signing, dating and returning the
GOLD proxy card today. If shareholders have questions or require assistance in voting their GOLD proxy cards,
please call MacKenzie Partners at 800-322-2855 or collect at 212-929-5500.</FONT></P>
<P align="left">&nbsp;</P>
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<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_3"></A>


<P align="left">
<FONT face="sans-serif">The full text of Mr. Kanders&#146; letter follows:</FONT><B><FONT face="sans-serif"> </FONT></B></P>
<P align="left">
<FONT face="sans-serif">&#147;My Fellow Shareholders of Federal Signal Corporation: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> The campaign of the Kanders Group nominees -- Warren B. Kanders, Steven R. Gerbsman and Nicholas Sokolow -- to the Board of Federal Signal Corporation (&#147;FSS&#148;) to reverse years of FSS&#146; disappointing financial
performance and to create new value for all shareholders, is in its final week. </FONT></P>
<P align="center">
<B><FONT face="sans-serif">THE BOARD NEEDS NEW BLOOD WITH THE EXPERIENCE TO PROVIDE <br>
THE REQUIRED OVERSIGHT AND ACCOUNTABILITY </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">Much needs to be done if FSS is ever going to reward the faith of its shareholders and we, the experienced, independent nominees of the Kanders Group can be the catalyst to do it. Federal Signal
has not met any metrics of financial success. Don&#146;t take our word on it &#150; here is what proxy voting advisory firms have commented:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">In its Report dated April 17, 2009, Risk Metrics Group (&#147;RMG&#148;) independently confirmed our conclusion that FSS shareholders have been victimized by the poor financial performance of FSS
over the past 5 years under the leadership of the current Board. Quoting from RMG&#146;s Report: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">-- &#147;&#133;Federal Signal&#146;s operating and share price performance metrics indicate that the company has </FONT><B><FONT face="sans-serif">consistently underperformed its peer
group</FONT></B><FONT face="sans-serif"> over the last five year period.&#148; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">-- &#147;&#133;the company&#146;s TSR [Total Shareholder Return] has </FONT><B><FONT face="sans-serif">significantly lagged its peer group</FONT></B><FONT face="sans-serif"> average as indicated
by below peer average 1-year, 3-year and 5-year TSRs for the period ended March 31, 2009.&#148; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">-- &#147;Moreover, we believe that Federal Signal&#146;s relatively low ROI metric lends credence to the dissident&#146;s [Kanders Group&#146;s] claim that </FONT><B><FONT face="sans-serif">the
company has not successfully integrated its previous acquisitions</FONT></B><FONT face="sans-serif">. Since 2006, the company has invested &#36;208 million in purchase of fixed assets/acquisitions of business, which has yet to translate into peer
average ROI.&#148; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">-- &#147;Federal Signal&#146;s poor share price performance may be attributable to its below-peer average operating performance. Over the last five years, </FONT><B><FONT
face="sans-serif">Federal Signal consistently underperformed its peer group average gross profit margin, operating margin (before depreciation), operating (operating before depreciation and tax) return on invested capital and return on invested
capital metrics.&#148;</FONT></B><FONT face="sans-serif"> </FONT></P>
<P align="left">&nbsp;</P>
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<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_4"></A>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"><B>--&#147;&#133; the company&#146;s share [sic] has significantly lagged its peer group average since appointment of Mr. Osborne as the CEO in Sept. 2008.</B> This
we believe may be indicative of market&#146;s skepticism about the company&#146;s ability to successfully execute its business plan despite the management change.&#148; (Emphasis supplied.) </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">The day after his appointment as CEO, Mr. Osborne told the Chicago Tribune: &#147;There is very little about Federal Signal that needs to be fixed.&#148; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="sans-serif">Why should shareholders give this Board and its nominees yet another chance to further destroy shareholder value? </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">Glass Lewis &amp; Co., another proxy advisory firm, in its Report released April 17, 2009, also echoed the concerns of the Kanders Group nominees, criticizing John McCartney, chairman of the
Compensation Committee of the Board and designated spokesmen for the Board in this proxy contest, for repeatedly failing to align executive compensation with the Company&#146;s financial performance and deteriorating shareholder value. Quoting from
the Glass Lewis Report: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">--&#147;Director McCartney served as chairman of the compensation committee in fiscal 2008, during which time </FONT><B><FONT face="sans-serif">the Company paid more compensation to its top
executives but performed worse than its peers</FONT></B><FONT face="sans-serif">. Further, he served as the chairman of the compensation committee </FONT><B><FONT face="sans-serif">in fiscal 2007, during which time the Company paid more compensation
to its top executives but performed worse than its peers.&#148; </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">--&#147;&#133; we believe the compensation committee has failed to adequately address the issue. As such, </FONT><B><FONT face="sans-serif">we believe Mr. McCartney, as chairman of the committee,
should be held accountable for this lack of oversight </FONT></B><FONT face="sans-serif">&#133; If the director had been up for reelection, Glass Lewis policy would have likely recommended that shareholders withhold votes from the nominee.&#148;
(Emphasis supplied.) </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">Glass Lewis concluded &#150; &#147;&#133; time will tell whether the board can correct its past executive compensation mistakes.&#148; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="sans-serif">We believe that the Board is out of time. Shareholders cannot afford to waste another year for this Board and its nominees to get it right</FONT></B><FONT face="sans-serif"> &#150; another
year while this Board and Mr. Osborne trot out another warmed-over version of the same strategy that has failed shareholders in the past and &#150; we believe, is likely to do so again. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">Although it agrees with our nominees&#146; assessment that this Board has failed to improve the Company&#146;s financial performance or generate shareholder value during the past five years, RMG
stated that the presence of our nominees on the Board might be &#147;disruptive.&#148; </FONT></P>
<P align="left">&nbsp;</P>
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<A name="page_5"></A>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="sans-serif">The Kanders Group nominees are committed to working constructively with the other Board members and senior management. But Federal Signal shareholders need a functioning Board, with members
who have the experience, skills and motivation to fight to create shareholder value &#150; not a country club!</FONT></B><FONT face="sans-serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">Perhaps that is why FSS shares fell </FONT><B><FONT face="sans-serif">17.4%</FONT></B><FONT face="sans-serif"> the day following RMG&#146;s Report and recommendation. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">We can help grow this Company and benefit all shareholders. That is why I have personally committed more than &#36;750,000 to finance our campaign for three seats on the Board. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="sans-serif">Our nominees will set the bar high for the Board and management</FONT></B><FONT face="sans-serif"> &#150; just as Mr. Sokolow did as a director and I, as a chairman of the board, of Armor
Holdings, Inc. Between 1996 and 2007, we grew Armor from &#36;12 million in revenues and &#36;1 million of EBITDA to approximately &#36;2.2 billion of revenues and &#36;280 million of estimated EBITDA, when we opportunistically sold it to BAE
Systems, Inc. for a price of &#36;4.5 billion. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">Proxy Governance, Inc., another proxy advisory firm, agrees. In its April 20, 2009 Report, Proxy Governance stated:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">--&#147;</FONT><B><FONT face="sans-serif">Kanders success in increasing the value of Armor Holdings 3400% over his 11 years as founder, CEO and chairman is a compelling reason to take both his
arguments and his candidacy seriously. </FONT></B><FONT face="sans-serif">While every proxy fight involves judicious selection of &#147;relevant&#148; metrics and time periods, moreover, it is clear that a sizeable portion of the company&#146;s
share price decline occurred even as it launched its &#147;shrink to grow&#148; strategy and invested significant capital acquiring three new businesses. On key measures of management efficiency, such as ROE, ROA, and ROI it has indeed
underperformed peers throughout 2008.&#148; (Emphasis supplied.) </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">We have similar goals for FSS &#150; and, most importantly, unlike the current Board, a public record of achieving our goals &#150; to reverse FSS&#146; legacy of underperformance and more than
double its revenues over the next five years, to more than &#36;2.0 billion by constructively challenging the Board to hurdle the bar and properly incentivizing management by: </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
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    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top"><font face="sans-serif">&#149;</font></td>
    <td width="90%" valign="top"><font face="sans-serif">directly linking pay
    for performance and eliminating consolation prizes for failure;</font></td>
  </tr>
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    <td valign="top">&nbsp;</td>
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    <td valign="top">&nbsp;</td>
  </tr>
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    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="sans-serif">&#149;</font></td>
    <td valign="top"><font face="sans-serif">significantly increasing operating
        margins through carefully targeted operating cost reductions, focusing
        sales on FSS&#146; higher margin legacy business and developing and marketing
        higher margin products through increased R&amp;D expenditures and improved
    engineering;</font></td>
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    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
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    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="sans-serif">&#149;</font></td>
    <td valign="top"><font face="sans-serif">enforcing reductions in corporate
    overhead;</font></td>
  </tr>
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    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
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    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="sans-serif">&#149;</font></td>
    <td valign="top"><font face="sans-serif">capitalizing on the current market
        dislocations to seize market share through targeted acquisitions and
    carefully executed integration; </font></td>
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<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>

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<p><A name="page_6"></A></p>
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    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top"><font face="sans-serif">&#149;</font></td>
    <td width="90%" valign="top"><font face="sans-serif">repairing FSS&#146; reputation
        on Wall Street and with financial analysts through greater transparency
        and meeting or beating earnings guidance, and avoiding the Company&#146;s
    history of surprises and disappointments; </font></td>
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    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
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    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="sans-serif">&#149;</font></td>
    <td valign="top"><font face="sans-serif">raising capital at opportunistic
        times to rebuild the Company&#146;s balance sheet and provide powder
    for our acquisition strategy; and</font></td>
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    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
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    <td width="5%" valign="top"><font face="sans-serif">&#149;</font></td>
    <td width="90%" valign="top"><font face="sans-serif">implementing best practices
    of corporate governance.</font></td>
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    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="90%" valign="top">&nbsp;</td>
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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">Our efforts have already had some positive effects on the Board, including the resignation of James C. Janning as a Board member and as Chairman. But we can accomplish much more if our nominees
are elected to the Board. </FONT></P>
<P align="center">
<B><FONT face="sans-serif">Give me and my fellow nominees the opportunity to serve you <br>
as members of the Board. </FONT></B></P>
<P align="center">
<B><FONT face="sans-serif">TIME IS RUNNING OUT! </FONT></B><br>
<B><I><FONT face="sans-serif">WE NEED YOUR SUPPORT NOW! </FONT></I></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> If you have not already voted the GOLD Card, we urge you to do so today. If you have already voted, </FONT><B><FONT face="sans-serif">it is not too late to change your vote. </FONT></B><FONT face="sans-serif">You can vote
for the Kanders Nominees by signing and returning the </FONT><B><FONT face="sans-serif">GOLD</FONT></B><FONT face="sans-serif"> Card enclosed with this letter to Mackenzie Partners, at the address below, or you may vote by </FONT><B><FONT
face="sans-serif">telephone</FONT></B><FONT face="sans-serif"> or </FONT><B><FONT face="sans-serif">internet</FONT></B><FONT face="sans-serif">. Just follow the simple directions on the </FONT><B><FONT face="sans-serif">GOLD</FONT></B><FONT
face="sans-serif"> card. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> If you need another </FONT><B><FONT face="sans-serif">GOLD</FONT></B><FONT face="sans-serif"> card, or have any questions as to how to </FONT><B><FONT face="sans-serif">vote for the Kanders Nominees,</FONT></B><FONT
face="sans-serif"> call or e-mail Mackenzie Partners: </FONT></P>
<P align="center"><FONT face="sans-serif">Mackenzie Partners Inc. <br>
at 800-322-2885 <br>
or collect at 212-929-5500, <br>
or email: Proxy@mackenziepartners.com. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> Permission to use quotations was neither sought nor obtained from either RMG, Glass Lewis &amp; Co. or Proxy Governance. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> We thank you for your encouragement and support. </FONT></P>
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<TR valign="bottom">
  <TD align=left width=100% nowrap>&nbsp;</TD>
	<TD align=left width=100% nowrap>
<FONT face="sans-serif">Very truly yours,</FONT>	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
	<TD>&nbsp;	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
	<TD>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>&nbsp;</TD>
	<TD align=left width=100% nowrap>
<FONT face="sans-serif">/s/ Warren B. Kanders</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>&nbsp;</TD>
	<TD align=left width=100% nowrap>
<FONT face="sans-serif">Warren B. Kanders&#148;</FONT>	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p><BR>

</p>
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<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_7"></A>

<P align="left">
<I><FONT face="sans-serif">IMPORTANT</FONT></I><FONT face="sans-serif"> </FONT></P>
<P align="left">
<FONT face="sans-serif">We urge you NOT to sign any white proxy card sent to you by Federal Signal. If you have already done so, you have every legal right to change your vote by telephone, by Internet, or by signing, dating and returning the
</FONT><I><FONT face="sans-serif">GOLD </FONT></I><FONT face="sans-serif">proxy card in the postage-paid envelope provided TODAY. </FONT></P>
<P align="left">
<I><FONT face="sans-serif">Important Information </FONT></I><FONT face="sans-serif"> </FONT></P>
<P align="left">
<FONT face="sans-serif">The Kanders Group has filed with the Securities and Exchange Commission (&#147;SEC&#148;) a Definitive Proxy Statement, in connection with the solicitation of proxies for the 2009 Annual Meeting of Stockholders. The Kanders
Group advises Federal Signal&#146;s stockholders to read the Definitive Proxy Statement, because it contains important information. Stockholders may obtain a free copy of the Kanders Group&#146;s Definitive Proxy Statement and other documents filed
with the SEC at the SEC&#146;s website at www.sec.gov, at the Kanders Group website at www.readmaterial.com/kandersgroup, or from MacKenzie Partners by calling toll-free: (800) 322-2885. </FONT></P>

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    <td width="10%" valign="top" nowrap><font face="sans-serif">Source:</font></td>
    <td width="90%" valign="top"><font face="sans-serif">Warren B. Kanders </font></td>
  </tr>
  <tr>
    <td valign="top" nowrap><font face="sans-serif">Contact:</font></td>
    <td valign="top"><font face="sans-serif"> Warren B. Kanders <br>
      1-203-552-9600
          <br>
      wbkanders@kanders.com </font></td>
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