Federal Signal Corporation Invites You to Join Its Second Quarter Conference Call on the Web

    OAK BROOK, Ill., July 12 In conjunction with Federal
Signal Corporation's Second Quarter earnings release, you are invited to
listen to its conference call that will be broadcast live over the Internet on
Wednesday, July 18, 2001 at 3:30 p.m. Eastern Time with Joseph J. Ross,
Chairman and CEO, and Henry L. Dykema, Vice President and CFO.

    What:      Federal Signal Corporation Second Quarter Earnings Conference
               Call

    When:      Wednesday, July 18, 2001  -  3:30 p.m. Eastern Time

    Where:     http://www.federalsignal.com /

    How:       Live over the Internet - simply log on to the web at the above
               address

    Contact:   Sherri Deno, 630-954-2022 or sdeno@federalsignal.com

    If you are unable to participate during the live webcast, the call will be
archived on the company's website shortly after the call concludes through
5:00 p.m. Eastern Time, Wednesday, July 25, 2001.  To access the replay,
choose the Investor Relations option from the navigation bar on Federal
Signal's website, then select the Webcasts option.

    (Minimum requirements to listen to broadcast: Windows Media Player or
RealPlayer software, downloadable free from
http://www.microsoft.com/windows/windowsmedia/EN/default.asp or
http://www.real.com/products/player/index.html, respectively, and at least a 28.8Kbps
connection to the Internet.  If you experience problems listening to the
broadcast, send an email to ISProducers@prnewswire.com.)

    Federal Signal Corporation is a global manufacturer of leading niche
products in four operating groups: environmental vehicles and related
products, fire rescue vehicles, safety and signaling products, and consumable
industrial tooling. Based in Oak Brook, Illinois, the company's shares are
traded on the New York Stock Exchange under the symbol FSS.