-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TAuvcpwXSHdId2aXj/CsCog5QOb/7CuDzu+ch2B7zcdLgdfS04TbOb518EJcIV20
 OjwyLgl2PspjjPdAtvZmaw==

<SEC-DOCUMENT>0000894579-09-000060.txt : 20090204
<SEC-HEADER>0000894579-09-000060.hdr.sgml : 20090204
<ACCEPTANCE-DATETIME>20090204121547
ACCESSION NUMBER:		0000894579-09-000060
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090204
DATE AS OF CHANGE:		20090204

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:		09567474

	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 (UK) LLP
		CENTRAL INDEX KEY:			0001390457
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		STORNAWAY HOUSE
		STREET 2:		13 CLEVELAND ROW
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1A 3DH
		BUSINESS PHONE:		011-44(0)2070317450

	MAIL ADDRESS:	
		STREET 1:		STORNAWAY HOUSE
		STREET 2:		13 CLEVELAND ROW
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1A 3DH
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>cheyne13ga020309.htm
<DESCRIPTION>SCHEDULE 13G/A -TITAN INTERNATIONAL, INC.
<TEXT>
<HTML>
<HEAD>
<title>Cheyne Schedule 13G/A</title>
</HEAD>
<BODY VLINK="#800080">



<FONT SIZE=3>


</FONT>


<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<B>
<P ALIGN="center" style="margin-top: 0; margin-bottom: 0">UNITED STATES</P>
<P ALIGN="center" style="margin-top: 0; margin-bottom: 0">SECURITIES AND EXCHANGE COMMISSION</P>
</B><P ALIGN="center" style="margin-top: 0; margin-bottom: 0"><B>Washington, D.C. 20549</P>
<P ALIGN="center" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="center" style="margin-top: 0; margin-bottom: 0">SCHEDULE 13G<br>
<br>
Under the Securities Exchange Act of 1934</B><br>
&nbsp;</P>
<P ALIGN="center" style="margin-top: 0"><b>(Amendment No. 6)<br>
&nbsp;</b></P>
<P ALIGN="center" style="margin-bottom: 0"><u>
&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TITAN
INTERNATIONAL, INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
<P ALIGN="center" style="margin-top: 0">(Name of Issuer)</P>
<P ALIGN="center" style="margin-top: 0; margin-bottom:0">&nbsp;</P>
<U><P ALIGN="center" style="margin-bottom: 0; margin-top:0">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock,
no par value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</P>
</U><P ALIGN="center" style="margin-top: 0">(Title of Class of Securities)</P>
<P ALIGN="center" style="margin-top: 0; margin-bottom:0">&nbsp;</P>
<U><P ALIGN="center" style="margin-bottom: 0; margin-top:0">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
88830M102&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P ALIGN="center" style="margin-top: 0">(CUSIP Number)</P>
<P ALIGN="center" style="margin-top: 0; margin-bottom:0">&nbsp;</P>
<U><P ALIGN="center" style="margin-bottom: 0; margin-top:0">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
December 31, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P ALIGN="center" style="margin-top: 0">(Date of Event which Requires Filing of this Statement)</P>
<P style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P style="margin-top: 0">Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</P>
<P style="margin-top: 0; margin-bottom: 0">[X] &#9;Rule 13d-1(b)</P>
<P style="margin-top: 0; margin-bottom: 0">[&nbsp;&nbsp;]&nbsp; &#9;Rule 13d-1(c)</P>
<P style="margin-top: 0">[&nbsp;&nbsp;]&nbsp; &#9;Rule 13d-1(d)</P>
<P>&nbsp;</P>
<p></p>
<p Style='page-break-before:always'>

<p>&nbsp;</p>

<TABLE BORDER="0" CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse">
<TR>



<FONT SIZE=3><TD WIDTH="33%" VALIGN="TOP" style="border-style: solid; border-width: 1">
<B><P style="margin-top: 10; margin-bottom: 10" align="center">&nbsp; CUSIP No.
88830M102</B></TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-style:solid; border-width:1; ">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-style: solid; border-width: 1">
<B><P style="margin-top: 10; margin-bottom: 10" align="center">&nbsp; Page 2 of
8 Pages</B></TD>
  </FONT>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" border="0">
<TR>
  <TD WIDTH="60" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" rowspan="3" align="left">
<P style="margin-top: 0; margin-bottom: 0">1.</TD>
<TD WIDTH="537" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
<P style="margin-bottom: 0"><font size="2">NAME OF REPORTING PERSONS</font></P>
<P style="margin-top: 0"><font size="2">IRS IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES
ONLY)</font></TD>
</TR>
<TR>
<TD WIDTH="537" VALIGN="TOP" BGCOLOR="#ffffff" style="border-right-style: solid; border-right-width: 1; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="537" VALIGN="TOP" BGCOLOR="#ffffff" style="border-right-style: solid; border-right-width: 1; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<b>Cheyne Capital Management (UK) LLP</b></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" border="0">
<TR>
  <TD WIDTH="60" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style:solid; border-width:1; " rowspan="2" align="left">
  <p style="margin-bottom: 0; margin-top:0">&nbsp;2.</TD>
<TD WIDTH="455" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
<P align="left" style="margin-bottom: 0"><font size="2">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</font></TD>
<TD WIDTH="82" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
&nbsp;(a) [&nbsp;&nbsp;&nbsp;]</TD>
</TR>
<TR>
<TD WIDTH="455" VALIGN="TOP" BGCOLOR="#ffffff" style="border-right-style: solid; border-right-width: 1; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" BGCOLOR="#ffffff" style="border-right-style: solid; border-right-width: 1; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
&nbsp;(b) [X]</TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" border="0">
<TR>
  <TD WIDTH="60" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1" align="left">
<P style="margin-top: 0; margin-bottom: 0">&nbsp;3.</P>
  </TD>
<TD WIDTH="537" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P style="margin-bottom: 0"><font size="2">SEC USE ONLY</font></P>
<P style="margin-top: 0">&nbsp;</P>
</TD>
</TR>
<TR>
  <TD WIDTH="60" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1; border-bottom-style:none; border-bottom-width:medium" align="left">
<P style="margin-bottom: 0; margin-top:0">&nbsp;4.</P>
  </TD>
<TD WIDTH="537" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-bottom-style:none; border-bottom-width:medium">
<P><font size="2">CITIZENSHIP OR PLACE OF ORGANIZATION</font><P><b>England &amp; Wales</b></TD>
</TR>
</TABLE>
<TABLE CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" border="0" id="AutoNumber4">
<TR>
  <TD WIDTH="109" VALIGN="TOP" ROWSPAN=4 BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<FONT SIZE=2>
<B><P ALIGN="left">&nbsp;</B><P ALIGN="center">NUMBER&nbsp; OF<br>
&nbsp;SHARES<br>
BENEFICIALLY<br>
&nbsp;OWNED&nbsp; BY<br>
&nbsp;EACH<br>
&nbsp;REPORTING<br>
&nbsp;PERSON&nbsp; WITH<br>
&nbsp;</FONT></TD>
<TD WIDTH="54" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style:solid; border-width:1; " align="left">
<p style="margin-top: 0; margin-bottom: 0">5.</TD>
<TD WIDTH="433" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style:solid; border-width:1; ">
<P><font size="2">SOLE VOTING POWER</font></P>

<P><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</b></TD>
</TR>
<TR>
  <TD WIDTH="54" VALIGN="TOP" BGCOLOR="#ffffff" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="left">
<p style="margin-top: 0; margin-bottom: 0">6.</TD>
<TD WIDTH="433" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P><font size="2">SHARED VOTING POWER</font></P>

<P><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</b></TD>
</TR>
<TR>
  <TD WIDTH="54" VALIGN="TOP" BGCOLOR="#ffffff" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="left">
<p style="margin-top: 0; margin-bottom: 0">7.</TD>
<TD WIDTH="433" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P><font size="2">SOLE DISPOSITIVE POWER</font></P>

<P><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</b></TD>
</TR>
<TR>
  <TD WIDTH="54" VALIGN="TOP" BGCOLOR="#ffffff" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="left">
<p style="margin-top: 0; margin-bottom: 0">8.</TD>
<TD WIDTH="433" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P><font size="2">SHARED DISPOSITIVE POWER</font></P>

<P><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</b></TD>
</TR>
</TABLE>
<TABLE CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" border="0" id="AutoNumber5">
<TR>
  <TD WIDTH="59" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1">
<P style="margin-top: 0; margin-bottom: 0">9.</TD>
<TD WIDTH="538" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-top-style:none; border-top-width:medium">
<P><font size="2">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</font></P>

<P><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</b></TD>
</TR>
<TR>
  <TD WIDTH="59" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1; border-bottom-style:none; border-bottom-width:medium">
<p style="margin-top: 0; margin-bottom: 0">10.</TD>
<TD WIDTH="538" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1">
<font size="2">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES<br>
CERTAIN SHARES&nbsp; [&nbsp;&nbsp; ]</font></TD>
</TR>
<TR>
  <TD WIDTH="59" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="538" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1">
<p style="margin-top: 0">&nbsp;</TD>
</TR>
<TR>
  <TD WIDTH="59" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P style="margin-top: 0; margin-bottom: 0">11.</TD>
<TD WIDTH="538" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P><font size="2">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)</font></P>

<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%</B></TD>
</TR>
<TR>
  <TD WIDTH="59" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P style="margin-top: 0; margin-bottom: 0">12.</TD>
<TD WIDTH="538" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P><font size="2">TYPE OF REPORTING PERSON</font></P>

<P><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IA</b></TD>
</TR>
</TABLE>

<p></p>
<p Style='page-break-before:always'>



<TABLE BORDER="0" CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse">
<TR>



<FONT SIZE=3><TD WIDTH="33%" VALIGN="TOP" style="border-style: solid; border-width: 1">
<B><P style="margin-top: 10; margin-bottom: 10" align="center">&nbsp; CUSIP No.
88830M102</B></TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-style:solid; border-width:1; ">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-style: solid; border-width: 1">
<B><P style="margin-top: 10; margin-bottom: 10" align="center">&nbsp; Page 3 of
8 Pages</B></TD>
  </FONT>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" border="0">
<TR>
  <TD WIDTH="60" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" rowspan="3" align="left">
<P style="margin-top: 0; margin-bottom: 0">1.</TD>
<TD WIDTH="537" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
<P style="margin-bottom: 0"><font size="2">NAME OF REPORTING PERSONS</font></P>
<P style="margin-top: 0"><font size="2">IRS IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES
ONLY)</font></TD>
</TR>
<TR>
<TD WIDTH="537" VALIGN="TOP" BGCOLOR="#ffffff" style="border-right-style: solid; border-right-width: 1; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="537" VALIGN="TOP" BGCOLOR="#ffffff" style="border-right-style: solid; border-right-width: 1; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
<b>Cheyne General Partner Inc.</b></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" border="0">
<TR>
  <TD WIDTH="60" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:none; border-top-width:medium; border-bottom-style:none; border-bottom-width:medium" rowspan="2" align="left">
  <p style="margin-bottom: 0; margin-top:0">&nbsp;2.</TD>
<TD WIDTH="455" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style: solid; border-left-width: 1; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
<P align="left" style="margin-bottom: 0"><font size="2">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</font></TD>
<TD WIDTH="82" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
&nbsp;(a) [&nbsp;&nbsp;&nbsp;]</TD>
</TR>
<TR>
<TD WIDTH="455" VALIGN="TOP" BGCOLOR="#ffffff" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium; border-left-style:none; border-left-width:medium">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" BGCOLOR="#ffffff" style="border-right-style: solid; border-right-width: 1; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium; border-left-style:solid; border-left-width:1">
&nbsp;(b) [X]</TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" border="0">
<TR>
  <TD WIDTH="60" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1" align="left">
<P style="margin-top: 0; margin-bottom: 0">&nbsp;3.</P>
  </TD>
<TD WIDTH="537" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P style="margin-bottom: 0"><font size="2">SEC USE ONLY</font></P>
<P style="margin-top: 0">&nbsp;</P>
</TD>
</TR>
<TR>
  <TD WIDTH="60" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1; border-bottom-style:none; border-bottom-width:medium" align="left">
<P style="margin-bottom: 0; margin-top:0">&nbsp;4.</P>
  </TD>
<TD WIDTH="537" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-bottom-style:none; border-bottom-width:medium">
<P><font size="2">CITIZENSHIP OR PLACE OF ORGANIZATION</font><P><b>England &amp; Wales</b></TD>
</TR>
</TABLE>
<TABLE CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" border="0" id="AutoNumber6">
<TR>
  <TD WIDTH="109" VALIGN="TOP" ROWSPAN=4 BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<FONT SIZE=2>
<B><P ALIGN="left">&nbsp;</B><P ALIGN="center">NUMBER&nbsp; OF<br>
&nbsp;SHARES<br>
BENEFICIALLY<br>
&nbsp;OWNED&nbsp; BY<br>
&nbsp;EACH<br>
&nbsp;REPORTING<br>
&nbsp;PERSON&nbsp; WITH<br>
&nbsp;</FONT></TD>
<TD WIDTH="54" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style:solid; border-width:1; " align="left">
<p style="margin-top: 0; margin-bottom: 0">5.</TD>
<TD WIDTH="433" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style:solid; border-width:1; ">
<P><font size="2">SOLE VOTING POWER</font></P>

<P><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</b></TD>
</TR>
<TR>
  <TD WIDTH="54" VALIGN="TOP" BGCOLOR="#ffffff" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="left">
<p style="margin-top: 0; margin-bottom: 0">6.</TD>
<TD WIDTH="433" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P><font size="2">SHARED VOTING POWER</font></P>

<P><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</b></TD>
</TR>
<TR>
  <TD WIDTH="54" VALIGN="TOP" BGCOLOR="#ffffff" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="left">
<p style="margin-top: 0; margin-bottom: 0">7.</TD>
<TD WIDTH="433" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P><font size="2">SOLE DISPOSITIVE POWER</font></P>

<P><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</b></TD>
</TR>
<TR>
  <TD WIDTH="54" VALIGN="TOP" BGCOLOR="#ffffff" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="left">
<p style="margin-top: 0; margin-bottom: 0">8.</TD>
<TD WIDTH="433" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P><font size="2">SHARED DISPOSITIVE POWER</font></P>

<P><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</b></TD>
</TR>
</TABLE>
<TABLE CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" border="0" id="AutoNumber7">
<TR>
  <TD WIDTH="59" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1">
<P style="margin-top: 0; margin-bottom: 0">9.</TD>
<TD WIDTH="538" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-top-style:none; border-top-width:medium">
<P><font size="2">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</font></P>

<P><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</b></TD>
</TR>
<TR>
  <TD WIDTH="59" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1; border-bottom-style:none; border-bottom-width:medium">
<p style="margin-top: 0; margin-bottom: 0">10.</TD>
<TD WIDTH="538" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: none; border-bottom-width: medium; border-top-style:solid; border-top-width:1">
<font size="2">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES<br>
CERTAIN SHARES&nbsp; [&nbsp;&nbsp; ]</font></TD>
</TR>
<TR>
  <TD WIDTH="59" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="538" VALIGN="TOP" BGCOLOR="#ffffff" style="border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1">
<p style="margin-top: 0">&nbsp;</TD>
</TR>
<TR>
  <TD WIDTH="59" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P style="margin-top: 0; margin-bottom: 0">11.</TD>
<TD WIDTH="538" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P><font size="2">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)</font></P>

<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%</B></TD>
</TR>
<TR>
  <TD WIDTH="59" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P style="margin-top: 0; margin-bottom: 0">12.</TD>
<TD WIDTH="538" VALIGN="TOP" BGCOLOR="#ffffff" style="border-style: solid; border-width: 1">
<P><font size="2">TYPE OF REPORTING PERSON</font></P>

<P><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CO</b></TD>
</TR>
</TABLE>

<p Style='page-break-before:always'>




<TABLE BORDER="0" CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse">
<TR>



<FONT SIZE=3><TD WIDTH="33%" VALIGN="TOP" style="border-style: solid; border-width: 1">
<B><P style="margin-top: 10; margin-bottom: 10" align="center">&nbsp; CUSIP No.



<FONT SIZE=3>88830M102</FONT></B></TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-style:solid; border-width:1; ">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-style: solid; border-width: 1">
<B><P style="margin-top: 10; margin-bottom: 10" align="center">&nbsp; Page 4 of
8 Pages</B></TD>
  </FONT>
</TR>
<TR>



<FONT SIZE=3><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
  </FONT>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">Item 1.</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">(a)</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">Name of Issuer:</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="8%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="80%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="80%" VALIGN="TOP">
Titan International, Inc.</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="80%" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>(b)</TD>
<TD WIDTH="80%" VALIGN="TOP">
<P>Address of Issuer's Principal Executive Offices:</TD>
</TR>
<tr>
  <TD WIDTH="13%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="8%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="80%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
</tr>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="80%" VALIGN="TOP">
2701 Spruce Street</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="80%" VALIGN="TOP">
Quincy, Illinois 62301</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="80%" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">Item 2.</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">(a)</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">Name of Person Filing:</FONT></TD>
</TR>
<tr>
  <TD WIDTH="13%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="8%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="80%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
</tr>
<TR><TD WIDTH="13%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="80%" VALIGN="TOP">
This Schedule 13G is being filed  jointly by Cheyne Capital Management (UK) LLP
and Cheyne General Partner Inc.</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="80%" VALIGN="TOP">
&nbsp;</TD>
</TR>
</TABLE>

<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111" border="0">
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>(b)</TD>
<TD WIDTH="79%" VALIGN="TOP">
<P style="margin-bottom: 3">Address of Principal Business Office or, if none,
Residence:</TD>
</TR>
<tr>
  <TD WIDTH="13%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="8%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="80%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
</tr>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP">
The address of Cheyne Capital Management (UK) LLP is Stornoway House, 13
Cleveland Row, London, SW1A 3DH, England.</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP"><font size="2">&nbsp;</font></TD>
<TD WIDTH="8%" VALIGN="TOP">
<font size="2">&nbsp;</font></TD>
<TD WIDTH="79%" VALIGN="TOP">
<font size="2">&nbsp;</font></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP">
The address of Cheyne General Partner Inc. is Walker House, 87 Mary</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP">
Street, George Town, Grand Cayman, KY1-9002, Cayman Islands.</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>(c)</TD>
<TD WIDTH="79%" VALIGN="TOP">
<P style="margin-bottom: 4">Citizenship:</TD>
</TR>
<tr>
  <TD WIDTH="13%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="8%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="80%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
</tr>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP">
Cheyne Capital Management (UK) LLP is a limited liability partnership
incorporated under the laws of England and Wales.</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP"><font size="2">&nbsp;</font></TD>
<TD WIDTH="8%" VALIGN="TOP">
<font size="2">&nbsp;</font></TD>
<TD WIDTH="79%" VALIGN="TOP">
<font size="2">&nbsp;</font></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP">
Cheyne General Partner Inc. is a Cayman Islands corporation.</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=3><P>(d)</FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=3><P style="margin-bottom: 4">Title of Class of Securities: </FONT></TD>
</TR>
<tr>
  <TD WIDTH="13%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="8%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="80%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
</tr>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=3>Common Stock, no par value.</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">(e)</TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=3><P>CUSIP Number:</FONT></TD>
</TR>
<tr>
  <TD WIDTH="13%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="8%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="80%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
</tr>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP">



<FONT SIZE=3>88830M102</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP">
&nbsp;</TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111" id="AutoNumber1" border="0" height="206">
<TR><TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=3><P>Item 3.</FONT></TD>
<TD WIDTH="87%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=3><P style="margin-bottom: 4">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></TD>
</TR>
<tr>
  <TD WIDTH="13%" VALIGN="TOP" height="12">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="8%" VALIGN="TOP" height="12">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="80%" VALIGN="TOP" height="12">
<font size="1">&nbsp;</font></TD>
</tr>
<TR><TD WIDTH="13%" VALIGN="TOP" height="19">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP" height="19">
<P>(a)</TD>
<TD WIDTH="79%" VALIGN="TOP" height="19">
<P>[&nbsp; ]&nbsp; Broker or dealer registered under Section 15 of the Act.</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP" height="19">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP" height="19">
<P>(b)</TD>
<TD WIDTH="79%" VALIGN="TOP" height="19">
<P>[ &nbsp;]&nbsp; Bank as defined in Section 3(a)(6) of the  Act.</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP" height="19">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP" height="19">
<P>(c)</TD>
<TD WIDTH="79%" VALIGN="TOP" height="19">
<P>[ &nbsp;]&nbsp; Insurance company as defined in Section 3(a)(19) of the Act.</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>(d)</TD>
<TD WIDTH="79%" VALIGN="TOP">
<P>[ &nbsp;]&nbsp; Investment company registered under Section 8 of the Investment<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Company Act of 1940.</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP" height="38">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP" height="38">
<P>(e)</TD>
<TD WIDTH="79%" VALIGN="TOP" height="38">
<P>[X] An investment adviser in accordance with Section 240.13d-1(b)<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)(ii)(E).*</TD>
</TR>
<tr>
  <TD WIDTH="13%" VALIGN="TOP"><font size="2">&nbsp;</font></TD>
<TD WIDTH="8%" VALIGN="TOP">
<font size="2">&nbsp;</font></TD>
<TD WIDTH="79%" VALIGN="TOP">
<font size="2">&nbsp;</font></TD>
</tr>
<tr>
  <TD WIDTH="13%" VALIGN="TOP" height="19">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP" height="19">
&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP" height="19">
*Cheyne Capital Management (UK) LLP only.</TD>
</tr>
</TABLE>
<DIR>
<DIR>

<P>&nbsp;</P>
<p Style='page-break-before:always'>

</DIR>
</DIR>

<TABLE BORDER="0" CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse">
<TR>



<FONT SIZE=3><TD WIDTH="33%" VALIGN="TOP" style="border-style: solid; border-width: 1">
<B><P style="margin-top: 10; margin-bottom: 10" align="center">&nbsp; CUSIP No.



<FONT SIZE=3>88830M102</FONT></B></TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-style:solid; border-width:1; ">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-style: solid; border-width: 1">
<B><P style="margin-top: 10; margin-bottom: 10" align="center">&nbsp; Page 5 of
8 Pages</B></TD>
  </FONT>
</TR>
<TR>



<FONT SIZE=3>
  <TD WIDTH="33%" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
  </FONT>
</TR>
</TABLE>


<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111" id="AutoNumber1" border="0">
<tr>
  <TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>(f)</TD>
<TD WIDTH="79%" VALIGN="TOP">
<P>[ &nbsp;]&nbsp; An employee benefit plan or endowment fund in accordance with<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 240.13d-1(b)(1)(ii)(F).</TD>
</tr>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>(g)</TD>
<TD WIDTH="79%" VALIGN="TOP">
<P>[&nbsp; ]&nbsp; A parent holding company or control person in accordance with<br>
&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; Section 240.13d-1(b)(1)(ii)(G).</TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111" id="AutoNumber1" border="0">
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>(h)</TD>
<TD WIDTH="79%" VALIGN="TOP" COLSPAN=3>
<P>[&nbsp; ]&nbsp; A savings association as defined in Section 3(b) of the Federal<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit Insurance Act.</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>(i)</TD>
<TD WIDTH="79%" VALIGN="TOP" COLSPAN=3>
<P>[&nbsp; ]&nbsp; A church plan that is excluded from the definition of an investment<br>
&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;company under Section 3(c)(14) of the Investment Company Act of<br>
&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;1940.</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>(j)</TD>
<TD WIDTH="79%" VALIGN="TOP" COLSPAN=3>
<P style="margin-bottom: 4">[ &nbsp;]&nbsp; Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP" COLSPAN=3>
&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=3><P>Item 4.</FONT></TD>
<TD WIDTH="87%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=3><P style="margin-bottom: 4">Ownership.</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
<TD WIDTH="8%" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="54%" VALIGN="TOP" COLSPAN=2>
<font size="1">&nbsp;</font></TD>
<TD WIDTH="25%" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
</TR>
<TR><TD VALIGN="TOP">&nbsp;</TD>
<TD VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">(a)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=3><P ALIGN="LEFT" style="margin-bottom: 4">Amount Beneficially Owned:
0 shares</FONT></TD>
<TD VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="46%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<p align="center">(b)</TD>
<TD WIDTH="54%" VALIGN="TOP" colspan="2">
Percent of Class: 0%</TD>
<TD WIDTH="25%" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="46%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<p align="center">(c)</TD>
<TD WIDTH="54%" VALIGN="TOP" colspan="2">
Number of Shares as to which the person has:</TD>
<TD WIDTH="25%" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="46%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
(i)</TD>
<TD WIDTH="71%" VALIGN="TOP" colspan="2">
sole power to vote or direct the vote: 0 shares</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
(ii)</TD>
<TD WIDTH="71%" VALIGN="TOP" colspan="2">
shared power to vote or direct the vote: 0 shares</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
(iii)</TD>
<TD WIDTH="71%" VALIGN="TOP" colspan="2">
sole power to dispose or direct the disposition of: 0 shares</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
(iv)</TD>
<TD WIDTH="71%" VALIGN="TOP" colspan="2">
shared power to dispose or direct the disposition of: 0 shares</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="71%" VALIGN="TOP" colspan="2">
&nbsp;</TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111" id="AutoNumber2" border="0">
<TR><TD WIDTH="76" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Item 5.</FONT></TD>
<TD WIDTH="516" VALIGN="TOP">
<FONT SIZE=3><P style="margin-bottom: 0; margin-top:0">Ownership of Five Percent
or Less of a Class.</FONT></TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="516" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="516" VALIGN="TOP">
<P style="margin-bottom: 0; margin-top:0"><font size="3">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 [X].**</font></TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP"><font size="2">&nbsp;</font></TD>
<TD WIDTH="516" VALIGN="TOP">
<font size="2">&nbsp;</font></TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="516" VALIGN="TOP">
**Each of Cheyne Capital Management (UK) LLP (&quot;CCMUK&quot;), as the investment
manager of Cheyne Special Situations Fund L.P. (&quot;CLP&quot;), and Cheyne General
Partner Inc. (&quot;CGP&quot;), as the general partner of CLP, previously reported
ownership on behalf of CLP, a Cayman Islands limited partnership and the direct
beneficial owner of the shares.&nbsp; Each of CCMUK and CGP previously
disclaimed beneficial ownership of the shares, except to the extent of any
pecuniary interest therefrom.</TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="516" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Item 6.</FONT></TD>
<TD WIDTH="516" VALIGN="TOP">
<FONT SIZE=3><P style="margin-bottom: 0; margin-top:0">Ownership of More than
Five Percent on Behalf of Another Person.</FONT></TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="516" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="516" VALIGN="TOP">
<P style="margin-bottom: 0; margin-top:0">Not applicable.</TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="516" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Item 7.</FONT></TD>
<TD WIDTH="516" VALIGN="TOP">
<FONT SIZE=3><P style="margin-bottom: 0; margin-top:0">Identification and Classification of
the Subsidiary Which Acquired the Security Being Reported on By the Parent
Holding Company or Control Person.</FONT></TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="516" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="516" VALIGN="TOP">
<P style="margin-bottom: 0; margin-top:0"><font size="3">Not applicable.</font></TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="516" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Item 8.</FONT></TD>
<TD WIDTH="516" VALIGN="TOP">
<FONT SIZE=3><P style="margin-bottom: 0; margin-top:0">Identification and
Classification of Members of the Group.</FONT></TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">
  <font size="1">&nbsp;</font></TD>
<TD WIDTH="516" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="516" VALIGN="TOP">
<P style="margin-bottom: 0; margin-top:0">Not applicable.</TD>
</TR>
<TR><TD WIDTH="76" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="516" VALIGN="TOP">
&nbsp;</TD>
</TR>
</TABLE>

<p></p>
<p Style='page-break-before:always'>


<p>&nbsp;</p>

<TABLE BORDER="0" CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse">
<TR>



<FONT SIZE=3><TD WIDTH="33%" VALIGN="TOP" style="border-style: solid; border-width: 1">
<B><P style="margin-top: 10; margin-bottom: 10" align="center">&nbsp; CUSIP No.



<FONT SIZE=3>88830M102</FONT></B></TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-style:solid; border-width:1; ">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-style: solid; border-width: 1">
<B><P style="margin-top: 10; margin-bottom: 10" align="center">&nbsp; Page 6 of
8 Pages</B></TD>
  </FONT>
</TR>
<TR>



<FONT SIZE=3>
  <TD WIDTH="33%" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
  </FONT>
</TR>
<TR>



<FONT SIZE=3><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
  </FONT>
</TR>
</TABLE>


<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111" id="AutoNumber3" border="0">
<tr>
  <TD WIDTH="76" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Item 9.</FONT></TD>
<TD WIDTH="516" VALIGN="TOP">
<FONT SIZE=3><P style="margin-bottom: 0; margin-top:0">Notice of Dissolution of
Group.</FONT></TD>
</tr>
<tr>
  <TD WIDTH="76" VALIGN="TOP">
  <font size="1">&nbsp;</font></TD>
<TD WIDTH="516" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
</tr>
<tr>
  <TD WIDTH="76" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="516" VALIGN="TOP">
<P style="margin-top: 0; margin-bottom: 0"><font size="3">Not applicable.</font></TD>
</tr>
<TR><TD WIDTH="95" VALIGN="TOP" height="19">
&nbsp;</TD>
<TD WIDTH="497" VALIGN="TOP" height="19">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="95" VALIGN="TOP" height="19">
<FONT SIZE=3><P>Item 10.</FONT></TD>
<TD WIDTH="497" VALIGN="TOP" height="19">
<FONT SIZE=3><P>Certification.</FONT></TD>
</TR>
<TR><TD WIDTH="95" VALIGN="TOP">
<font size="1">&nbsp;</font></TD>
<TD WIDTH="497" VALIGN="TOP">

<font size="1">&nbsp;</font></TD>
</TR>
<TR><TD WIDTH="95" VALIGN="TOP" height="19">
&nbsp;</TD>
<TD WIDTH="497" VALIGN="TOP" height="19">

<FONT SIZE=3>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></TD>
</TR>
</TABLE>

<p Style='page-break-before:always'>


<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0" align="left">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse">
<TR>



<TD WIDTH="33%" VALIGN="TOP" style="border-style: solid; border-width: 1">
<B><P style="margin-top: 10; margin-bottom: 10" align="center">&nbsp; CUSIP No.



<FONT SIZE=3>88830M102</FONT></B></TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-style:solid; border-width:1; ">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-style: solid; border-width: 1">
<B><P style="margin-top: 10; margin-bottom: 10" align="center">&nbsp; Page 7 of
8 Pages</B></TD>
</TR>
<TR>



  <TD WIDTH="33%" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
</TR>
<TR>



<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>


<P align="center"><b>SIGNATURE</b><br>
&nbsp;</P>
</FONT><P style="text-indent: 50">

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.</P>
<div align="center">
  <center>
<TABLE CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=586 style="border-collapse: collapse" border="0">
<TR><TD WIDTH="239" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="347" VALIGN="TOP" colspan="2">
Date: February 3, 2009</TD>
</TR>
<TR><TD WIDTH="239" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="347" VALIGN="TOP" colspan="2">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="239" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="347" VALIGN="TOP" colspan="2">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="239" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="347" VALIGN="TOP" colspan="2">
<P style="margin-top: 0; margin-bottom: 0">CHEYNE CAPITAL MANAGEMENT (UK) LLP<P style="margin-top: 0; margin-bottom: 20">&nbsp;</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="58" VALIGN="TOP">
<P>By </TD>
<TD WIDTH="289" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
/s/ Simon James</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="58" VALIGN="TOP">
<P>Name:</TD>
<TD WIDTH="289" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">
Simon James</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="58" VALIGN="TOP">
<P style="margin-top: 0; margin-bottom: 0">Title:</TD>
<TD WIDTH="289" VALIGN="TOP">
Chief Compliance Officer</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="347" VALIGN="TOP" colspan="2">
<P style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
</TABLE>


  </center>
</div>
<div align="center">
  <center>
<TABLE CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=586 style="border-collapse: collapse" border="0">
<TR><TD WIDTH="239" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="347" VALIGN="TOP" colspan="2">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="239" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="347" VALIGN="TOP" colspan="2">
<P style="margin-top: 0; margin-bottom: 0">CHEYNE GENERAL PARTNER INC.<P style="margin-top: 0; margin-bottom: 20">&nbsp;</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="58" VALIGN="TOP">
<P>By </TD>
<TD WIDTH="289" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
/s/ Daniele Hendry</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="58" VALIGN="TOP">
<P>Name:</TD>
<TD WIDTH="289" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">
Daniele Hendry</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="58" VALIGN="TOP">
<P style="margin-top: 0; margin-bottom: 0">Title:</TD>
<TD WIDTH="289" VALIGN="TOP">
Director</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="347" VALIGN="TOP" colspan="2">
<P style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
</TABLE>


  </center>
</div>



<P>&nbsp;</P>
<p Style='page-break-before:always'>




<TABLE BORDER="0" CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=600 style="border-collapse: collapse">
<TR>



<FONT SIZE=3><TD WIDTH="33%" VALIGN="TOP" style="border-style: solid; border-width: 1">
<B><P style="margin-top: 10; margin-bottom: 10" align="center">&nbsp; CUSIP No.



<FONT SIZE=3>88830M102</FONT></B></TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-style:solid; border-width:1; ">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-style: solid; border-width: 1">
<B><P style="margin-top: 10; margin-bottom: 10" align="center">&nbsp; Page 8 of
8 Pages</B></TD>
  </FONT>
</TR>
<TR>



<FONT SIZE=3>
  <TD WIDTH="33%" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
  </FONT>
</TR>
</TABLE>


<p align="center"><b>AGREEMENT OF JOINT FILING</b></p>
<p style="text-indent: 50">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 of Titan International, Inc., and that this Agreement be
included as an attachment to such filing.</p>
<p style="text-indent: 50">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.</p>
<p style="text-indent: 50">IN WITNESS WHEREOF, the undersigned hereby execute
this Agreement on this 3<sup>rd</sup> day of February, 2009.</p>
<div align="center">
  <center>
<TABLE CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=586 style="border-collapse: collapse" border="0">
<TR><TD WIDTH="239" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="347" VALIGN="TOP" colspan="2">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="239" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="347" VALIGN="TOP" colspan="2">
<P style="margin-top: 0; margin-bottom: 0">CHEYNE CAPITAL MANAGEMENT (UK) LLP<P style="margin-top: 0; margin-bottom: 20">&nbsp;</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="58" VALIGN="TOP">
<P>By </TD>
<TD WIDTH="289" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
/s/ Simon James</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="58" VALIGN="TOP">
<P>Name:</TD>
<TD WIDTH="289" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">
Simon James</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="58" VALIGN="TOP">
<P style="margin-top: 0; margin-bottom: 0">Title:</TD>
<TD WIDTH="289" VALIGN="TOP">
Chief Compliance Officer</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="347" VALIGN="TOP" colspan="2">
<P style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
</TABLE>


  </center>
</div>
<div align="center">
  <center>
<TABLE CELLSPACING=0 BORDERCOLOR="#000000" CELLPADDING=0 WIDTH=586 style="border-collapse: collapse" border="0">
<TR><TD WIDTH="239" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="347" VALIGN="TOP" colspan="2">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="239" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="347" VALIGN="TOP" colspan="2">
<P style="margin-top: 0; margin-bottom: 0">CHEYNE GENERAL PARTNER INC.<P style="margin-top: 0; margin-bottom: 20">&nbsp;</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="58" VALIGN="TOP">
<P>By </TD>
<TD WIDTH="289" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
/s/ Daniele Hendry</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="58" VALIGN="TOP">
<P>Name:</TD>
<TD WIDTH="289" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">
Daniele Hendry</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="58" VALIGN="TOP">
<P style="margin-top: 0; margin-bottom: 0">Title:</TD>
<TD WIDTH="289" VALIGN="TOP">
Director</TD>
</TR>
<TR><TD WIDTH="198" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="347" VALIGN="TOP" colspan="2">
<P style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
</TABLE>


  </center>
</div>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
