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<SEC-DOCUMENT>0000894579-07-000070.txt : 20070214
<SEC-HEADER>0000894579-07-000070.hdr.sgml : 20070214
<ACCEPTANCE-DATETIME>20070214141716
ACCESSION NUMBER:		0000894579-07-000070
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20070214
DATE AS OF CHANGE:		20070214

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TITAN INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000899751
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				363228472
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-42929
		FILM NUMBER:		07618164

	BUSINESS ADDRESS:	
		STREET 1:		2701 SPRUCE ST
		CITY:			QUINCY
		STATE:			IL
		ZIP:			62301
		BUSINESS PHONE:		2172286011

	MAIL ADDRESS:	
		STREET 1:		2701 SPRUCE ST
		CITY:			QUINCY
		STATE:			IL
		ZIP:			62301

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TITAN WHEEL INTERNATIONAL INC
		DATE OF NAME CHANGE:	19930403

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHEYNE CAPITAL MANAGEMENT LTD
		CENTRAL INDEX KEY:			0001353097
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		STORNOWAY HOUSE
		STREET 2:		13 CLEVELAND ROW
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1A 3DH
		BUSINESS PHONE:		44-(0)207-031-7450

	MAIL ADDRESS:	
		STREET 1:		STORNOWAY HOUSE
		STREET 2:		13 CLEVELAND ROW
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1A 3DH
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>sc13g.htm
<DESCRIPTION>AMENDMENT 1 TO SCHEDULE 13G
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD><TITLE></TITLE>
</HEAD>
<BODY bgColor=white>
<HR width="100%" color=black noShade SIZE=4>

<P align=center><FONT face="Times New Roman" size=5><B>UNITED
STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR></B></FONT><FONT
size=3><B>Washington, D.C. 20549</B></FONT></P>
<P align=center><FONT face="Times New Roman" size=5><B>SCHEDULE
13G</B></FONT></P>
<P align=center><FONT face="Times New Roman" size=3><B>Under the Securities
Exchange Act of 1934</B></FONT></P>
<P align=center><FONT face="Times New Roman" size=2><B>(Amendment No.
1)</B></FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top width="100%">
      <P align=center><FONT face="Times New Roman" size=6><B>TITAN
      INTERNATIONAL, INC.</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P align=center><FONT face="Times New Roman" size=1><B>(Name of
      Issuer)</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P align=center><FONT face="Times New Roman"
size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P align=center><FONT face="Times New Roman" size=2><B>Common Stock, no
      par value</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P align=center><FONT face="Times New Roman" size=1><B>(Title of Class of
      Securities)</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P align=center><FONT face="Times New Roman"
size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P align=center><FONT face="Times New Roman"
      size=2><B>88830M102</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P align=center><FONT face="Times New Roman" size=1><B>(CUSIP
      Number)</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P align=center><FONT face="Times New Roman" size=2><B>December 31,
      2006</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P align=center><FONT face="Times New Roman" size=1><B>(Date of Event
      which Requires Filing of this
Statement)</B></FONT></P></TD></TR></BODY></TABLE>
<P><FONT face="Times New Roman" size=2>Check the appropriate box to designate
the rule pursuant to which this Schedule is filed:</FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top width="5%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT face=Wingdings size=2>x</FONT></P></TD>
    <TD vAlign=top width="90%">
      <P><FONT face="Times New Roman" size=2>Rule 13d-1(b)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face=Wingdings size=2>o</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Rule 13d-1(c)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face=Wingdings size=2>o</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Rule 13d-1(d)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>
      <HR width="100%" color=black noShade SIZE=4>
    </TD></TR></BODY></TABLE>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><PAGE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top width="33%">
      <P><FONT face="Times New Roman" size=2><B>CUSIP N<SMALL>O</SMALL>.
      88830M102</B></FONT></P></TD>
    <TD vAlign=top width="34%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="33%">
      <P><FONT face="Times New Roman" size=2><B>P<SMALL>AGE</SMALL><U>&nbsp; 2
      </U>&nbsp;<SMALL> OF</SMALL><U>&nbsp; 10
      </U>&nbsp;P<SMALL>AGES</SMALL></B></FONT></P></TD></TR></BODY></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top width="5%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top width="75%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top width="20%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>1.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>NAMES OF REPORTING
      PERSONS</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>IRS IDENTIFICATION NOS. OF ABOVE
      PERSONS (ENTITIES ONLY)</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheyne
      Capital Management Limited</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>2.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>CHECK THE APPROPRIATE BOX IF A
      MEMBER OF A GROUP</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>(a) </FONT><FONT face=Wingdings
      size=2>o</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>(b) </FONT><FONT face=Wingdings
      size=2>x</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>3.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>SEC USE ONLY</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>4.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>CITIZENSHIP OR PLACE OF
      ORGANIZATION</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;England
      &amp; Wales</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR></BODY></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD width="20%" rowSpan=11>
      <P align=center><FONT face="Times New Roman" size=2>NUMBER
      OF<BR>SHARES<BR>BENEFICIALLY<BR>OWNED BY<BR>EACH<BR>REPORTING<BR>PERSON
      WITH</FONT></P></TD>
    <TD vAlign=top width="5%">
      <P><FONT face="Times New Roman" size=2>5.</FONT></P></TD>
    <TD vAlign=top width="75%">
      <P><FONT face="Times New Roman" size=2>SOLE VOTING POWER</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>6.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>SHARED VOTING
  POWER</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>7.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>SOLE DISPOSITIVE
  POWER</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>8.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>SHARED DISPOSITIVE
    POWER</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></P></TD></TR></BODY></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top width="5%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top width="75%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top width="20%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>9.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>AGGREGATE AMOUNT BENEFICIALLY OWNED
      BY EACH REPORTING PERSON</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>10.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>CHECK IF THE AGGREGATE AMOUNT IN
      ROW (9) EXCLUDES CERTAIN SHARES</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face=Wingdings size=2>o</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>11.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>PERCENT OF CLASS REPRESENTED BY
      AMOUNT IN ROW (9)</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>12.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>TYPE OF REPORTING
    PERSON</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IA</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR></BODY></TABLE>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><PAGE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top width="33%">
      <P><FONT face="Times New Roman" size=2><B>CUSIP N<SMALL>O</SMALL>.
      88830M102</B></FONT></P></TD>
    <TD vAlign=top width="34%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="33%">
      <P><FONT face="Times New Roman" size=2><B>P<SMALL>AGE</SMALL><U>
      3&nbsp;</U><SMALL>OF </SMALL><U>10&nbsp;
      </U>P<SMALL>AGES</SMALL></B></FONT></P></TD></TR></BODY></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top width="5%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top width="75%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top width="20%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>1.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>NAMES OF REPORTING
      PERSONS</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>IRS IDENTIFICATION NOS. OF ABOVE
      PERSONS (ENTITIES ONLY)</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheyne
      Capital Management (UK) LLP</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>2.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>CHECK THE APPROPRIATE BOX IF A
      MEMBER OF A GROUP</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>(a) </FONT><FONT face=Wingdings
      size=2>o</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>(b) </FONT><FONT face=Wingdings
      size=2>x</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>3.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>SEC USE ONLY</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>4.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>CITIZENSHIP OR PLACE OF
      ORGANIZATION</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;England
      &amp; Wales</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR></BODY></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD width="20%" rowSpan=11>
      <P align=center><FONT face="Times New Roman" size=2>NUMBER
      OF<BR>SHARES<BR>BENEFICIALLY<BR>OWNED BY<BR>EACH<BR>REPORTING<BR>PERSON
      WITH</FONT></P></TD>
    <TD vAlign=top width="5%">
      <P><FONT face="Times New Roman" size=2>5.</FONT></P></TD>
    <TD vAlign=top width="75%">
      <P><FONT face="Times New Roman" size=2>SOLE VOTING POWER</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,075,000</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>6.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>SHARED VOTING
POWER</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>7.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>SOLE DISPOSITIVE
  POWER</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,075,000</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>8.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>SHARED DISPOSITIVE
    POWER</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></P></TD></TR></BODY></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top width="5%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top width="75%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top width="20%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>9.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>AGGREGATE AMOUNT BENEFICIALLY OWNED
      BY EACH REPORTING PERSON</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,075,000</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>10.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>CHECK IF THE AGGREGATE AMOUNT IN
      ROW (9) EXCLUDES CERTAIN SHARES</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face=Wingdings size=2>o</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>11.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>PERCENT OF CLASS REPRESENTED BY
      AMOUNT IN ROW (9)</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4%</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>12.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>TYPE OF REPORTING
    PERSON</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IA</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR></BODY></TABLE>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><PAGE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top width="33%">
      <P><FONT face="Times New Roman" size=2><B>CUSIP N<SMALL>O</SMALL>.
      88830M102</B></FONT></P></TD>
    <TD vAlign=top width="34%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="33%">
      <P><FONT face="Times New Roman" size=2><B>P<SMALL>AGE</SMALL>
      <U>&nbsp;4&nbsp; </U><SMALL>OF</SMALL><U>&nbsp; 10
      </U>&nbsp;P<SMALL>AGES</SMALL></B></FONT></P></TD></TR></BODY></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top width="5%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top width="75%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top width="20%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>1.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>NAMES OF REPORTING
      PERSONS</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>IRS IDENTIFICATION NOS. OF ABOVE
      PERSONS (ENTITIES ONLY)</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheyne
      General Partner Inc.</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>2.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>CHECK THE APPROPRIATE BOX IF A
      MEMBER OF A GROUP</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>(a) </FONT><FONT face=Wingdings
      size=2>o</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>(b) </FONT><FONT face=Wingdings
      size=2>x</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>3.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>SEC USE ONLY</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>4.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>CITIZENSHIP OR PLACE OF
      ORGANIZATION</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman
      Islands</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR></BODY></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD width="20%" rowSpan=11>
      <P align=center><FONT face="Times New Roman" size=2>NUMBER
      OF<BR>SHARES<BR>BENEFICIALLY<BR>OWNED BY<BR>EACH<BR>REPORTING<BR>PERSON
      WITH</FONT></P></TD>
    <TD vAlign=top width="5%">
      <P><FONT face="Times New Roman" size=2>5.</FONT></P></TD>
    <TD vAlign=top width="75%">
      <P><FONT face="Times New Roman" size=2>SOLE VOTING POWER</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>6.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>SHARED VOTING
POWER</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,075,000</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>7.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>SOLE DISPOSITIVE
  POWER</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>8.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>SHARED DISPOSITIVE
    POWER</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,075,000</B></FONT></P></TD></TR></BODY></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top width="5%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top width="75%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top width="20%">
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>9.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>AGGREGATE AMOUNT BENEFICIALLY OWNED
      BY EACH REPORTING PERSON</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,075,000</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>10.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>CHECK IF THE AGGREGATE AMOUNT IN
      ROW (9) EXCLUDES CERTAIN SHARES</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face=Wingdings size=2>o</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>11.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>PERCENT OF CLASS REPRESENTED BY
      AMOUNT IN ROW (9)</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4%</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>12.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>TYPE OF REPORTING
    PERSON</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CO</B></FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR></BODY></TABLE>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><PAGE><BR>
<P align=right><FONT face="Times New Roman" size=2>Page 5 of 10
Pages</FONT></P><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top width="10%">
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>Item 1.</FONT></P></TD>
    <TD vAlign=top width="5%">
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>(a)</FONT></P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>Name of Issuer:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="80%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Titan International,
    Inc.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>(b)</FONT></P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>Address of Issuer's Principal
      Executive Offices:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>2701 Spruce Street</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Quincy, Illinois
  62301</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top height=13>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>Item 2.</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>(a)</FONT></P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>Name of Person
  Filing:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>This Schedule 13G is being filed
      jointly by Cheyne Capital Management Limited, Cheyne Capital Management
      (UK) LLP and Cheyne General Partner Inc.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>(b)</FONT></P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>Address of Principal Business
      Office or, if none, Residence:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>The address of Cheyne Capital
      Management Limited and Cheyne Capital Management (UK) LLP is Stornoway
      House, 13 Cleveland Row, London, SW1A 3DH, England.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>The address of Cheyne General
      Partner Inc. is Walker House, Mary Street, PO Box 908GT, Grand Cayman,
      Cayman Islands.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>(c)</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Citizenship:</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Cheyne Capital Management Limited
      is a company incorporated under the laws of England and
    Wales.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Cheyne Capital Management (UK) LLP
      is a limited liability partnership incorporated under the laws of England
      and Wales</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Cheyne General Partner Inc. is a
      Cayman Islands corporation.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>(d)</FONT></P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>Title of Class of
      Securities:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Common Stock, no par
      value</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>(e)</FONT></P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>CUSIP Number:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
size=2>88830M102</FONT></P></TD></TR></BODY></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>Item 3.</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>If this statement is filed pursuant
      to Sections 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing
      is a:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="8%">
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="85%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=2>(a)</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face=Wingdings size=2>o</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Broker or dealer registered under
      Section 15 of the Act.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=2>(b)</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face=Wingdings size=2>o</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Bank as defined in Section 3(a)(6)
      of the Act.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=2>(c)</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face=Wingdings size=2>o</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Insurance company as defined in
      Section 3(a)(19) of the Act.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=2>(d)</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face=Wingdings size=2>o</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Investment company registered under
      Section 8 of the Investment Company Act of 1940.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=2>(e)</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face=Wingdings size=2>x</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>An investment adviser in accordance
      with Section 240.13d-1(b)(1)(ii)(E).*</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>* Cheyne Capital Management (UK)
      LLP only.</FONT></P></TD></TR></BODY></TABLE>
<PAGE><BR>
<P align=right><FONT face="Times New Roman" size=2>Page 6 of 10 Pages</FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top width="8%">
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=2>(f)</FONT></P></TD>
    <TD vAlign=top width="2%">
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT face=Wingdings size=2>o</FONT></P></TD>
    <TD vAlign=top width="85%">
      <P><FONT face="Times New Roman" size=2>An employee benefit plan or
      endowment fund in accordance with
      Section 240.13d-1(b)(1)(ii)(F).</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=2>(g)</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face=Wingdings size=2>o</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>A parent holding company or control
      person in accordance with Section 240.13d-1(b)(1)(ii)(G).</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=2>(h)</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face=Wingdings size=2>o</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>A savings association as defined in
      Section 3(b) of the Federal Deposit Insurance Act.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=2>(i)</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face=Wingdings size=2>o</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>A church plan that is excluded from
      the definition of an investment company under Section 3(c)(14) of the
      Investment Company Act of 1940.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align=right><FONT
      face="Times New Roman" size=2>(j)</FONT></P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face=Wingdings size=2>o</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Group, in accordance with
      Section 240.13d-1(b)(1)(ii)(J).</FONT></P></TD></TR></BODY></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>Item 4.</FONT></P></TD>
    <TD vAlign=top colSpan=3>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>Ownership.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="80%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;(a)</FONT></P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>Amount Beneficially Owned:
      **</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;(b)</FONT></P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>Percent of Class:
  **</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;(c)</FONT></P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>Number of Shares as to which the
      person has:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>(i)</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>sole power to vote or direct the
      vote **</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>(ii)</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>shared power to vote or direct the
      vote **</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>(iii)</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>sole power to dispose or direct the
      disposition of **</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>(iv)</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>shared power to dispose or direct
      the disposition of **</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top colSpan=3>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" size=2>** See Attachment
A</FONT></P></TD></TR></BODY></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top width="10%">
      <P><FONT face="Times New Roman" size=2>Item 5.</FONT></P></TD>
    <TD vAlign=top width="90%">
      <P><FONT face="Times New Roman" size=2>Ownership of Five Percent or Less
      of a Class.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>If this statement is being filed to
      report the fact that as of the date hereof the reporting person has ceased
      to be the beneficial owner of more than five percent of the class of
      securities, check the following&nbsp; </FONT><FONT face=Wingdings
      size=2>x</FONT><FONT face="Times New Roman" size=2>.***</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2>***&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheyne Capital Management Limited
      only.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Item 6.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Ownership of More than Five Percent
      on Behalf of Another Person.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheyne
      Special Situations Fund L.P., a Cayman Islands limited
      partnership.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Item 7.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Identification and Classification
      of the Subsidiary Which Acquired the Security Being Reported on By the
      Parent Holding Company or Control Person.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
      applicable.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Item 8.</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Identification and Classification
      of Members of the Group.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
      applicable.</FONT></P></TD></TR></BODY></TABLE>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><PAGE><BR>
<P align=right><FONT face="Times New Roman" size=2>Page 7 of 10 Pages</FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Item 9.</FONT></P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>Notice of Dissolution of
      Group.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="85%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Not applicable.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Item 10.</FONT></P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>Certification.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>By signing below I certify that, to
      the best of my knowledge and belief, the securities referred to above were
      not acquired and are not held for the purpose of or with the effect of
      changing or influencing the control of the issuer of the securities and
      were not acquired and are not held in connection with or as a participant
      in any transaction having that purpose or
effect.</FONT></P></TD></TR></BODY></TABLE>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><PAGE><BR>
<P align=right><FONT face="Times New Roman" size=2>Page 8 of 10 Pages</FONT></P>
<P align=center><FONT face="Times New Roman" size=2><B>SIGNATURE</B></FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
reasonable inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete and correct.
</FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>Date:&nbsp; February 12,
      2007</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="60%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="34%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>CHEYNE CAPITAL MANAGEMENT
      LIMITED</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>By</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>/s/ Simon James</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Name:</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Simon James</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Title:</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Chief Compliance
    Officer</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>CHEYNE CAPITAL MANAGEMENT (UK)
      LLP</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>By</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>/s/ Simon James</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Name:&nbsp; </FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Simon James</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Title:</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Chief Compliance
    Officer</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>CHEYNE GENERAL PARTNER
      INC.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>By</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>/s/ Daniele Hendry</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Name:&nbsp; </FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Daniele Hendry</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Title:</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
size=2>Director</FONT></P></TD></TR></BODY></TABLE>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><PAGE><BR>
<P align=right><FONT face="Times New Roman" size=2>Page 9 of 10 Pages</FONT></P>
<P align=center><FONT face="Times New Roman" size=2><B>AGREEMENT OF JOINT
FILING</B></FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance
with Rule 13d-1(k) under the Act, the undersigned hereby agree to the joint
filing with the other persons signatory below of a statement on Schedule 13G or
any amendments thereto, with respect to the Common Stock, no par value, of Titan
International, Inc., and that this Agreement be included as an attachment to
such filing.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be executed in any number of counterparts each of which shall be
deemed to be an original and all of which together shall be deemed to constitute
one and the same Agreement.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS
WHEREOF, the undersigned hereby execute this Agreement on this 12<SUP>th</SUP>
day of February, 2007.</FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" align=center border=0>
  <BODY>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>CHEYNE CAPITAL MANAGEMENT
      LIMITED</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="60%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="34%">
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>By</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>/s/ Simon James</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Name:</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Simon James</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Title:</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Chief Compliance
    Officer</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>CHEYNE CAPITAL MANAGEMENT (UK)
      LLP</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>By</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>/s/ Simon James</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Name:</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Simon James</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Title:</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Chief Compliance
    Officer</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT face="Times New Roman" size=2>CHEYNE GENERAL PARTNER
      INC.</FONT></P></TD></TR>
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      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
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      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD></TR>
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    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>By</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>/s/ Daniele Hendry</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
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      <HR width="100%" color=black noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Name:</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Daniele Hendry</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman" size=2>Title:</FONT></P></TD>
    <TD vAlign=top>
      <P><FONT face="Times New Roman"
size=2>Director</FONT></P></TD></TR></BODY></TABLE>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><PAGE><BR>
<P align=right><FONT face="Times New Roman" size=2>Page 10 of 10
Pages</FONT></P>
<P align=center><FONT face="Times New Roman" size=2><B>ATTACHMENT
A</B></FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Beneficial
Ownership</U> (Item 4(a) and (b) of Schedule 13G)</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of January
19, 2007, Cheyne Capital Management (UK) LLP (&quot;CCMUK&quot;), as the investment
manager of Cheyne Special Situations Fund L.P. (&quot;CLP&quot;), may be deemed to have
sole power to vote or to direct the voting of and to dispose or to direct the
disposition of 1,075,000 shares of Common Stock, no par value, of Titan
International, Inc. (the &quot;Common Stock&quot;).&nbsp; Accordingly, CCMUK may be deemed
to be the beneficial owner of the 1,075,000 shares of Common Stock, which, based
on there being 19,898,902 shares of Common Stock outstanding as reported in the
Form&nbsp;S-4 of Titan International, Inc. filed with the U.S. Securities and
Exchange Commission on January 19, 2007 (the &quot;Form&nbsp;S-4&quot;), represents
approximately 5.4% of the outstanding Common Stock. CCMUK succeeded to Cheyne
Capital Management Limited as an investment manager to CLP in respect of the
Common Stock.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of January
19, 2007, Cheyne General Partner Inc. (&quot;CGP&quot;), as the general partner of CLP,
may be deemed to have shared power to vote or to direct the voting of and to
dispose or to direct the disposition of 1,075,000 shares of Common Stock.&nbsp;
Accordingly, CGP may be deemed to be the beneficial owner of the 1,075,000
shares of Common Stock, which, based on there being 19,898,902 shares of Common
Stock outstanding as reported in the Form&nbsp;S-4, represents approximately
5.4% of the outstanding Common Stock.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of January
19, 2007, CLP was the direct beneficial owner of 1,075,000 shares of Common
Stock, which, based on there being 19,898,902 shares of Common Stock outstanding
as reported in the Form&nbsp;S-4, represents approximately 5.4% of the
outstanding Common Stock.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of CCMUK
and CGP disclaim beneficial ownership of the 1,075,000 shares of Common Stock,
except to the extent of any pecuniary interest therefrom.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Power
to Vote and Dispose</U> (Item 4(c) of Schedule 13G)</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of January
19, 2007, CCMUK may be deemed to have sole power to vote or to direct the voting
of and to dispose or to direct the disposition of the 1,075,000 shares of Common
Stock.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of January
19, 2007, CGP may be deemed to have shared power to vote or to direct the voting
of and to dispose or to direct the disposition of the 1,075,000 shares of Common
Stock.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of CCMUK
and CGP disclaim beneficial ownership of the 1,075,000 shares of Common Stock,
except to the extent of any pecuniary interest
therefrom.</FONT></P></BODY></HTML>
</TEXT>
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