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      "text": "We believe there are no major technical obstacles to executing the Sandell Plan. Therefore, we believe it would be a mistake for the Board not to take advantage of current market conditions to position the Company for the future",
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      "text": "We believe there are no major technical obstacles to executing the Sandell Plan Therefore, we believe it would be a mistake for the Board not to take advantage of current market conditions to position the Company for the future",
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      "text": "Source: Company filings, broker research, Sandell estimates (as included in slide 36), Bloomberg. (1) Sandell estimates. (2) Sandell estimates and Company filings.",
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      "text": "Pension | Has Sandell considered the potential impact of its Proposals on the pension funding position/deficit at FirstGroup? | Based on our conversations with other pension trustees and pension consultants, we believe a sophisticated pension trustee will be able to see that support for the pension schemes is improved following our Proposals...",
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