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  "documentTitle": "FirstGroup plc (FGP)",
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  "notes": "This slide is a defensive argument against potential concerns regarding pension liabilities in a corporate restructuring.",
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      "text": "We believe the Sandell Plan strengthens the ability of FirstGroup to meet its pension obligations",
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      "text": "We have had discussions with other pension trustees and pension consultants and considered the Company's public disclosures regarding its pension obligations",
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      "text": "We do not believe our Proposals will trigger additional contributions to FirstGroup's UK pension plans",
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      "text": "Source: Company filings, Sandell estimates. (1) Sandell estimates.",
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