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<SEC-DOCUMENT>0000950152-09-003901.txt : 20090421
<SEC-HEADER>0000950152-09-003901.hdr.sgml : 20090421
<ACCEPTANCE-DATETIME>20090420191601
ACCESSION NUMBER:		0000950152-09-003901
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20090421
DATE AS OF CHANGE:		20090420
EFFECTIVENESS DATE:		20090421

FILER:

	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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06003
		FILM NUMBER:		09760191

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>c50652edefa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML>
<HEAD>
<TITLE>defa14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>
<DIV align="center" style="font-size: 12pt"><B>(Rule 14a-101)<br><BR>
INFORMATION REQUIRED IN PROXY STATEMENT<BR><BR>
SCHEDULE 14A INFORMATION</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities Exchange Act of 1934
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Filed by the Registrant <FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Filed by a Party other than the Registrant <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Check the appropriate box:</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preliminary Proxy Statement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive Proxy Statement</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive Additional Materials</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soliciting Material Pursuant to &#167;240.14a-12</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>FEDERAL SIGNAL CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Name of Registrant as Specified In Its Charter)</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="7" valign="top" align="left">Payment of Filing Fee (Check the appropriate box):</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">No fee required.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(1)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Title of each class of securities to which transaction applies:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(2)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Aggregate number of securities to which transaction applies:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(3)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Per unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and
state how it was determined):</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(4)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Proposed maximum aggregate value of transaction:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(5)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Total fee paid:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Fee paid previously with preliminary materials.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(1)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Amount Previously Paid:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(2)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Form, Schedule or Registration Statement No.:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(3)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Filing Party:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT" valign="top">(4)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Date Filed:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<P align="center" style="font-size: 10pt">
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="c50652ec5065202.gif" alt="(FEDERAL SIGNAL LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">April&nbsp;20, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Fellow Federal Signal Stockholder:

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TWO LEADING PROXY ADVISORY FIRMS RECOMMEND STOCKHOLDERS VOTE FOR<BR>
ALL THREE FEDERAL SIGNAL DIRECTOR NOMINEES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Federal Signal&#146;s April&nbsp;29<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Annual Meeting of Stockholders is just days away and your
vote is very important. We want to make you aware of an important new development. RiskMetrics
Group/ISS Governance Services and Glass Lewis &#038; Co., widely recognized as the nation&#146;s two leading
independent proxy advisory firms, recommend that Federal Signal stockholders support all three of
the Company&#146;s director nominees. The enclosed press release provides additional information about
these recommendations.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROTECT THE VALUE OF YOUR INVESTMENT: VOTE </B><U><B>FOR </B></U><B>YOUR BOARD&#146;S NOMINEES<BR>
ON THE </B><U><B>WHITE</B></U> <B>PROXY CARD TODAY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our strategic and operational achievements and newly-installed management team, led by president
and CEO, Bill Osborne, demonstrate that Federal Signal has the right plan and the right team in
place to reach our goals and create stockholder value. We urge you to follow the RiskMetrics and
Glass Lewis recommendations and vote FOR your Board&#146;s nominees on the WHITE proxy card today.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On behalf of your Board, I thank you for your continued support of Federal Signal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="c50652ec5065203.gif" alt="-s- John McCartney"><BR>
<B>John McCartney<BR>
Director<BR>
Federal Signal Corporation</B>

</DIV>
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TIME IS SHORT AND YOUR VOTE IS IMPORTANT!</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>To ensure that your vote is represented at the meeting, we urge you to vote TODAY<BR>
by Internet or telephone by following the simple instructions<BR>
on your WHITE proxy card</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">If you have questions about how to vote your shares, or need additional assistance, please contact
the firm <br>assisting us in the solicitation of proxies:

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INNISFREE M&#038;A INCORPORATED<BR>
Stockholders Call Toll-Free: (877)&nbsp;800-5186<BR>
Banks and Brokers Call Collect: (212)&nbsp;750-5833</B>

</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 12pt; margin-top: 6pt; margin-left: 13%"><B>News From</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="c50652ec5065202.gif" alt="(FEDERAL SIGNAL LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 13%">REGENCY TOWERS, 1415 W. 22ND ST., OAK BROOK, ILLINOIS 60523
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FOR IMMEDIATE RELEASE</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GLASS LEWIS &#038; CO. RECOMMENDS FEDERAL SIGNAL STOCKHOLDERS VOTE FOR<BR>
ALL THREE OF FEDERAL SIGNAL&#146;S DIRECTOR NOMINEES ON THE WHITE PROXY<BR>
CARD</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Second Leading Independent Proxy Advisory Firm Endorses Federal Signal&#146;s Director Nominees</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>OAK BROOK, Ill., April&nbsp;20 &#151; Federal Signal Corporation (NYSE: FSS), </B>a leader in advancing security
and well-being, today announced that Glass Lewis &#038; Co., a leading independent proxy advisory firm,
recommends that Federal Signal stockholders support all three of the Company&#146;s director nominees at
Federal Signal&#146;s 2009 Annual Meeting of Stockholders to be held on April&nbsp;29, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As previously announced, RiskMetrics Group/ISS Governance Services, another leading independent
proxy advisory firm, also recommended that Federal Signal stockholders vote FOR all the Board&#146;s
director nominees. Glass Lewis and RiskMetrics are widely recognized as the nation&#146;s two leading
independent proxy voting and corporate governance advisory firms. The analyses and recommendations
of Glass Lewis and RiskMetrics are relied upon by hundreds of major institutional investment firms,
mutual funds and fiduciaries throughout the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In its April&nbsp;20, 2009, report recommending that Federal Signal stockholders elect all three of the
Board&#146;s nominees, Glass Lewis stated that it &#147;... believe&#091;s&#093; that the current board members have
the appropriate background and independence to oversee the executive team and Company going forward
and that the participation of the Dissident on the board is unwarranted at this time.&#148;<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Glass Lewis also states that new CEO, Bill Osborne, &#147;has been in place for only a short time&#148; and
that &#147;the board has a new strategic plan in place.&#148;<SUP style="font-size: 85%; vertical-align: text-top">1 </SUP>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;We are pleased that two of the nation&#146;s leading independent proxy advisory firms -
RiskMetrics and now Glass Lewis &#151; recommend that Federal Signal stockholders vote FOR all the
Board&#146;s director nominees,&#148; said John McCartney, an independent director speaking on behalf of
Federal Signal&#146;s Board. &#147;Glass Lewis and RiskMetrics share our long-held belief that Federal
Signal has the right plan and the right Board and management team to lead the Company and
create stockholder value.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As previously announced, RiskMetrics stated the following in its April&nbsp;17, 2009 report recommending
that Federal Signal stockholders elect all three of the Board&#146;s nominees<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;... we note that since the removal of the previous management team in Dec. 2007, the
company has not only performed largely in line with its peer group in terms of share price
performance but also has substantially improved its operating metrics.&#148;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Permission to use quotations was neither sought nor
obtained.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;With respect to election of three directors to a ten member classified board, we note
that two of the three company nominees, Joseph Wright and William Osborne are new and
joined the board in 2008. Moreover, five of the nine non-executive directors have been on
the board since 2005 ... Meanwhile, Mr.&nbsp;Gerbsman, the third dissident nominee does not seem
to have any direct industry/sector operating or public board experience.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;...we note that &#091;Kanders&#093; applied for the CEO position and only after his candidacy was
turned down, he initiated the proxy contest. As such, even though Mr.&nbsp;Kanders has publicly
stated that he is no longer interested in the CEO position and would work with the new
management, we believe that the being &#145;disruptive&#146; argument may have some merit in this
case.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Regarding the new management team, we note that analyst reports had a favorable opinion
of Mr.&nbsp;Osborne at the time of his appointment.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Federal Signal urges stockholders to follow the RiskMetrics and Glass Lewis recommendations by
signing, dating and returning the WHITE proxy card today. For additional information on how to
vote their shares, stockholders should call Innisfree M&#038;A Incorporated, toll-free, at (877)
800-5186.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Federal Signal</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Federal Signal Corporation (NYSE: FSS) enhances the safety, security and well-being of communities
and workplaces around the world. Founded in 1901, Federal Signal is a leading global designer and
manufacturer of products and total solutions that serve municipal, governmental, industrial and
institutional customers. Headquartered in Oak Brook, Ill., with manufacturing facilities
worldwide, the Company operates three groups: Safety and Security Systems, Environmental Solutions
and Fire Rescue. For more information on Federal Signal, visit: http://www.federalsignal.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Forward-Looking Language</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This news release may contain words such as &#147;may,&#148; &#147;will,&#148; &#147;believe,&#148; &#147;expect,&#148; &#147;anticipate,&#148;
&#147;intend,&#148; &#147;plan,&#148; &#147;project,&#148; &#147;estimate&#148; and &#147;objective&#148; or the negative thereof or similar
terminology concerning Federal Signal&#146;s future financial performance, business strategy, plans,
goals and objectives. These expressions are intended to identify forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements
include information concerning Federal Signal&#146;s possible or assumed future performance or results
of operations and are not guarantees. While these statements are based on assumptions and judgments
that management has made in light of industry experience as well as perceptions of historical
trends, current conditions, expected future developments and other factors believed to be
appropriate under the circumstances, they are subject to risks, uncertainties and other factors
that may cause Federal Signal&#146;s actual results, performance or achievements to be materially
different from those stated. Such risks and uncertainties include but are not limited to: economic
conditions in various regions, product and price competition, supplier and raw material prices,
foreign currency exchange rate changes, interest rate changes, increased legal expenses and
litigation results, legal and regulatory developments and other risks and uncertainties described
in filings with the Securities and Exchange Commission (&#147;SEC&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Important Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the solicitation of proxies, on March&nbsp;30, 2009, Federal Signal filed with the
SEC and, on March&nbsp;31, 2009, mailed to stockholders a definitive proxy statement and a WHITE proxy
card for its 2009 Annual Meeting of Stockholders. Stockholders may obtain Federal Signal&#146;s proxy
statement, a WHITE proxy card and any amendments or supplements and other documents for free by
contacting Innisfree M&#038;A Incorporated toll-free at (877)&nbsp;800-5186.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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