Federal Signal (FSS) 8-K Regulation FD Disclosure

Exhibit 99.2

Welcome Investor Day 2006

Safe harbor

the date and the its risks from about the risks markets, warranty disclosure of of presentation include improve plants, as These to increased resulting information Use or statements control, municipal ability body those Statements in this statements. company’s and refuse closures, including non-public company’s and plant forward-looking the industrial the rescue material beyond fire planned forward-looking are of company’s competitors, its competitiveness contain are which by in cost the execution may of in This presentation therefore may not be distributed, reproduced or historical some of advances the presentation not nature performance with changes are cyclical operating Safe Harbor This company.used without the express written consent of the company.material non-public information by the recipient of this presentation or any one obtaining this information from the recipient may constitute a criminal offense. This presentation contains various hereof and the company undertakes no obligation to update these statements regardless of new developments or otherwise.that uncertainties, technological associated and product liability expenses, risks associated with supplier and other partner alliances, foreign currency movements, disruptions in the supply of parts or components from sole source suppliers and subcontractors, retention of key employees and general changes in the competitive environment.

Federal Signal CorporationA New Direction...

Changed our measurement system to EV Changed primary growth focus to organic Divesting businesses that don’t fit Investing in our peoplePlaying to Win!

What We’re Doing Differently

MAINTAIN(Safe Conditions) Jetstream GuzzlerTool GroupSweeper Vactor

RECOVER(From An Incident)

Police Fire Amber Police Fire Guzzler Fire

Safety Products Group

RESPOND(To An Incident) Outdoor Warning Integrated Warning Systems Outdoor Warning Mine lighting Police Police

PREVENT(An Incident)Fire Rescue Group

Mine lighting Sewer Police Sweeper Parking Sewer Police Parking Sweeper Sewer

PEOPLE PROPERTY Environmental Products Group ENVIRONMENT

What is Federal Signal?PROTECT

Municipality

Major Strengths

Very strong brand names Extensive U.S. distribution network Broad array of core competencies

our mission

A comprehensive enterprise strategy Shapes every plan and decision we make from competencies; to culture; to business priorities Colors the entire organization —

Product Leadership: Our Primary Strategic Thrust

Strategies for Growth

Passionately pursue Product Leadership through robust market intelligence and increased investment in product development

Capitalize on global expansion in targeted areas

Attack white space growth opportunities at all levels of the enterprise

Cultivate enterprise customers leveraging business relationships and improving channel effectiveness

Strengthen the enterprise portfolio improve global market and product positions

Enabling Strategies

Unite the company around a common culture

Implement world-class supply chain

Improve the efficiency of our overhead

Drive continuous improvement in operations

Unleash the collective capabilities of our global workforce

our values Commensurate share Long — Term Targets            In Ten Years ... Triple revenue 10% operating margin 15% ROIC            Strong balance sheet            price

Federal Signal. . .The leader in advancing security and well-being for communities and workplaces around the world.

long term targets

Federal Signal CorporationOrganic Growth Through Product Innovation

paly to win

federal signal

federal signal corporation

Investor Day 2006 Greg Sink

Mission ways to help , drawing upon theimagine innovative solutions

We serve organizations that protect people, property, and the environment. We listen to customers and them address emerging needs. We create talent of our employees and a rich portfolio of products and services. We deliver superior growth in economic value.

Municipality

at Enterprise and Group

Culture of innovation Identify “white space” Establish Market & Technical Council Take FSS where it has not gone before

Towards Our New Vision

White space Competencies Technology

Market and Technical Council Macro trends

World events identified inefficiencies Customers have new emerging needs FSS has a unique set of core competencies Technology enablers provide new platforms

Market and Technical Council Results

A Challenging World

Indian Ocean Louisiana Central Philippines

Oklahoma City bombing USS Cole suicide bombing Attack on World Trade Center Madrid train bombings London underground bombings Tsunami earthquake — Hurricane Katrina — Mud Slide —

April 19, 1995 October 12, 2000 September 11, 2001 March 11, 2004 July 7, 2005 December 26, 2004 August 29, 2005 February 17, 2006

Man-made Disasters Natural Disasters

damage between equipment across systems informationinfrastructure communicate criticalagency/country responses to eventsnteroperability

I Ability to Ability to share Ability to respond despiteMultiple

Customer Unmet Needs

FSS Core Competencies

Mesh Networks Outdoor/indoor Voice over Internet Protocol Voice commands Chemical, Biological, Radiological, Nuclear, Explosive

— —— — — Wireless            Video surveillance            VoIP            Voice recognition            Sensors Technology Enablers

front-end ideas Unveiling proof-of-concept model Brain stormed over 1,000 ideas Identified 100 “fuzzy” Submitted 18 invention disclosures Identified 7 non-traditional products

— — — — —December 2004 November 2005 January 2006 February 2006 March 2006

Innovation in Action

What Drives Our Growth Opportunities

Unique footprint Product depth Employee talent Core competencies Culture of innovation

i t^{i e s}a^{b i l}C^{a p}

White SpaceWireless Video VoIP Voice recognition SensorsOpportunitiess^deTechnology

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World events Interoperability Communication Intelligence Infrastructure

Federal Signal will innovate products that communicate with one another. Designed to share and collect data providing security and well-being personnel with intelligent information. So they may make more informed decisions as they carry out their duties and responsibilities.

The Path to Our Future

Our Vision is Closer Than You Think We invite you to...Embrace our future and experience the difference!

Federal Signal. . .The leader in advancing security and well-being for communities and workplaces around the world.

Fire Rescue GroupAccelerating

Investor Day 2006

Margin improvement Lower warranty expense rollout Economic Value improvement Quality Improved lead times Configurator Reductions in working capital

2005 Highlights

Product leadership            Innovation            Market and distribution            expansion The Passing Lane

Product development Systems integration Custom manufacturing

FRG: Core Competencies

FRG: Core Markets

Since 1966

+

Our Portfolio of Leading BrandsSince 1974

Pumpers

2005Indicates E-One is a top two player

Other

Wildlands            ARFF            Tankers            Aerials

NA Served Market —Rescues

Fire Rescue market revenues top $1.5B

NFPA regulations Urbanization / Sprawl Safety / Security

Society•••

Productivity Fiscal constraints Fleet demographicsChange Drivers Interoperability Increased functionality Federal regulations

Customers Technology•••

·••

Global influence Consolidation / Scale Price pressure

Market DynamicsCompetitors•••

Top CompetitorsPierce / LDV SVI ALF law enforcement (DEA, SWAT) and HazMat.

Custom and commercial rescues for command/operation centers, bomb trucks, Cities, Counties, States, Federal Government Dealer Network

Total NA Market $130M

Rescue & Homeland SecurityE-One Products Customers Channels

Top CompetitorsPierce Rosenbauer ALF Custom and commercial pumpers and tankers for municipal and industrial markets. Cities, Counties, States, Refineries Dealer Network and Direct Sales

Total NA Market $825M

Pumper & TankerProducts Customers Channels

E-One

Top CompetitorsOshkosh Rosenbauer intervention for aircraft or airfield events.

Apparatus designed for rapid attack and Airports and Military Airbases Direct Sales

Total NA Market $40M

ARFF ApparatusProducts Customers Channels

E-One

Top CompetitorsALF Pierce KME Rosenbauer

Aerial waterway, ladders, traditional and articulated devices. Cities, Counties, States, Refineries Dealer Network

Total NA Market $300M

Aerial Fire ApparatusProducts Customers Channels

E-One

Expand performance boundaries

Growth: Product Leadership

Aerial Information System Vehicle Information Control

Growth: Global Expansion

Growth: Channel Effectiveness

2003-2006: FRG Revenue Growth

Operational improvements and strategic transition equate to margin growth Recognized brands and extensive product lines Stable markets with growth potential Established and expanding distribution Improving economies of scale and market diversification Growth opportunities for E-ONE and Bronto apparatus 2007 product launches for emerging market segments

Summary

Protecting Communities Around the World

Federal Signal. . .The leader in advancing security and well-being for communities and workplaces around the world.

Investor Day 2006 Environmental Products GroupExpanding Opportunities

EPG Today

A Portfolio of Leading Products

of EPG product leadership.

283 years

2005 EPG Distribution of Orders

2002-2006 EPG Revenues —

Sweepers

Municipal

CompetitorsVacCon Super Products Clean Earth Aquatech Vacuum Trucks —Total NA Market $100M FSS

IndustrialCompetitorsSuper Products GapVax VacCon Clean Earth Vacuum Trucks —Total NA Market $50M

FSS

Water Blasters

Water BlastersX X X XIndustrial Vacuum TrucksX X X XMunicipal Vacuum TrucksX X X XSweepersX X X

What Drives Our Business Environmental standards, regulations Fiber-optic deployment Industrial production Natural disasters Power generation Urbanization

What EPG is up to...

Increased market and customer intelligence Pursue technology alliances Establish centralized technology group

Product Leadership

Product Leadership at Work

Establishing joint venture in China Introducing water blasters in Europe Delivering vacuum kits to Thailand

Global Expansion

Establish leadership Dedicated distribution center

Service parts business expansion••Expand the product portfolio aggressively

White Space

What’s Next for EPG...

Recast Market Space

globally Extending product leadership Seizing environmental opportunities — Attacking white spaces and recasting market size

Summary

Advancing Well-Being Around the World

Federal Signal. . .The leader in advancing security and well-being for communities and workplaces around the world.

Safety Products GroupContinued Growth

Investor Day 2006

SPG Today

2005 SPG Distribution of Orders

2002-2006: SPG Revenues Grow

CompetitorsWhelen Code 3 Ecco Others (8+) Lightbars, beacons, sirens and speakers Police and fire departments, ambulance services, DOTs, utilities, tow truck operators Police and truck equipment distributors, catalog houses, installers, OEMs (firetrucks, utility trucks, tow trucks), direct

Total NA Market $300M

Emergency ProductsFSS            Products CustomersChannels

CompetitorsEdwards/GE Gaitronics/Hubbell Crouse-Hinds/Cooper Whelen

Total NA Market $300MBeacons, horns, outdoor warning sirens, communications systems, mining and marine hazardous area lighting Industrial plants, petrochemical plants, ship/rig builders, coal mines, municipalities, nuclear plants, military bases Electrical wholesalers, catalog houses, OEMs, direct

Electrical ProductsFSS Products Customers Channels

& BachmanCompetitorsAmano Ascom Scheidt SkiData

Total NA Market $90MGates, ticket dispensers, cash registers, card readers, software Parking operators, airports, municipalities, shopping centers, universities, hospitals, hotels Parking equipment distributors, direct

ParkingFSS Products Customers Channels

ParkingX            X            XElectrical ProductsX X X X X X            X XEmergency ProductsX            X X X            X X

What Drives Our Business Market Drivers General economy Industrial activity Energy prices Government spending Federal funding Natural/man-made disasters Safety regulations Technology

What SPG is up to...

Identify trends Generate “big” new solution opportunities Collaborate across the enterprise New product development pipeline...

Product Leadership

product platforms using

LED technology for vehicle and industrial application Several “next-generation” new technology/materials market entry Enhanced software/networking functionality to move from a device manufacturer to a solutions provider Key new products for global expansion and “white space”

Product Leadership: NPD Pipeline

Product Leadership at Work

Far East Select European Areas Mexico and Latin America Mid East

Global Expansion

Large airport parking systems Water/waste water management system Others to come

White Space

What’s Next for SPG?

ToMkt. Size $1+ billion Mkt. Size $1+ billion Mkt. Size $1+ billion $3+ Billion Specialty vehicle products and systems integration — Emergency warning/response and process control products and systems — Ground transportation revenue and control systems -

Mkt. Size $600 million Mkt. Mkt.

FromSignaling, communication and hazardous area lighting — Size $600 million Parking and revenue control equipment and systems — Size $400 million $1.6 Billion Recast Market Space Emergency vehicle signaling equipment -

Solid market positions and financial performance New product development pipeline Opportunities for global expansion Attacking white space opportunities

Summary

Advancing Safety Around the World

Federal Signal. . .The leader in advancing security and well-being for communities and workplaces around the world.

Federal Signal CorporationFinancial Overview

Investor Day 2006

2006 outlook            Strategic goals

3-5 Year OutlookMargin stable 8-9% Gradual improvement to 9-10% 2005 product-line gain — 2.5% modest margin upside Continued margin recoveryTarget 10% operating margin Op Margin8-

9% 2.5-4% 14-15% 11-12%6-7% 2006 Revenue+ 5-7% + 6-9% + 4-6% + 5-6%+ 6-8% Op Margin %8.3% 0.9% 16.3% 10.3%6% 2005 Revenue348 371 277 16211572006 Outlook EPG FRG SPG ToolFSS

$140MM revenue Negative margin $80MM cash generated

Divestitures, Consolidations =

SSI Leasing Portfolio Plastisol Dayton France Preble Justrite TTI Victor Product Lines Refuse FAPD do Brasil

“Shrink to Grow”

Growth Strategies

Increase sales from new products Boost organic growth

Product Leadership

Sales from Products Introduced in Past 3 Years

6-8% per annum

Organic growth

Organic Growth in New Business

2-4% per annum

Growth from acquisitions

organic growth strategies Targeted impact: 2-4% (one-third) top-line growth

Focused on “jump starting” EV accretion will be the measure Integrate acquired companies to achieve synergies

Acquisition Strategy

Enabling Strategies

Improving Gross Margins

2010 2009 2008 2007

2006 2005

2004Globalizing supply chain management processes Simplifying manufacturing footprint Achieving operational productivity through lean enterprise initiatives

Key Drivers

18%2008 2007Excludes restructuring and product-line gain *

2006

19.7%2005

20.0%2004

22 10Streamline transactions process using technology Optimize sales channels Fund R&D increases internally Increase market intelligence spend

Reduce and Reprioritize Operating ExpensesSG&A % of SalesKey Drivers

2008

15%

2007Excludes restructuring and product-line gain

2006*

19.7% 2005 24.5% 2004

25 20 15 10 5 Key DriversLean enterprise focus on inventories Product and sales configurators JD Edwards implementations Increase deposits on customized products

Operating Working Capital – /$ Sales

Reduce Working Capital¢

18%2008 2007Excludes restructuring and product-line gain *

2006

19.7%200520.0%2004

22 10Streamline transactions process using technology Optimize sales channels Fund R&D increases internally Increase market intelligence spend

Reduce and Reprioritize Operating ExpensesSG&A % of SalesKey Drivers

Investment grade capital structure Dividend payout: 30-40% of earnings Repurchase stock to offset dilution from compensation Other repurchases to be situation specific

Financial Management

Growth in Economic Value$ in Millions

Break-even Economic Value consistent with 9% ROIC Annual improvements targeting 15% in 3 to 5 years

self funding

Strong brands Diverse markets Improving margins Growth opportunities – Strengthening balance sheet New vision focused on improving Economic Value

Investment Appeal

Federal Signal. . .The leader in advancing security and well-being for communities and workplaces around the world.

Sales Tool Demo            Presented By:Larry Schenavar^® Director, IT Special Projects

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EzONEModular Body Design Managed Product Change ProcessMajor Changes from Current Sales Tool38 Base Models 3300 Salescodes Predefined Location Tables Predefined Color TablesSpec OneDealer controlled product change 150 Base Models 4500 Salescodes Stretchy Body Design Dealer Specified Locations Dealer Specified

Colors

Components

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EzONE

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Benefitsengineering

^® Increase configuration accuracy Less time configuring orders, more time selling. Reduce Sales Administration Overhead Ability to create standard work instructions Reduce reliance on skilled craftsmen Create stable/repeatable bills of materials Reduce “Per Truck” Free up engineering resources for new product development Stable bill of material increases MRP accuracy MRP accuracy reduces expediting of materials

EzONE

Sales••• Manufacturing•• Engineering••• Purchasing••

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EzONE Dealer Portal Demonstration

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