FINANCIAL HIGHLIGHTS MSA’s ongoing commitment to investing in core products and focus on managing costs helped generate a strong finish in 2011.  MSA 2011 ANNUAL REPORT 1 FORTHEYEAR (thousands, except per share) Net sales  $ 909,991  $  976,631 $1,173,227 Net income  $  43,295  $  38,104 $  69,852 Basic earnings per common share  $  1.21  $  1.06  $  1.91 AT YEAR END (thousands) Total assets  $ 875,228  $1,197,188  $1,115,052 Working capital  $ 265,575  $ 295,648  $ 287,079  Shareholders’ equity  $ 436,616  $ 451,368  $ 433,666 Common shares outstanding  35,973 36,520 36,693 2009  2010  2011 SALES $977 $1,173 $910 2009  2010 2011 NET INCOME 2009  2010 2011 $69.9 $43.3 $38.1 United States Mexico & Canada Europe Asia & Pacific Rim Africa South America Middle East & India 41% 7% 11% 7% 10% 2% 22% Supplied- Air Respirators Industrial Head Protection Fixed Gas & Flame Detection Portable Gas Detection Fall Protection Other Products 4% 39% 18% 10% 1 1% 18% ANNUAL SALES BY CORE PRODUCT GROUP ANNU AL  SALES BY RE GION