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<SEC-DOCUMENT>0000950123-10-099565.txt : 20101102
<SEC-HEADER>0000950123-10-099565.hdr.sgml : 20101102
<ACCEPTANCE-DATETIME>20101102173223
ACCESSION NUMBER:		0000950123-10-099565
CONFORMED SUBMISSION TYPE:	S-4
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20101102
DATE AS OF CHANGE:		20101102

FILER:

	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:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-170296
		FILM NUMBER:		101159267

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TITAN TIRE CORP OF FREEPORT
		CENTRAL INDEX KEY:			0001395138
		IRS NUMBER:				202613232
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-170296-01
		FILM NUMBER:		101159268

	BUSINESS ADDRESS:	
		STREET 1:		3769 ROUTE 20 EAST
		CITY:			FREEPORT
		STATE:			IL
		ZIP:			61032
		BUSINESS PHONE:		217-228-6011

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TITAN TIRE CORP OF BRYAN
		CENTRAL INDEX KEY:			0001395143
		IRS NUMBER:				205032911
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-170296-02
		FILM NUMBER:		101159269

	BUSINESS ADDRESS:	
		STREET 1:		927 SOUTH UNION STREET
		CITY:			BRYAN
		STATE:			OH
		ZIP:			43506
		BUSINESS PHONE:		217-228-6011

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TITAN TIRE CORP
		CENTRAL INDEX KEY:			0001395144
		IRS NUMBER:				421424945
		STATE OF INCORPORATION:			IA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-170296-03
		FILM NUMBER:		101159270

	BUSINESS ADDRESS:	
		STREET 1:		2345 E MARKET STREET
		CITY:			DES MOINES
		STATE:			IA
		ZIP:			50317
		BUSINESS PHONE:		217-228-6011

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TITAN WHEEL CORP OF ILLINOIS
		CENTRAL INDEX KEY:			0001395151
		IRS NUMBER:				371366023
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-170296-04
		FILM NUMBER:		101159271

	BUSINESS ADDRESS:	
		STREET 1:		2701 SPRUCE STREET
		CITY:			QUINCY
		STATE:			IL
		ZIP:			62301
		BUSINESS PHONE:		217-228-6011

	MAIL ADDRESS:	
		STREET 1:		2701 SPRUCE STREET
		CITY:			QUINCY
		STATE:			IL
		ZIP:			62301
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-4
<SEQUENCE>1
<FILENAME>k49669sv4.htm
<DESCRIPTION>FORM S-4
<TEXT>
<HTML>
<HEAD>
<TITLE>sv4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As
filed with the Securities and Exchange Commission on November&nbsp;2, 2010</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>Registration No. &#95;&#95;&#95;-&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549<BR>
<DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-4</B></div>

<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>REGISTRATION STATEMENT</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B><I>Under the Securities Act of 1933</I></B></DIV>



<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>TITAN INTERNATIONAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Illinois</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>3312</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>36-3228472</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(State or other jurisdiction of</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(Primary Standard Industrial</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(I.R.S. Employer</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>incorporation or organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Classification Code Number)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Identification No.)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>2701 Spruce Street<BR>
Quincy, IL 62301<BR>
(217)&nbsp;228-6011<BR>
(Address, including zip code, and telephone number, including area code, of registrant&#146;s principal executive offices)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Cheri T. Holley<BR>
Vice President and General Counsel<BR>
2701 Spruce Street<BR>
Quincy, IL 62301<BR>
(217)&nbsp;228-6011<BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B><I>Copies to:</I></B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Barbara A. Bowman</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Lisa L. Jacobs</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Bodman LLP</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Shearman &#038; Sterling LLP</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>6</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>th</b></SUP><b> Floor at Ford Field</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>599 Lexington Avenue</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>1901 St. Antoine Street</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>New York, New York 10022</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Detroit, MI 48226</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(212)&nbsp;848-4000</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(313)&nbsp;259-7777</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Primary Standard</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Industrial</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>I.R.S. Employer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Incorporation/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Classification Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Identification</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exact Name of Additional Registrants*</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Wheel Corporation of Illinois</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">37-1366023</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Tire Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">42-1424945</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Tire Corporation of Bryan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Ohio</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">20-5032911</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Tire Corporation of Freeport</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">20-2613232</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 3pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Address and telephone number of principal executive office are the same as those of Titan International, Inc.</TD>
</TR>

</TABLE>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Approximate date of commencement of proposed sale to the public: </B>As promptly as
practicable after the effective date of this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the securities being registered on this Form are being offered in connection with the
formation of a holding company and there is compliance with General Instruction G, check the
following box: <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering: <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities
Act of 1933, check the following box and list the Securities Act registration statement number of
the earlier effective date registration statement for the same offering. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the
Exchange Act. (Check one):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Large accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>


    <TD colspan="5" align="center" valign="top" nowrap>(Do not check if a smaller reporting company)</TD>


</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If applicable, place an X in the box to designate the appropriate rule provision relied upon
in conducting this
transaction:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exchange Act Rule&nbsp;13e-4(i) (Cross-Border Issuer Tender Offer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exchange Act Rule&nbsp;14d-1(d) (Cross-Border Third-Party Tender Offer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">CALCULATION OF REGISTRATION FEE</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to Be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Each Class of</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price Per</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Securities To Be Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unit</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">7.875% Senior Secured Notes due
2017</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
<TD colspan="3" align="center" style="border-top: 2px solid #000000">$200,000,000&nbsp;&nbsp;</TD>
 <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">100</TD>
    <TD nowrap style="border-top: 2px solid #000000">%</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

    <TD colspan="3" align="center" style="border-top: 2px solid #000000">$200,000,000&nbsp;&nbsp;&nbsp;</TD>

    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

    <TD colspan="3" align="center" style="border-top: 2px solid #000000">$14,260&nbsp;</TD>

    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Guarantees of 7.875% Senior
Secured Notes due 2017</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000"><B>(3</B></TD>
    <TD nowrap style="border-top: 2px solid #000000"><B>)</B></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000"><B>(3</B></TD>
    <TD nowrap style="border-top: 2px solid #000000"><B>)</B></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000"><B>(3</B></TD>
    <TD nowrap style="border-top: 2px solid #000000"><B>)</B></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000"><B>(3</B></TD>
    <TD nowrap style="border-top: 2px solid #000000"><B>)</B></TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 3pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule&nbsp;457(f)(2) under the Securities Act of 1933.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The amount of the filing fee has been calculated in accordance with Section 6(b) of the Securities Act and is equal to $71.30 for each $1,000,000 of the Proposed Maximum Aggregate Offering Price.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule 457(n) under the Securities Act, no separate fee is payable with respect to the guarantees of the exchange notes being registered.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The registrant hereby amends this Registration Statement on such date or dates as may be
necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in
accordance with </B><B>Section 8(a)</B><B> of the Securities Act of 1933, as amended, or until the Registration
Statement shall become effective on such a date as the Commission, acting pursuant to said Section
8(a), may determine.</B>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #CE1126">The
information in this prospectus is not complete and may be
changed. We may not consummate the exchange offer until the
registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell
these securities and is not soliciting an offer to buy these
securities in any state where the offer or sale is not
permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="color: #CE1126">SUBJECT TO COMPLETION DATED
    NOVEMBER&#160;&#160;&#160;, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PROSPECTUS</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="k49669k4966901.gif" alt="(TITAN INTERNATIONAL, INC. LOGO)"><B>
    </B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 24pt">TITAN INTERNATIONAL,
    INC.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Offer to Exchange $200,000,000
    of 7.875%&#160;Senior Secured Notes due 2017</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are offering to exchange, on the terms and subject to the
    conditions described in this prospectus and the accompanying
    letter of transmittal, 7.875%&#160;Senior Secured Notes due 2017
    that we will register under the Securities Act of 1933, as
    amended (the &#147;Securities Act&#148;), for all of our
    outstanding unregistered 7.875%&#160;Senior Secured Notes due
    2017. We refer to these registered notes as the &#147;exchange
    notes&#148; and all outstanding unregistered 7.875%&#160;Senior
    Notes due 2017 as the &#147;outstanding notes.&#148; We refer to
    the exchange notes and the outstanding notes collectively as the
    &#147;notes.&#148;
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are offering the exchange notes in order to satisfy our
    obligations under the exchange and registration rights agreement
    entered into in connection with the private placement of the
    outstanding notes. In the exchange offer, we will exchange an
    equal principal amount of exchange notes that are freely
    tradable for all outstanding notes that are validly tendered and
    not validly withdrawn. The exchange offer expires at
    5:00&#160;p.m., Eastern time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, unless extended. You may withdraw tendered outstanding
    notes at any time prior to the expiration of the exchange offer.
    We will accept for exchange any and all outstanding notes
    validly tendered and not withdrawn prior to the expiration of
    the exchange offer.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange offer is subject to the conditions discussed under
    &#147;The Exchange Offer&#160;&#151; Conditions to the Exchange
    Offer,&#148; including, among other things, the effectiveness of
    the registration statement of which this prospectus forms a part.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange of outstanding notes for exchange notes in the
    exchange offer will not be a taxable event for U.S.&#160;federal
    income tax purposes. We will not receive any proceeds from the
    exchange offer.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The outstanding notes are, and the exchange notes will be,
    secured by first priority liens, subject to permitted liens, on
    the collateral, which consists of our fee title, right and
    interest in and to the real estate on and buildings in which our
    manufacturing facilities are located, in Des Moines, Iowa;
    Freeport, Illinois; Quincy, Illinois; and Bryan, Ohio. The
    exchange notes will be guaranteed by certain of our subsidiaries
    that own the interest in such collateral.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange notes are being issued under the indenture under
    which we previously issued the outstanding notes and the terms
    of the exchange notes are identical in all material respects to
    the terms of the outstanding notes, except that the transfer
    restrictions, registration rights and provisions for additional
    interest relating to the outstanding notes do not apply to the
    exchange notes.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange notes will not be listed on any national securities
    exchange. Currently, there is no public market for the
    outstanding notes. As of the date of this prospectus,
    $200&#160;million in aggregate principal amount of outstanding
    notes are outstanding.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>See &#147;Risk Factors&#148; on page&#160;12 of this
    prospectus for a discussion of risks that you should consider
    before participating in the exchange offer.</B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved the notes to
    be distributed in the exchange offer, nor have any of these
    organizations determined that this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each broker-dealer that receives exchange notes for its own
    account pursuant to an exchange offer must acknowledge that it
    will deliver a prospectus in connection with any resale of such
    exchange notes. The letter of transmittal states that by so
    acknowledging and by delivering a prospectus, a broker-dealer
    will not be deemed to admit that it is an
    &#147;underwriter&#148; within the meaning of the Securities
    Act. This prospectus, as it may be amended or supplemented from
    time to time, may be used by a broker-dealer in connection with
    resales of exchange notes received in exchange for outstanding
    notes where such outstanding notes were acquired by such
    broker-dealer as a result of market-making activities or other
    trading activities. We have agreed that, for a period of
    180&#160;days after the consummation of the exchange offer, we
    will make this prospectus available to any broker-dealer for use
    in connection with any such resale. Please read &#147;Plan of
    Distribution.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The date of this prospectus
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>Market and Industry Data</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>Incorporation by Reference and Additional
    Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>Forward-Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    iii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>Prospectus Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>The Exchange Offer</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>Description of Notes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Description of Other Indebtedness</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Book-Entry Settlement and Clearance</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Material United States Federal Tax
    Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="k49669exv4w2.htm">EX-4.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="k49669exv5w1.htm">EX-5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="k49669exv5w2.htm">EX-5.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="k49669exv8w1.htm">EX-8.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="k49669exv12w1.htm">EX-12.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="k49669exv23w1.htm">EX-23.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="k49669exv25w1.htm">EX-25.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="k49669exv99w1.htm">EX-99.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="k49669exv99w2.htm">EX-99.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="k49669exv99w3.htm">EX-99.3</A></FONT></TD></TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>This prospectus incorporates important business and financial
    information about us that is not included in or delivered with
    this prospectus. Information incorporated by reference is
    available without charge to holders of our 7.875%&#160;Senior
    Secured Notes due 2017 upon written or oral request to us at
    Titan International, Inc., 2701 Spruce Street, Quincy, Illinois
    62301, Attention: Investor Relations, or by telephone at
    <FONT style="white-space: nowrap">(217)&#160;228-6011.</FONT>
    To obtain timely delivery, holders of the notes must request the
    information no later than five business days before the date
    they must make their investment decision,
    or&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, the present expiration date of the exchange offer, and
    deliver proper instructions prior to the expiration date of the
    exchange offer.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should rely only on the information contained or
    incorporated by reference in this prospectus. We have not, and
    the exchange agent has not, authorized any other person to
    provide you with different or additional information. If anyone
    provides you with different or additional information, you
    should not rely on it. We are not making an offer to exchange
    these securities in any jurisdiction where the offer or exchange
    is not permitted. To the best of our knowledge, the information
    in this prospectus is materially accurate on the date appearing
    on the front cover of this prospectus. You should assume that
    the information in this prospectus is materially accurate as of
    the date appearing on the front cover of this prospectus only.
    Our business, financial condition, results of operations and
    prospects may have changed since that date.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">MARKET
    AND INDUSTRY DATA</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus and the documents incorporated by reference into
    this prospectus contain information with respect to industry
    conditions, market share and other statistical data from
    third-party sources or based upon our estimates using such
    sources when available. While we believe that such information
    and estimates are reasonable and reliable, we have not
    independently verified any of the data from third-party sources,
    and we cannot guarantee the accuracy or completeness of the
    information. Similarly, our internal research is based upon our
    understanding of industry conditions, market share and other
    statistical data and such information has not been verified by
    any independent sources. While we are not aware of any material
    misstatements regarding any industry data presented in this
    prospectus, our estimates involve risks and uncertainties and
    are subject to changes based on various factors, including those
    discussed under &#147;Risk Factors&#148; in this prospectus and
    in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2009 incorporated
    herein by reference.
</DIV>

<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    BY REFERENCE AND ADDITIONAL INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company files annual, quarterly and special reports, proxy
    statements and other information with the Securities and
    Exchange Commission. You may read and copy any documents the
    Company files at the SEC&#146;s public reference room at
    100&#160;F&#160;Street, N.E., Washington,&#160;D.C. 20549.
    Please call the SEC at l-888-SEC-0330 for further information on
    the public reference room. The Company&#146;s SEC filings are
    also available to the public from the SEC&#146;s website at
    <I>www.sec.gov </I>or through the Company&#146;s website at
    <I>www.titan-intl.com</I>. The Company has not incorporated by
    reference into this prospectus the information included on or
    linked from its website, and you should not consider it to be
    part of this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company has filed the following documents with the SEC, and
    these documents are incorporated in this prospectus by reference:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The information found in Titan&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2009 (the &#147;2009
    <FONT style="white-space: nowrap">Form&#160;10-K&#148;);</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Quarterly Reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarters ended March&#160;31, 2010, June&#160;30, 2010
    and September&#160;30, 2010;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Titan&#146;s current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on March&#160;4, 2010, May&#160;13, 2010, July&#160;12,
    2010, September&#160;9, 2010, October&#160;5, 2010 and
    November&#160;2, 2010;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Proxy Statement filed on March&#160;29, 2010.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All documents that the Company files with the SEC under
    Section&#160;13(a), 13(c), 14 or 15(d) of the Securities
    Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;)
    after the date of this prospectus and prior to termination of
    the exchange offer will be incorporated by reference and be a
    part of this prospectus from their respective filing dates
    (excluding any information furnished under either Item&#160;2.02
    or Item&#160;7.01 of any current report on
    <FONT style="white-space: nowrap">Form&#160;8-K).</FONT>
    Any statement contained in a document incorporated by reference
    in this prospectus shall be deemed to be modified or superseded
    for purposes of this prospectus to the extent that a statement
    contained herein or in any other subsequently filed document
    which also is incorporated by reference in this prospectus
    modifies or supersedes such statement. Any statement so modified
    or superseded shall not be deemed, except as so modified or
    superseded, to constitute a part of this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You may request a copy of these filings at no cost, by writing
    or telephoning Titan International, Inc.
    at&#160;2701&#160;Spruce Street, Quincy, IL 62301, Attention:
    Investor Relations; telephone:
    <FONT style="white-space: nowrap">(217)&#160;228-6011.</FONT>
    Exhibits to the filings will not be sent, however, unless those
    exhibits have specifically been incorporated by reference in the
    filings.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    ii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus contains forward-looking statements. These
    statements may he made directly in this prospectus or maybe
    incorporated into this prospectus by reference to other
    documents. You can identify these
    <FONT style="white-space: nowrap">forward-looking</FONT>
    statements by use of words such as &#147;strategy,&#148;
    &#147;expects,&#148; &#147;continues,&#148; &#147;plans,&#148;
    &#147;anticipates,&#148; &#147;believes,&#148; &#147;will,&#148;
    &#147;estimates,&#148; &#147;intends,&#148;
    &#147;projects,&#148; &#147;goals,&#148; &#147;targets&#148; and
    other words of similar meaning. You can also identify them by
    the fact that they do not relate strictly to historical or
    current facts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These forward-looking statements are subject to certain risks
    and uncertainties that could cause actual results to differ
    materially from those discussed in such statements and no
    assurance can be given that the results in any forward-looking
    statement will be achieved. Achievement of future results is
    subject to risks, uncertainties and inaccurate assumptions.
    Should known or unknown risks or uncertainties materialize, or
    should underlying assumptions prove inaccurate, actual results
    could vary materially from those anticipated, estimated or
    projected. You should bear this in mind as you consider
    forward-looking statements in this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the &#147;safe harbor&#148; provisions of the
    Private Securities Litigation Reform Act of 1995, the Company is
    identifying important risk factors that, individually or in the
    aggregate, could cause actual results and outcomes to differ
    materially from those contained in any forward-looking
    statements made by the Company; any such statement is qualified
    by reference to the following cautionary statements. These
    factors include those appearing under the heading &#147;Risk
    Factors&#148; in this prospectus and the factors discussed under
    the heading &#147;Risk Factors&#148; in the 2009
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    the factors discussed below and any other cautionary statements,
    written or oral, which may be made or referred to in connection
    with any such forward-looking statements. You should understand
    that it is not possible to predictor identify all risk factors.
    Consequently, you should not consider the following to be a
    complete discussion of all potential risks or uncertainties. Any
    forward-looking statement speaks only as of the date on which it
    is made, and the Company disclaims any obligation to
    subsequently update or revise any forward-looking statement to
    reflect events or circumstances after such date or to reflect
    the occurrence of anticipated or unanticipated events. Some of
    the factors that the Company believes could affect the
    Company&#146;s results include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company operates in cyclical industries and, is subject to
    numerous changes in the economy.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company&#146;s debt and related interest expense may limit
    Titan&#146;s financial and operating flexibility.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company has incurred, and may incur in the future, net
    losses.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company is exposed to price fluctuations of key commodities,
    which are primarily steel and rubber.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company relies on a limited number of suppliers.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Fluctuations in energy and transportation costs may affect
    Titan&#146;s operating costs and the demand for the
    Company&#146;s products.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company&#146;s revenues are seasonal in nature due to
    Titan&#146;s dependence on seasonal industries.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company may be adversely affected by changes in government
    regulations and policies.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company&#146;s revolving credit facility and debt
    obligations contain covenants.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company is subject to risks associated with climate change
    and climate change regulations.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company is subject to corporate governance requirements, and
    costs related to compliance with, or failure to comply with,
    existing and future requirements could adversely affect
    Titan&#146;s business.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company&#146;s customer base is relatively concentrated with
    Titan&#146;s ten largest customers historically accounting for
    approximately 50% of sales.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company&#146;s giant OTR project may experience unforeseen
    obstacles, which may adversely affect Titan&#146;s financial
    results.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company faces substantial competition from domestic and
    international companies.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company&#146;s business could be negatively impacted if
    Titan fails to maintain satisfactory labor relations.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    iii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Unfavorable outcomes of legal proceedings could adversely affect
    the Company&#146;s financial condition and results of operations.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Acquisitions may require significant resources
    <FONT style="white-space: nowrap">and/or</FONT>
    result in significant unanticipated losses, costs or liabilities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The letter of intent with The Goodyear Tire&#160;&#038; Rubber
    Company may not result in the execution of definitive agreements
    and the acquisition may not be consummated.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company may be subject to product liability and warranty
    claims.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company is subject to risks associated with environmental
    laws and regulations.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The economic crisis and recession has and may continue to affect
    the Company and its customers.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company may be adversely affected by changes in the
    Company&#146;s end-user markets as a result of world economic or
    regulatory influences.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company may be negatively impacted by changes regarding the
    Titan Europe Plc investment.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company&#146;s business could be negatively impacted by
    changes in the marketplace, including new products and pricing
    changes by the Company&#146;s competitors.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company has export sales and purchases raw material from
    foreign suppliers.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Company may not be able to secure financing at reasonable
    terms.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company cautions you that the foregoing list of important
    factors may not contain all of the material factors that are
    important to you. In addition, in light of these risks and
    uncertainties, the matters referred to in the forward-looking
    statements contained in this prospectus may not in fact occur.
    The Company undertakes no obligation to publicly update or
    revise any forward-looking statement as a result of new
    information, future events or otherwise, except as otherwise
    required by law.
</DIV>
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    <BR>
    iv
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following summary contains basic information about this
    offering. It does not contain all of the information that is
    important to you. For a more complete understanding of this
    offering, you should carefully read the entire prospectus,
    including the section entitled &#147;Risk Factors,&#148; along
    with the financial data and related notes and the other
    documents that we incorporate by reference in this prospectus.
    Except as otherwise indicated or otherwise required by the
    context, references in this prospectus to &#147;we,&#148;
    &#147;us,&#148; &#147;our,&#148; &#147;Titan,&#148; the
    &#147;Company&#148; or the &#147;Issuer&#148; refer to the
    combined business of Titan International, Inc. and its
    subsidiaries.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Company</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Introduction</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan International, Inc. and its subsidiaries hold the unique
    position of manufacturing both wheels and tires for its target
    markets. As a leading manufacturer in the off-highway industry,
    Titan produces a broad range of specialty products to meet the
    specifications of original equipment manufacturers (OEMs) and
    aftermarket customers in the agricultural,
    earthmoving/construction and consumer markets. Titan&#146;s
    earthmoving/construction market includes wheels and tires
    supplied to the U.S.&#160;government, while the consumer market
    includes products for all-terrain vehicles (ATVs) and
    recreational/utility trailers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As one of the few companies dedicated to off-highway wheel and
    tire products, Titan&#146;s engineering and manufacturing
    resources are focused on designing quality products that address
    the real-life concerns of our end users. Titan&#146;s team of
    experienced engineers continually work on new and improved
    products that evolve with today&#146;s applications for the
    off-highway wheel and tire markets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Agricultural
    Market</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan&#146;s agricultural rims, wheels and tires are
    manufactured for use on various agricultural and forestry
    equipment, including tractors, combines, skidders, plows,
    planters and irrigation equipment, and are sold directly to OEMs
    and to the aftermarket through independent distributors,
    equipment dealers and Titan&#146;s own distribution centers. The
    wheels and rims range in diameter from 9 to 54&#160;inches with
    the <FONT style="white-space: nowrap">54-inch</FONT>
    diameter being the largest agricultural wheel manufactured in
    North America. Basic configurations are combined with distinct
    variations (such as different centers and a wide range of
    material thickness) allowing the Company to offer a broad line
    of product models to meet customer specifications. Titan&#146;s
    agricultural tires range from approximately 1 foot to
    approximately 7&#160;feet in outside diameter and from 5 to
    44&#160;inches in width. The Company offers the added value of
    delivering a complete wheel and tire assembly to customers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Earthmoving/Construction
    Market</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company manufactures rims, wheels and tires for various
    types of OTR earthmoving, mining, military and construction
    equipment, including skid steers, aerial lifts, cranes, graders
    and levelers, scrapers, self-propelled shovel loaders,
    articulated dump trucks, load transporters, haul trucks and
    backhoe loaders. The earthmoving/construction market is often
    referred to as OTR, an acronym for
    <FONT style="white-space: nowrap">off-the-road.</FONT>
    The Company provides OEM and aftermarket customers with a broad
    range of earthmoving/construction wheels ranging in diameter
    from 20 to 63&#160;inches and in weight from 125 pounds to 7,000
    pounds. The
    <FONT style="white-space: nowrap">63-inch</FONT>
    diameter wheel is the largest manufactured in North America for
    the earthmoving/construction market. Titan&#146;s
    earthmoving/construction tires range from approximately
    3&#160;feet to approximately 13&#160;feet in outside diameter
    and in weight from 50 pounds to 12,500 pounds. The Company
    offers the added value of wheel and tire assembly for certain
    applications in the earthmoving/construction market.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Consumer
    Market</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan builds a variety of products for ATVs, turf, golf car and
    trailer applications. Consumer wheels and rims range from 8 to
    16&#160;inches in diameter. Titan produces a variety of tires
    for the consumer market. ATV tires using the new stripwinding
    manufacturing process, which improves tread durability, have
    been introduced to the
</DIV>
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    <BR>
    1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    marketplace. Titan&#146;s sales in the consumer market include
    sales to Goodyear, which include an off-take/mixing agreement.
    This agreement includes mixed stock, which is a prepared rubber
    compound used in tire production. For the domestic boat,
    recreational and utility trailer markets, the Company provides
    wheels and tires and assembles brakes, actuators and components.
    The Company also offers the value-added service of a wheel and
    tire assembly for the consumer market.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our corporate offices are located at 2701 Spruce Street, Quincy,
    Illinois 62301. Our telephone number is
    <FONT style="white-space: nowrap">(217)&#160;228-6011</FONT>
    and our website address is www.titan-intl.com. The information
    on or accessible through our website is not a part of this
    prospectus.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Developments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company announced on August&#160;31, 2010 that it commenced
    a tender offer to purchase all of its issued and outstanding
    8%&#160;Senior Unsecured Notes due 2012 (&#147;Senior Unsecured
    Notes due 2012&#148;). The Company also announced a concurrent
    consent solicitation for proposed amendments to the indenture
    under which the Senior Unsecured Notes due 2012 were issued. The
    tender offer and the consent solicitation were made pursuant to
    an offer to purchase and consent solicitation statement and a
    related letter of transmittal and consent, each dated
    August&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On October&#160;1, 2010, the Company announced that it completed
    its previously announced offering of $200,000,000 aggregate
    principal amount of the outstanding notes. The Company used the
    net proceeds of the offering of the outstanding notes to
    purchase, and, as applicable, make consent payments for, any and
    all of the issued and outstanding Senior Unsecured Notes due
    2012 that were validly tendered and accepted for payment
    pursuant to the tender offer and consent solicitation prior to
    5:00&#160;p.m., New York City time, on October&#160;1, 2010 (the
    &#147;Expiration Time&#148;). Titan intends to use the remaining
    net proceeds from the offering of the outstanding notes for
    general corporate purposes, which may include financing
    potential future acquisitions and repayment of other existing
    obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On October&#160;4, 2010, the Company announced the expiration
    and final results of its previously announced cash tender offer
    and consent solicitation relating to the Senior Unsecured Notes
    due 2012. On or prior to the Expiration Time, valid tenders had
    been received with respect to $138,884,000 of the $139,948,000
    aggregate principal amount of Senior Unsecured Notes due 2012
    outstanding. The Company accepted for payment the Senior
    Unsecured Notes due 2012 validly tendered on or prior to the
    Expiration Time. The consents received were sufficient to
    execute the proposed amendments to the indenture governing the
    Senior Unsecured Notes due 2012. Accordingly, Titan and the
    trustee under the indenture governing the Senior Unsecured Notes
    due 2012 entered into a supplemental indenture that eliminated
    from the indenture governing the Senior Unsecured Notes due 2012
    substantially all of the restrictive covenants, certain
    affirmative covenants and certain events of default. The
    supplemental indenture became operative on October&#160;1, 2010.
    For a discussion of the terms of the Senior Unsecured Notes due
    2012, see &#147;Description of Other Indebtedness&#160;&#151;
    Senior Unsecured Notes due 2012&#148; and the notes to
    historical consolidated financial statements in our 2009
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    incorporated by reference into this prospectus.
</DIV>
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    <BR>
    2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>On October 1 2010, we completed a private placement of the
    unregistered outstanding notes. In connection with that
    issuance, we entered into an exchange and registration rights
    agreement in which we agreed, among other things, to deliver
    this prospectus to you and to use our commercially reasonable
    efforts to complete the exchange offer. The following is a
    summary of the exchange offer. See &#147;The Exchange
    Offer&#148; on page&#160;&#160;&#160; for a full description of
    the terms of the exchange offer.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Outstanding Notes</TD>
    <TD></TD>
    <TD valign="bottom">
    Our 7.875%&#160;Senior Secured Notes due 2017, which were issued
    on October 1, 2010.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Exchange Notes</TD>
    <TD></TD>
    <TD valign="bottom">
    Our 7.875%&#160;Senior Secured Notes due 2017. The terms of the
    exchange notes are identical to the terms of the outstanding
    notes, except that the transfer restrictions, the registration
    rights and provisions for additional interest relating to the
    outstanding notes do not apply to the exchange notes.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    The Exchange Offer</TD>
    <TD></TD>
    <TD valign="bottom">
    We are offering to exchange up to $200.0&#160;million aggregate
    principal amount of our exchange notes, which will be registered
    under the Securities Act, for up to $200.0&#160;million
    aggregate principal amount of our outstanding notes, on the
    terms and subject to the conditions set forth in this prospectus
    and the accompanying letter of transmittal, which we refer to as
    the &#147;exchange offer.&#148; You may tender outstanding notes
    only in denominations of $2,000 and integral multiples of $1,000
    in excess thereof. The outstanding notes we are offering to
    exchange hereby were issued under an indenture dated as of
    October&#160;1, 2010.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Resale of Exchange Notes</TD>
    <TD></TD>
    <TD valign="bottom">
    Based on interpretations of the SEC staff in no-action letters
    issued to third parties, we believe that you may resell and
    transfer the exchange notes issued pursuant to the exchange
    offer in exchange for outstanding notes without compliance with
    the registration and prospectus delivery provisions of the
    Securities Act if:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are acquiring the exchange notes in the ordinary
    course of your business;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you have no arrangement or understanding with any
    person to participate in the distribution of the exchange notes
    within the meaning of the Securities Act;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are not an affiliate of ours, as such term is
    defined in Rule&#160;405 under the Securities Act; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are not a broker-dealer, you are not engaged in
    and do not intend to engage in the distribution of the exchange
    notes.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    If you fail to satisfy any of these conditions, you must comply
    with the registration and prospectus delivery requirements of
    the Securities Act in connection with resales of the exchange
    notes, unless an exemption therefrom is applicable to you.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Broker-dealers that acquired the outstanding notes directly from
    us, but not as a result of market-making activities or other
    trading activities, must comply with the registration and
    prospectus delivery requirements of the Securities Act in
    connection with resales of the exchange notes.</TD>
</TR>

</TABLE>
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    <BR>
    3
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Each broker-dealer that receives exchange notes for its own
    account pursuant to the exchange offer in exchange for
    outstanding notes that it acquired as a result of market-making
    or other trading activities must deliver a prospectus in
    connection with any resale of the exchange notes and provide us
    with a signed acknowledgement of this obligation.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Consequence If You Do Not Exchange Your Outstanding Notes</TD>
    <TD></TD>
    <TD valign="bottom">
    Outstanding notes that are not tendered in the exchange offer or
    that are not accepted for exchange will continue to bear legends
    restricting their transfer. You will not be able to offer or
    sell the outstanding notes unless:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;an exemption from the registration requirements of
    the Securities Act is available to you;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;we register the resale of outstanding notes under
    the Securities Act; or</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the transaction requires neither an exemption from
    nor registration under the requirements of the Securities Act.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    After the completion of the exchange offer, we will no longer
    have an obligation to register the outstanding notes, except in
    limited circumstances.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Expiration Date</TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange offer will expire at 5:00&#160;p.m., Eastern time,
    on , 2010, unless we decide to extend it.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Conditions to the Exchange Offer</TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange and registration rights agreement we entered into
    in connection with the issuance of the outstanding notes does
    not require us to accept outstanding notes for exchange if the
    exchange offer or the making of any exchange by a holder of the
    outstanding notes would not be permissible under applicable law
    or SEC policy. The exchange offer is also conditioned upon the
    effectiveness of this registration statement and certain other
    customary conditions, as discussed in &#147;The Exchange
    Offer&#160;&#151; Conditions to the Exchange Offer.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Procedures for Tendering Outstanding Notes</TD>
    <TD></TD>
    <TD valign="bottom">
    If you wish to accept the exchange offer, you must deliver to
    the exchange agent:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;either a completed and signed letter of transmittal
    or, for outstanding notes tendered electronically, an
    agent&#146;s message from The Depository Trust&#160;Company, or
    DTC, stating that the tendering participant agrees to be bound
    by the letter of transmittal and the terms of the exchange offer;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;your outstanding notes, either by tendering them in
    certificated form or by timely confirmation of book-entry
    transfer through DTC; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;all other documents required by the letter of
    transmittal.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    These actions must be completed before the expiration of the
    exchange offer. If you hold outstanding notes through DTC, you
    must comply with its standard for electronic tenders, by which
    you will agree to be bound by the letter of transmittal.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    There is no procedure for guaranteed late delivery of the
    outstanding notes.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    By signing, or by agreeing to be bound by, the letter of
    transmittal, you will be representing to us that:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you will be acquiring the exchange notes in the
    ordinary course of your business;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you have no arrangement or understanding with any
    person to participate in the distribution of the exchange notes
    within the meaning of the Securities Act;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are not an affiliate of ours, as such term is
    defined in Rule&#160;405 under the Securities Act; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;if you are not a broker-dealer, you are not engaged
    in and do not intend to engage in the distribution of the
    exchange notes.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    See &#147;The Exchange Offer&#160;&#151; Terms of the
    Exchange&#148; and &#147;The Exchange Offer&#160;&#151;
    Procedures for Tendering.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Special Procedures for Beneficial Holders</TD>
    <TD></TD>
    <TD valign="bottom">
    If you beneficially own outstanding notes that are registered in
    the name of a broker, dealer, commercial bank, trust company or
    other nominee and you wish to tender your outstanding notes in
    the exchange offer, you should contact the registered holder
    promptly and instruct such person to tender on your behalf. If
    you wish to tender your outstanding notes in the exchange offer
    on your own behalf, you must, prior to completing and executing
    the letter of transmittal and delivering your outstanding notes,
    either arrange to have the outstanding notes registered in your
    name or obtain a properly completed bond power from the
    registered holder. The transfer of registered ownership may take
    considerable time.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Withdrawal Rights</TD>
    <TD></TD>
    <TD valign="bottom">
    You may withdraw the tender of your outstanding notes at any
    time prior to 5:00&#160;p.m., New York City time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, the expiration date. To withdraw, you must send a written
    or facsimile transmission of your notice of withdrawal to the
    exchange agent at the address set forth in this prospectus under
    &#147;The Exchange Offer&#160;&#151; Exchange Agent&#148; prior
    to the expiration of the exchange offer. A notice of withdrawal
    may also be made by electronic transmission through DTC&#146;s
    Automated Tender Offer Program. See &#147;The Exchange
    Offer&#160;&#151; Withdrawal Rights.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Acceptance of Outstanding Notes and Delivery of Exchange Notes</TD>
    <TD></TD>
    <TD valign="bottom">
    If you fulfill all conditions required for proper acceptance of
    outstanding notes we will accept any and all outstanding notes
    that you validly tender in the exchange offer before
    5:00&#160;p.m., Eastern time, on the expiration date of the
    exchange offer. We will return any outstanding note that we do
    not accept for exchange, without expense, promptly after the
    expiration date. We will deliver the exchange notes promptly
    after the expiration date and acceptance of the outstanding
    notes for exchange. Please read &#147;The Exchange
    Offer&#160;&#151; Terms of the Exchange Offer.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Regulatory Approvals</TD>
    <TD></TD>
    <TD valign="bottom">
    Other than pursuant to the federal securities laws, there are no
    federal or state regulatory requirements that we must comply
    with, or approvals that we must obtain, in connection with the
    exchange offer.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Appraisal Rights</TD>
    <TD></TD>
    <TD valign="bottom">
    You will not have dissenters&#146; rights or appraisal rights in
    connection with the exchange offer. See &#147;The Exchange
    Offer&#160;&#151; Appraisal Rights.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    U.S. Federal Income Tax Considerations</TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange of exchange notes for outstanding notes in the
    exchange offer will not be a taxable event for U.S. federal
    income tax purposes. See &#147;Material United States Federal
    Tax Considerations&#148; for more information regarding the tax
    consequences to you of the exchange offer.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Use of Proceeds</TD>
    <TD></TD>
    <TD valign="bottom">
    We will not receive any proceeds from the exchange or the
    issuance of exchange notes in connection with the exchange offer.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Fees and Expenses</TD>
    <TD></TD>
    <TD valign="bottom">
    We will pay all of our expenses related to the exchange offer.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Accounting Treatment</TD>
    <TD></TD>
    <TD valign="bottom">
    We will record the exchange notes in our accounting records at
    the same carrying value as the outstanding notes. Accordingly,
    we will not recognize any gain or loss for accounting purposes
    in connection with the exchange offer.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Exchange Agent</TD>
    <TD></TD>
    <TD valign="bottom">
    We have appointed U.S. Bank National Association as exchange
    agent for the exchange offer. The address, telephone number and
    facsimile number of the exchange agent are set forth below under
    &#147;The Exchange Offer&#160;&#151; Exchange Agent.&#148;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Exchange Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The form and terms of the exchange notes are the same as the
    form and terms of the outstanding notes, except that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange notes will be registered under the Securities Act
    and will therefore not bear legends restricting their
    transfer;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    specified rights under the exchange and registration rights
    agreement we entered into in connection with the issuance of the
    outstanding notes, including provisions providing for
    registration rights and the payment of additional interest in
    specified circumstances, will be limited or eliminated.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange notes will evidence the same indebtedness as the
    outstanding notes for which they will be exchanged and will rank
    equally with the outstanding notes. The same indenture will
    govern both the outstanding notes and the exchange notes. Unless
    the context otherwise requires, when we refer to the outstanding
    notes, we also refer to the guarantees associated with the
    outstanding notes, and when we refer to the exchange notes, we
    also refer to the guarantees associated with the exchange notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a brief summary of the material terms of the
    exchange notes. For a more complete description of the terms of
    the exchange notes, please read &#147;Description of Notes&#148;
    below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Issuer</TD>
    <TD></TD>
    <TD valign="bottom">
    Titan International, Inc.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Notes Offered</TD>
    <TD></TD>
    <TD valign="bottom">
    $200,000,000 aggregate principal amount of 7.875%&#160;Senior
    Secured Notes due 2017.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Maturity Date</TD>
    <TD></TD>
    <TD valign="bottom">
    October&#160;1, 2017.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Interest</TD>
    <TD></TD>
    <TD valign="bottom">
    7.875% per annum, payable semiannually on April 1 and October 1
    of each year, commencing on April&#160;1, 2011.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Guarantees</TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange notes will be guaranteed by certain of our
    subsidiaries that own any interest in the collateral. See
    &#147;Description of Notes&#160;&#151; Note Guarantees.&#148;</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Security; Collateral</TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange notes and the guarantee of any guarantor, to the
    extent of the collateral owned by such guarantor, will be
    secured by first-priority liens, subject to permitted liens, on
    the collateral, which consists of our fee title, right and
    interest in and to the real estate on and buildings in which our
    manufacturing facilities are located, in Des Moines, Iowa;
    Freeport, Illinois; Quincy, Illinois; and Bryan, Ohio. See
    &#147;Description of Notes&#160;&#151; Collateral&#148;.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Ranking</TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange notes will be:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;secured by first-priority liens on the collateral,
    subject to certain exceptions and permitted liens;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;senior in right of payment to all of our existing
    and future indebtedness that is subordinated in right of payment
    to the exchange notes, if any;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;effectively senior to all of our obligations under
    any existing or future unsecured indebtedness to the extent of
    the value of the collateral;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;guaranteed by the guarantors; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;effectively subordinated to all of the existing and
    future liabilities, including trade payables, of our
    subsidiaries that do not guarantee the exchange notes.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The guarantees will be:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;general unsecured obligations of our guarantors,
    except to the extent of the collateral owned by such guarantors;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;<I>pari passu </I>in right of payment with all
    existing and future unsecured senior indebtedness of our
    guarantors, except to the extent of the collateral owned by such
    guarantor;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;senior in right of payment to our guarantors&#146;
    existing and future subordinated indebtedness, if any; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;effectively subordinated to all existing and future
    secured indebtedness of our guarantors secured by assets (other
    than the collateral) up to the value of such assets securing
    such indebtedness.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    See &#147;Risk Factors&#160;&#151; The exchange notes will be
    effectively subordinated to the existing and future liabilities
    of our subsidiaries that do not guarantee the exchange notes,
    and the guarantees will be unsecured, except to the extent of
    the Collateral owned by the guarantors.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Optional Redemption</TD>
    <TD></TD>
    <TD valign="bottom">
    We may redeem the exchange notes, in whole or in part, at any
    time on or after October&#160;1, 2013 at the redemption prices
    described under &#147;Description Notes&#160;&#151; Optional
    Redemption,&#148; plus accrued and unpaid interest, if any.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Redemption with Certain Equity Proceeds</TD>
    <TD></TD>
    <TD valign="bottom">
    We may redeem up to 35% of the aggregate principal amount of the
    exchange notes using net proceeds from certain equity offerings
    completed prior to October&#160;1, 2013.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Make-Whole Redemption</TD>
    <TD></TD>
    <TD valign="bottom">
    We may redeem the exchange notes at any time, in whole or in
    part, by paying a redemption price equal to the sum of:</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -17pt; margin-left: 17pt">
    (1)&#160;100% of the principal amount of the exchange notes to
    be redeemed, plus</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -17pt; margin-left: 17pt">
    (2)&#160;the Applicable Premium for the exchange notes (as
    defined in &#147;Description of Notes&#148;), plus accrued and
    unpaid interest thereon, if any, to the redemption date (subject
    to the right of holders of record on the relevant record date to
    receive interest due on the relevant interest payment date).</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Mandatory Offer to Repurchase</TD>
    <TD></TD>
    <TD valign="bottom">
    If we experience a change of control (as defined in the
    indenture governing the exchange notes), we will be required to
    make an offer to repurchase the exchange notes at a price equal
    to 101% of the principal amount thereof, plus accrued and unpaid
    interest, if any, to the date of purchase, unless a third party
    makes a change of control offer (as defined in the indenture
    governing the exchange notes) in the manner, at the times and
    otherwise in compliance with the requirements of the indenture
    governing the exchange notes and purchases all exchange notes
    properly tendered and not withdrawn under the change of control
    offer. There is no assurance we will have adequate funds for
    such an offer. See &#147;Description of Notes&#160;&#151;
    Repurchase at the Option of Holders &#151;&#160;Change of
    Control&#148;.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Certain Covenants</TD>
    <TD></TD>
    <TD valign="bottom">
    The indenture governing the exchange notes contains certain
    covenants that will, among other things, limit our ability and
    the ability of our restricted subsidiaries to:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;incur, assume or guarantee additional indebtedness
    or issue preferred stock;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;pay dividends or make other equity distributions to
    our shareholders;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;purchase or redeem our capital stock;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;make certain investments;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;create liens;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;create or permit to exist restrictions on our
    ability or the ability of our restricted subsidiaries to make
    certain payments or distributions;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;sell or otherwise dispose of assets;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;engage in sale and leaseback transactions;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;engage in transactions with our affiliates; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;merge or consolidate with another entity or transfer
    all or substantially all of our assets.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    All of these restrictive covenants are subject to a number of
    important exceptions and qualifications. See &#147;Description
    of Notes&#160;&#151; Certain Covenants&#148;.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Form of the Exchange Notes</TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange notes will be represented by one or more permanent
    global securities in registered form deposited with U.S. Bank
    National Association, as custodian, for the benefit of The
    Depository Trust&#160;Company. You will not receive notes in
    registered form, unless one of the events set forth under the
    heading &#147;Description of the Notes&#160;&#151; Book-Entry,
    Delivery and Form&#148; occurs. Instead, beneficial </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    interests in the exchange notes will be shown on, and transfers
    of these interests will be effected only through, records
    maintained in book-entry form by The Depository
    Trust&#160;Company with respect to its participants.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Absence of a Public Market for the Exchange Notes</TD>
    <TD></TD>
    <TD valign="bottom">
    There has been no public market for the outstanding notes, and
    no active market for the exchange notes is currently
    anticipated. We do not intend to apply for a listing of the
    exchange notes on any securities exchange or inclusion in any
    automated quotation system. We cannot make any assurances
    regarding the liquidity of the market for the exchange notes,
    the ability of holders to sell their exchange notes or the price
    at which holders may sell their exchange notes. See &#147;Plan
    of Distribution.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Use of Proceeds</TD>
    <TD></TD>
    <TD valign="bottom">
    We will not receive any proceeds from the exchange offer. For a
    description of the use of proceeds from the offering of the
    outstanding notes, see &#147;Use of Proceeds.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Trustee</TD>
    <TD></TD>
    <TD valign="bottom">
    U.S. Bank National Association is serving as the trustee and
    collateral trustee under the Indenture.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Selected
    Consolidated Financial Data</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth below is our selected historical consolidated
    financial data for each of the nine-month periods ended
    September&#160;30, 2010 and 2009 and for each of the five years
    in the period ended December&#160;31, 2009. The selected
    financial data as of September&#160;30, 2010 and for the
    nine-month periods ended September&#160;30, 2010 and 2009 is
    derived from unaudited condensed consolidated financial
    statements included in our Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the period ended September&#160;30, 2010, which is
    incorporated by reference in this prospectus. The selected
    financial data each of the five years in the period ended
    December&#160;31, 2009 is derived from the Company&#146;s
    consolidated financial statements. Our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2009 is incorporated by
    reference in this prospectus. The selected historical financial
    data should be read in conjunction with &#147;Management&#146;s
    Discussion and Analysis of Financial Condition and Results of
    Operations&#148; and our historical consolidated financial
    statements and the notes thereto, each of which is incorporated
    by reference in this prospectus from our 2009 Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the period ended September&#160;30, 2010, and our current
    report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on November&#160;2, 2010. The historical results presented
    are not necessarily indicative of future results.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="36%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Nine Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="26" nowrap align="center" valign="bottom">
    <B>(Amounts in thousands, except earnings per share data and
    financial ratios)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Statement of Operations Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    470,133
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    679,454
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    837,021
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,036,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    727,599
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    581,083
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    648,922
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cost of sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    405,923
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    606,676
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    752,890
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    896,986
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    671,634
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    524,304
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    560,986
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Gross profit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72,778
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    84,131
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    139,714
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,965
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56,779
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87,936
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Selling, general and administrative expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51,374
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44,445
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51,449
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53,661
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46,734
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,409
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36,008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Research and development expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    837
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,321
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,689
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,490
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,850
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,039
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Royalty expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,001
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,155
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,242
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,573
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,123
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,809
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Noncash goodwill impairment charge
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,702
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Income (loss) from operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,838
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,321
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (18,894
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,231
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,080
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Interest expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,617
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17,001
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (18,710
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15,122
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (16,246
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11,819
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (19,713
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Noncash Titan Europe Plc charge
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (37,698
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Noncash convertible debt conversion charge
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,225
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (13,376
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Gain (loss) on note repurchase
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,398
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,398
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,195
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Other income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    958
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,564
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,364
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,509
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,740
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,302
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    307
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Income (loss) before income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,885
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,574
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,884
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (32,002
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,112
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,479
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Income tax provision (benefit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (13,927
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,430
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,363
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,673
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,357
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    274
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,817
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,042
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,144
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (7,247
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,337
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (24,645
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,838
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,662
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Per Share Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Earnings (loss) per common share:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .49
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (.23
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (.71
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (.23
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (.71
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Dividends declared
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .018
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .020
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .015
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .015
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Balance Sheet Data (at period end):</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    592
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    33,412
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    58,325
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    61,658
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    229,182
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,360
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    159,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Working capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    157,984
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    247,009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    239,985
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    232,564
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    375,144
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    220,341
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    342,301
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    206,167
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    309,933
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    327,765
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    369,199
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    445,216
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    286,338
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    433,322
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    440,756
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    585,126
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    590,495
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    654,782
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    736,463
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    588,594
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    727,694
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    190,464
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    291,266
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    366,300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    193,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    312,448
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    167,813
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    187,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    272,522
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    279,188
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    261,953
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    286,796
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    285,794
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Ratio of
    Earnings to Fixed Charges</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have computed our ratio of earnings to fixed charges for each
    of our fiscal years ended December&#160;31, 2009, 2008, 2007,
    2006 and 2005 and for the nine months ended September&#160;30,
    2009 and 2010. The computation of earnings to fixed charges is
    set forth on Exhibit&#160;12.1 to the registration statement of
    which this prospectus forms a part.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ratio of earnings to fixed charges is calculated by dividing
    earnings by fixed charges from operations for the periods
    indicated. For purposes of calculating the ratio of earnings to
    fixed charges, earnings represents pre-tax income from
    continuing operations plus fixed charges, amortization of
    capitalized interest, and distributed income of equity investees
    less interest capitalized and earnings of equity investees.
    Fixed charges represents interest expensed and capitalized,
    amortization of financing costs and an estimate of interest
    within rental expense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should read the ratio information below in conjunction with
    the &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148; and the financial
    statements and the notes thereto contained in our Annual Report
    on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2009, and Quarterly Report
    on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the period ended September&#160;30, 2010, which are
    incorporated by reference in this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="13" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Nine Months Ended<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of earnings to fixed charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    n/a
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    n/a
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    n/a
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.89
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Earnings deficiency
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $4,909
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $4,276
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $33,501
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the years ended December&#160;31, 2005, 2007 and 2009,
    earnings were inadequate to cover fixed charges and the dollar
    amount of coverage deficiency is disclosed in the above table,
    in thousands.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risk
    Factors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a holder of our outstanding notes, your investment is subject
    to various risks and uncertainties, including those described
    under &#147;Risk Factors,&#148; beginning on page&#160;12, and
    your investment will remain subject to those risks and
    uncertainties if you exchange your notes for exchange notes.
</DIV>
</DIV><!-- End box 1 -->
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    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>The exchange notes, like the outstanding notes, entail
    risk. In deciding whether to participate in the exchange offer,
    you should consider the risks associated with the nature of our
    industry, the nature of our business and the risk factors
    relating to the exchange offer in addition to the other
    information contained in this prospectus. You should carefully
    consider the following factors before making a decision to
    exchange your outstanding notes for exchange notes. Any of the
    following risks and the risks described in the 2009
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    and additional risks and uncertainties not currently known to
    the Company or those the Company currently view to be
    immaterial, may also materially and adversely affect the
    Company&#146;s business, financial condition or results of
    operations. In such case, you may lose all or part of your
    original investment.</I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risk
    Related to the Company&#146;s Operations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    economic crisis and recession has and may continue to affect the
    Company and its customers.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The global economy has faced an extended worldwide recession and
    economic crisis. This recession and economic crisis has put
    pressure on the liquidity of and demand from the Company&#146;s
    customers. The resulting decrease in the Company&#146;s sales
    has adversely affected the Company&#146;s results of operations.
    The magnitude and duration of this recession and economic crisis
    make it extremely difficult to forecast future sales levels. A
    continuation of the recession or worsening of the economic
    crisis could materially adversely affect the Company&#146;s
    results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company&#146;s revolving credit facility and its other debt
    obligations contain covenants.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s revolving credit facility contains various
    covenants and restrictions. These covenants and restrictions
    could limit the Company&#146;s ability to respond to market
    conditions, to provide for unanticipated capital investments, to
    raise additional debt or equity capital, to pay dividends or to
    take advantage of business opportunities, including future
    acquisitions. The failure to meet these covenants could result
    in the Company ultimately being in default. The Company&#146;s
    ability to comply with the covenants may be affected by events
    beyond the Company&#146;s control, including prevailing
    economic, financial and industry conditions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company operates in cyclical industries and is subject to
    numerous changes in the economy.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s sales are substantially dependent on three
    major industries: agricultural equipment,
    earthmoving/construction equipment and consumer products. The
    business activity levels in these industries are subject to
    specific industry and general economic cycles. Accordingly, any
    downturn in these industries or general economy could materially
    adversely affect the Company&#146;s business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The agricultural equipment industry is affected by crop prices,
    farm income and farmland values, weather, export markets and
    government policies. The earthmoving/construction industry is
    affected by the levels of government and private construction
    spending and replacement demand. The consumer products industry
    is affected by consumer disposable income, weather, competitive
    pricing, energy prices and consumer attitudes. In addition, the
    performance of these industries is sensitive to interest rate
    changes and varies with the overall level of economic activity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company&#146;s customer base is relatively
    concentrated.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s ten largest customers, which are primarily
    original equipment manufacturers (&#147;OEMs&#148;), accounted
    for approximately 54% of the Company&#146;s net sales for 2009.
    Net sales to Deere&#160;&#038; Company and CNH&#160;Global N.V.
    represented 24% and 13%, respectively, of total 2009&#160;net
    sales. No other customer accounted for more than 10% of the
    Company&#146;s net sales in 2009 and 2008. As a result, the
    Company&#146;s business could be adversely affected if one of
    the Company&#146;s larger customers reduces its purchases from
    the Company due to work stoppages or slow-downs, financial
    difficulties, as a result of termination provisions, competitive
    pricing or other reasons. There is also continuing pressure from
    the OEMs to reduce costs, including the cost of products and
    services purchased from outside suppliers such as the Company.
    Although the Company has had long-term relationships with the
    Company&#146;s major customers and expect that the Company will
    be able to continue these
</DIV>
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    <BR>
    12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    relationships, there can be no assurance that the Company will
    be able to maintain such ongoing relationships. Any failure to
    maintain the Company&#146;s relationship with a leading customer
    could have an adverse effect on results of operations of the
    Company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company faces substantial competition from international and
    domestic companies.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company competes with several international and domestic
    competitors, some of which are larger and have greater financial
    and marketing resources than the Company. The Company competes
    primarily on the basis of price, quality, customer service,
    design capability and delivery time. The Company&#146;s ability
    to compete with international competitors may be adversely
    affected by currency fluctuations. In addition, certain of the
    Company&#146;s OEM customers could, under certain circumstances,
    elect to manufacture certain of the Company&#146;s products to
    meet their own requirements or to otherwise compete with the
    Company. There can be no assurance that the Company&#146;s
    businesses will not be adversely affected by increased
    competition in the markets in which the Company operates or that
    competitors of the Company will not develop products that are
    more effective or less expensive than the Company&#146;s
    products or which could render certain of the Company&#146;s
    products less competitive. From time to time certain competitors
    of the Company have reduced their prices in particular product
    categories, which has caused the Company to reduce its prices.
    There can be no assurance that in the future the Company&#146;s
    competitors will not further reduce prices or that any such
    reductions would not have a material adverse effect on the
    business of the Company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Acquisitions
    may require significant resources and/or result in significant
    unanticipated losses, costs or liabilities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any future acquisitions will depend on the Company&#146;s
    ability to identify suitable acquisition candidates, to
    negotiate acceptable terms for their acquisition and to finance
    those acquisitions. The Company will also face competition for
    suitable acquisition candidates that may increase its costs. In
    addition, acquisitions require significant managerial attention,
    which may be diverted from the Company&#146;s other operations.
    Furthermore, acquisitions of businesses or facilities entail a
    number of additional risks, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    problems with effective integration of operations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the inability to maintain key pre-acquisition customer, supplier
    and employee relationships;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the potential that expected benefits or synergies are not
    realized and operating costs increase; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    exposure to unanticipated liabilities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Many of these risks would be accentuated if the Company acquires
    businesses overseas due to the operations, employees and
    customers being largely located outside of the United States,
    and the Company&#146;s acquisition strategy has recently focused
    on domestic businesses. In September 2009, Titan signed a letter
    of intent with The Goodyear Tire&#160;&#038; Rubber Company to
    purchase certain farm tire assets, including the Goodyear Dunlop
    Tires France (GDTF) Amiens North factory. This agreement is
    non-binding and will be subject to GDTF&#146;s satisfactory
    completion of a social plan related to consumer tire activity at
    the Amiens North facility, along with completion of due
    diligence, a definitive acquisition agreement and other standard
    acquisition approval requirements. At this time, the due
    diligence process continues. There is no assurance that
    definitive agreements will be executed or that the acquisition
    will be consummated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the terms of the Company&#146;s indebtedness, the
    Company may finance future acquisitions with cash from
    operations, additional indebtedness
    <FONT style="white-space: nowrap">and/or</FONT> by
    issuing additional equity securities. These commitments may
    impair the operation of the Company&#146;s businesses. In
    addition, the Company could face financial risks associated with
    incurring additional indebtedness such as reducing the
    Company&#146;s liquidity and access to financing markets and
    increasing the amount of cash flow required to service such
    indebtedness.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company could be negatively impacted if the Company fails to
    maintain satisfactory labor relations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At December&#160;31, 2009, approximately 46% of the
    Company&#146;s employees in the United States were covered by
    three collective bargaining agreements. Upon the expiration of
    any of the collective bargaining agreements,
</DIV>
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    <BR>
    13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    however, the Company may be unable to negotiate new collective
    bargaining agreements on terms that are cost effective to the
    Company. The business operations may be affected as a result of
    labor disputes or difficulties and delays in the process of
    renegotiating the collective bargaining agreements. In 1998, the
    employees in the Company&#146;s Des Moines, Iowa facility went
    on strike for 40&#160;months. The Company&#146;s current labor
    agreements expire November&#160;19, 2010. The Company cannot
    assure you that there will not be any labor disruptions or
    strikes at the Company&#146;s facilities that could adversely
    affect the business of the Company and results of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The collective bargaining agreements covering employees at Titan
    Tire Corporation of Bryan and Titan Tire Corporation of Freeport
    have notice requirements for plant closure and termination of
    these agreements. The expiration date of these agreements is
    November&#160;19, 2010. The Company has met the notification
    requirement of six months prior to the expiration date of these
    agreements for plant closure. Termination of these agreements
    must be given not less than 60&#160;days, or more than
    75&#160;days, prior to the expiration date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company has incurred, and may incur in the future, net
    losses.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company reported net loss of $(24.6)&#160;million and
    $(7.2)&#160;million for the years ended December&#160;31, 2009,
    and 2007, respectively. As a result of the 2009&#160;net loss,
    the Company has a net operating loss carryforward for income tax
    purposes. If Titan would continue to incur net losses, the
    Company may not be able to realize the tax benefit of these net
    operating losses.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company is exposed to price fluctuations of key
    commodities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company does not generally enter into long-term commodity
    contracts and does not use derivative commodity instruments to
    hedge the Company&#146;s exposures to commodity market price
    fluctuations. Therefore, the Company is exposed to price
    fluctuations of the Company&#146;s key commodities, which
    consist primarily of steel and rubber. Although the Company
    attempts to pass on certain material price increases to the
    Company&#146;s customers, there is no assurance that it will be
    able to do so in the future. Any increase in the price of steel
    and rubber that is not passed on to the Company&#146;s customers
    could have an adverse material effect on the Company&#146;s
    results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company relies on a limited number of suppliers.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company currently relies on a limited number of suppliers
    for certain key commodities, which consist primarily of steel
    and rubber, in the manufacturing of its products. The loss of
    the Company&#146;s key suppliers or their inability to meet
    price, quality, quantity and delivery requirements could have a
    significant adverse impact on the Company&#146;s results of
    operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company may be subject to product liability and warranty
    claims.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company warrants its products to be free of certain defects
    and accordingly may be subject in the ordinary course of
    business to product liability or product warranty claims. Losses
    may result or be alleged to result from defects in the
    Company&#146;s products, which could subject the Company to
    claims for damages, including consequential damages. The Company
    cannot assure you that any insurance it maintains will be
    adequate for liabilities actually incurred or that adequate
    insurance will be available on terms acceptable to the Company.
    Any claims relating to defective products that result in
    liability exceeding the Company&#146;s insurance coverage could
    have an adverse effect on its financial condition and results of
    operations. Further, claims of defects could result in negative
    publicity against the Company, which could adversely affect its
    business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company is subject to risks associated with environmental laws
    and regulations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s operations are subject to federal, state,
    local and foreign laws and regulations governing, among other
    things, emissions to air, discharge to waters and the
    generation, handling, storage, transportation, treatment and
    disposal of waste and other materials. Its operations entail
    risks in these areas, and there can be no assurance that the
    Company will not incur material costs or liabilities. In
    addition, potentially significant expenditures could be required
    in order to comply with evolving environmental and health and
    safety laws, regulations or requirements that may be adopted or
    imposed in the future.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company is subject to risks associated with climate change and
    climate change regulations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Governmental regulatory bodies in the United States and other
    countries have, or are, contemplating introducing regulatory
    changes in response to the potential impacts of climate change.
    Laws and regulations regarding climate change and energy usage
    may impact the Company directly through higher costs for energy
    and raw materials. The Company&#146;s customers may also be
    affected by climate change regulations that may impact future
    purchases. Physical climate change may potentially have a large
    impact on the Company&#146;s two largest industry segments,
    Agriculture and Earthmoving/Construction. The potential impacts
    of climate change and climate change regulations are highly
    uncertain at this time, and the Company cannot anticipate or
    predict the material adverse effect on its consolidated
    financial condition, results of operations or cash flows as a
    result of climate change and climate change regulations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company&#146;s revenues are seasonal due to Titan&#146;s
    dependence on seasonal industries.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The agricultural, earthmoving/construction and recreational
    industries are seasonal, with typically lower sales during the
    Company&#146;s second half of the year. This seasonality in
    demand has resulted in fluctuations in the Company&#146;s
    revenues and operating results. Because much of the
    Company&#146;s overhead expenses are fixed, seasonal trends can
    cause reductions in its quarterly profit margins and financial
    condition, especially during its slower periods.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company has export sales and purchases raw material from foreign
    suppliers.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company had total aggregate export sales of approximately
    $82.7&#160;million, $128.8&#160;million and $77.0&#160;million,
    for the years ended December&#160;31, 2009, 2008 and 2007,
    respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Exports to foreign markets are subject to a number of special
    risks, including but not limited to risks with respect to
    currency exchange rates, economic and political destabilization,
    other disruption of markets and restrictive actions by foreign
    governments (such as restrictions on transfer of funds, export
    duties and quotas and foreign customs). Other risks include
    changes in foreign laws regarding trade and investment,
    difficulties in obtaining distribution and support,
    nationalization, reforms of laws and policies of the United
    States affecting trade, foreign investment and loans and foreign
    tax laws. There can be no assurance that one or a combination of
    these factors will not have a material adverse effect on the
    Company&#146;s ability to increase or maintain its export sales.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company purchases a portion of its raw materials from
    foreign suppliers. The production costs, profit margins and
    competitive position are affected by the strength of the
    currencies in countries where Titan purchases goods, relative to
    the strength of the currencies in countries where the products
    are sold. The Company&#146;s results of operations, cash flows
    and financial position may be affected by fluctuations in
    foreign currencies.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company may be adversely affected by changes in government
    regulations and policies.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Domestic and foreign political developments and government
    regulations and policies directly affect the agricultural,
    earthmoving/construction and consumer products industries in the
    United States and abroad. Regulations and policies relating to
    the agricultural industry include those encouraging farm acreage
    reduction in the United States and granting ethanol subsidies.
    Regulations and policies relating to the
    earthmoving/construction industry include those regarding the
    construction of roads, bridges and other items of
    infrastructure. The modification of existing laws, regulations
    or policies or the adoption of new laws, regulations or policies
    could have an adverse effect on any one or more of these
    industries and therefore on the Company&#146;s business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company&#146;s success depends on attracting and retaining key
    personnel and qualified employees.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s continued success and viability are
    dependent, to a certain extent, upon its ability to attract and
    retain qualified personnel in all areas of its businesses,
    especially management positions. In the event the Company is
    unable to attract and retain qualified personnel, its businesses
    may be adversely affected. Mr.&#160;Taylor, the Company&#146;s
    President and Chief Executive Officer, has been instrumental in
    the development and implementation of the Company&#146;s
    business strategy. The Company does not maintain key-person life
    insurance policies on any of its executive officers. The Company
    has outstanding agreements with certain of its executive
    employees selected by
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the board of directors. In the event of a termination of the
    individual&#146;s employment after a change of control (defined
    generally as an acquisition of 20% or more of the Company&#146;s
    outstanding voting shares), the executive is entitled to receive
    salary, bonus and other fringe benefits. In addition, all
    unvested options and certain benefits become vested.
    Messrs.&#160;Taylor and Hackamack and Ms.&#160;Holley are each a
    party to such an agreement. The loss or interruption of the
    continued full-time services of any of the Company&#146;s
    executive officers, including Mr.&#160;Taylor, could have a
    material adverse effect on its business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company may be negatively impacted by changes regarding
    investments.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company has an investment in Titan Europe Plc which is
    publicly traded on the AIM market in London, England. This
    investment is recorded as a component of other assets on the
    consolidated balance sheet. The Company records the Titan Europe
    Plc investment as an
    <FONT style="white-space: nowrap">available-for-sale</FONT>
    security and reports this investment at fair value, with
    unrealized gains and losses excluded from earnings and reported
    in a separate component of stockholders&#146; equity, net of
    tax. If the Company were to record the Titan Europe Plc
    investment as an equity method investment and Titan Europe Plc
    incurred material losses, the Company may be negatively impacted
    up to its investment balance which was approximately
    $19.4&#160;million at September&#160;30, 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Unfavorable
    outcomes of legal proceedings could adversely affect results of
    operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company is a party to routine legal proceedings arising out
    of the normal course of business. Although it is not possible to
    predict with certainty the outcome of these unresolved legal
    actions or the range of possible loss, the Company believes at
    this time that none of these actions, individually or in the
    aggregate, will have a material adverse effect on its financial
    condition or results of operations. However, due to the
    uncertainties involved in litigation, the Company cannot
    anticipate or predict material adverse effects on its financial
    condition, cash flows or results of operations as a result of
    efforts to comply with, or its liabilities pertaining to, legal
    judgments.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company is subject to corporate governance requirements, and
    costs related to compliance with, or failure to comply with,
    existing and future requirements could adversely affect its
    business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company faces corporate governance requirements under the
    Sarbanes-Oxley Act of 2002, as well as new rules and regulations
    subsequently adopted by the SEC, the Public Company Accounting
    Oversight Board and the NYSE. These laws, rules and regulations
    continue to evolve and may become increasingly stringent in the
    future. The Company&#146;s failure to comply with these laws,
    rules and regulations may materially adversely affect its
    reputation, financial condition and the value of its securities,
    including the exchange notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risk
    Factors Related to the Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If you
    do not properly tender your outstanding notes, your ability to
    transfer such outstanding notes will be adversely
    affected.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will only issue exchange notes for outstanding notes that are
    timely received by the exchange agent together with all required
    documents, including a properly completed and signed letter of
    transmittal. Therefore, you should allow sufficient time to
    ensure timely delivery of the outstanding notes and you should
    carefully follow the instructions on how to tender your
    outstanding notes. None of the issuer, the guarantors or the
    exchange agent is required to tell you of any defects or
    irregularities with respect to your tender of the outstanding
    notes. If you do not tender your outstanding notes or if your
    tender of outstanding notes is not accepted because you did not
    tender your outstanding notes properly, then, after consummation
    of the exchange offer, you will continue to hold outstanding
    notes that are subject to the existing transfer restrictions.
    After the exchange offer is consummated, if you continue to hold
    any outstanding notes, you may have difficulty selling them
    because there will be fewer outstanding notes remaining and the
    market for such outstanding notes, if any, will be much more
    limited than it is currently. In particular, the trading market
    for unexchanged outstanding notes could become more limited than
    the existing market for the outstanding notes and could cease to
    exist altogether due to the reduction in the amount of the
    outstanding notes remaining upon consummation of the exchange
    offer. A more limited trading market might adversely affect the
    liquidity, market price and price volatility of such untendered
    outstanding notes.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If you
    are a broker-dealer or participating in a distribution of the
    exchange notes, you may be required to deliver prospectuses and
    comply with other requirements.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you tender your outstanding notes for the purpose of
    participating in a distribution of the exchange notes, you will
    be required to comply with the registration and prospectus
    delivery requirements of the Securities Act in connection with
    any resale of the exchange notes. If you are a broker-dealer
    that receives exchange notes for your own account in exchange
    for outstanding notes that you acquired as a result of
    market-making activities or any other trading activities, you
    will be required to acknowledge that you will deliver a
    prospectus in connection with any resale of such exchange notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">You
    may not be able to sell your exchange notes if a trading market
    for the exchange notes does not develop.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange notes will be new securities for which there is
    currently no established trading market, and none may develop.
    We do not intend to apply for a listing of the exchange notes on
    any securities exchange or for quotation on any automated
    interdealer quotation system. The liquidity of any market for
    the exchange notes will depend on the number of holders of the
    exchange notes, the interest of securities dealers in making a
    market in the exchange notes and other factors. Accordingly,
    there can be no assurance as to the development or liquidity of
    any market for the exchange notes. If an active trading market
    does not develop, the market price and liquidity of the exchange
    notes may be adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risk
    Factors Related to the Exchange Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company&#146;s debt will result in significant interest expense
    compared to its cash flows, which may limit its financial and
    operating flexibility.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company has substantial debt. As of September&#160;30, 2010,
    after giving pro forma effect to the offering of the outstanding
    notes and the use of proceeds therefrom, the Company would have
    had an aggregate of approximately $373.6&#160;million of debt
    outstanding and approximately $100&#160;million of additional
    borrowing capacity under its revolving credit facility, subject
    to certain conditions. The Company may incur additional
    indebtedness in the future, subject to limitations imposed by
    the exchange notes, its credit facility and its Senior Unsecured
    Notes due 2012.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Due to its high level of debt, the Company has significant
    interest expense, which may be difficult for it to service from
    its net cash provided by operating activities. For the nine
    months ended September&#160;30, 2010, the Company had pro forma
    interest expense of approximately $21&#160;million (which is
    $28&#160;million on an annualized basis) and capital
    expenditures were $20&#160;million, compared to net cash
    provided by operating activities of $8&#160;million. For 2009
    the Company had net cash provided by operating activities of
    $72&#160;million and capital expenditures of $40&#160;million.
    For 2008, the Company had net cash provided by operating
    activities of $51&#160;million and capital expenditures of
    $80&#160;million. For 2007 the Company had net cash provided by
    operating activities of $76&#160;million and capital
    expenditures of $38&#160;million. In addition, in recent years
    the Company&#146;s cash payments for taxes have been reduced as
    it used its net operating losses. A portion of these have been
    used and will not be available to shelter the Company&#146;s
    cash flows in the future. For the foregoing reasons, it may be
    difficult for the Company to service its debt and make capital
    expenditures in the future unless the Company&#146;s operations
    generate increased cash flow. If the Company is unable to
    service its debt, it may be forced to pursue one or more
    alternative strategies, such as reducing or delaying capital
    expenditures or selling assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The degree to which the Company is leveraged could have
    important consequences to holders of the exchange notes,
    including, but not limited to, the following: (i)&#160;a
    substantial portion of its cash flow from operations will be
    required to be dedicated to debt service and will not be
    available to the Company for its operations; (ii)&#160;the
    Company&#146;s ability to obtain additional financing in the
    future for acquisitions, capital expenditures, working capital
    or general corporate purposes could be limited;
    (iii)&#160;certain of its borrowings are and any of its new
    borrowings may be at variable rates of interest which could
    result in higher interest expense in the event of increases in
    interest rates;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    and (iv)&#160;the Company may be substantially more leveraged
    than certain of its competitors, which may place it at a
    relative competitive disadvantage and make it more vulnerable to
    changing market conditions and regulations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Company&#146;s ability to fulfill its obligations under the
    exchange notes is dependent upon its future financial and
    operating performance.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s ability to make interest and principal
    payments on the exchange notes when due and to satisfy its other
    debt obligations depends in part upon its future financial
    performance and upon its ability to renew or refinance its debt
    obligations or to raise additional equity capital. Prevailing
    economic conditions and financial, business and other factors,
    many of which are beyond the Company&#146;s control, will affect
    its ability to make these payments. While the Company believes
    that cash flow from its operations will provide an adequate
    source of liquidity, a significant drop in its operating cash
    flow resulting from adverse economic conditions, competition and
    other uncertainties beyond the Company&#146;s control would
    increase its need for alternative sources of liquidity. If the
    Company is unable to generate sufficient cash flow to meet its
    debt service obligations it will have to pursue one or more
    alternatives, such as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reducing its operating expenses;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reducing or delaying capital expenditures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    selling assets; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    raising additional equity capital.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company cannot assure you that any of these alternatives
    could be accomplished on satisfactory terms, if at all, or that
    those actions would provide sufficient funds to retire the
    exchange notes and its other debt obligations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    exchange notes will be effectively subordinated to the existing
    and future liabilities of our subsidiaries that do not guarantee
    the exchange notes, and the guarantees will be unsecured, except
    to the extent of the Collateral owned by the
    guarantors.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange notes will be effectively subordinated to the
    existing and future liabilities, including trade payables, of
    our subsidiaries that do not guarantee the exchange notes. The
    exchange notes will be guaranteed on a joint and several senior
    basis by all of our subsidiaries that own any interest in the
    Collateral. These guarantees will be unsecured, except to the
    extent of the Collateral owned by the guarantors, and will rank
    equally with all existing and future unsecured senior
    obligations of our guarantors and will be effectively
    subordinated to existing and future secured debt of the
    guarantors to the extent of the assets (other than the
    Collateral) securing that indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s subsidiaries that will not guarantee the
    exchange notes are subsidiaries that do not own the Collateral.
    Certain of the Company&#146;s significant domestic subsidiaries
    guarantee its revolving credit facility.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Restrictive
    covenants in the Company&#146;s credit facility and the
    indenture for the exchange notes may restrict its ability to
    pursue its business strategies or repay the exchange
    notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture and the Company&#146;s revolving credit facility
    will limit its ability, among other things, to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    incur additional indebtedness or issue preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    create liens;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pay dividends and make distributions in respect of capital stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    repurchase or redeem capital stock or prepay certain
    indebtedness;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make investments or certain other restricted payments;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sell certain assets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    issue or sell stock of restricted subsidiaries;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    guarantee indebtedness;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    designate unrestricted subsidiaries;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    enter into transactions with its affiliates; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    merge, consolidate or transfer all or substantially all of its
    assets.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These restrictions on management&#146;s ability to operate the
    Company&#146;s businesses could have a material adverse effect
    on the business of the Company. Its failure to comply with those
    covenants could result in an event of default which, if not
    cured or waived, could result in the acceleration of all of the
    Company&#146;s debt. In addition, the Company&#146;s senior
    secured credit facility requires it to meet certain financial
    ratios in order to draw funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Company defaults under any financing agreements, its
    lenders could:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    elect to declare all amounts borrowed to be immediately due and
    payable, together with accrued and unpaid interest: and/or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    terminate their commitments, if any, to make further extensions
    of credit.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    default under the indenture governing the exchange notes, the
    value of the Collateral securing the exchange notes may not be
    sufficient to repay the holders of the exchange
    notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange notes will be secured on a first-priority lien
    basis, subject to certain permitted liens, by the Collateral,
    which consists of our fee title, right and interest in and to
    the real estate on and buildings in which our manufacturing
    facilities are located, in Des Moines, Iowa; Freeport, Illinois;
    Quincy, Illinois; and Bryan, Ohio. See &#147;Description of
    Notes&#160;&#151; Collateral&#148;. In addition, subject to the
    covenants and conditions contained in the indenture, we will be
    permitted to incur additional debt, which may be secured. The
    exchange notes will otherwise rank equally with all of our
    existing and future senior indebtedness that is not subordinated
    in right of payment to the exchange notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No appraisals of any Collateral have been prepared in connection
    with this offering. The value of the Collateral at any time will
    depend on market and other economic conditions, including the
    availability of suitable buyers. By their nature, some or all of
    the pledged assets may be illiquid and may have no readily
    ascertainable market value. We cannot assure you that the fair
    market value of the Collateral as of the date of this prospectus
    exceeds the principal amount of the indebtedness secured
    thereby. The value of the assets mortgaged as Collateral for the
    exchange notes could be impaired in the future as a result of
    changing economic conditions, our failure to implement our
    business strategy, competition or other future trends.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We cannot assure you that, in the event of a foreclosure, the
    proceeds from the sale of the Collateral would be sufficient to
    satisfy the amounts outstanding under the exchange notes. If
    such proceeds were not sufficient to repay amounts outstanding
    under the exchange notes, the holders of such exchange notes (to
    the extent not repaid from the proceeds of the sale of the
    Collateral) would have only an unsecured claim against our and
    our subsidiary guarantors&#146; remaining assets, which claim
    will rank equal in priority to the unsecured claims with respect
    to any unsatisfied portion of our other senior indebtedness.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">It may
    be difficult to realize the value of the Collateral securing the
    exchange notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Collateral securing the exchange notes is subject to any and
    all defects, encumbrances, liens and other title exceptions as
    may be accepted by the collateral trustee for the exchange
    notes, whether on or after the date the exchange notes are
    issued pursuant to the corresponding title insurance policy. The
    existence of any such exceptions, defects, encumbrances, liens
    or other imperfections could adversely affect the value of the
    Collateral securing the exchange notes as well as the ability of
    the collateral trustee to realize or foreclose on such
    Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Collateral only consists of real property, not
    equipment, fixtures and other assets on the real property.
    Consequently, the Collateral will have limited value.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">State
    law may limit the ability of the collateral trustee for the
    holders of the exchange notes to foreclose on the real property
    and improvements included in the Collateral.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange notes will be secured on a first-priority lien
    basis, subject to certain permitted liens, by the Collateral.
    The laws of the states in which the real property and
    improvements are located may limit the ability of the collateral
    trustee to foreclose on the real property Collateral (including
    improvements thereon). Laws of those states govern the
    perfection, enforceability and foreclosure of mortgage liens
    against real property interests which secure debt obligations
    such as the exchange notes. These laws may impose procedural
    requirements for foreclosure different from and necessitating a
    longer time period for completion than the requirements for
    foreclosure of security interests in personal property. Debtors
    may have the right to reinstate defaulted debt (even if it has
    been accelerated) before the foreclosure date by paying the past
    due amounts and a right of redemption after foreclosure.
    Governing laws may also impose &#147;security first&#148; and
    &#147;one-action&#148; rules, which can affect the ability to
    foreclose or the timing of foreclosure on real and personal
    property collateral regardless of the location of the collateral
    and may limit the right to recover a deficiency following a
    foreclosure.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The holders of the exchange notes and the trustee also may be
    limited in their ability to enforce a breach of the covenant
    described in &#147;Description of Notes&#160;&#151; Certain
    Covenants&#160;&#151; Liens.&#148; Some decisions of state
    courts have placed limits on a lender&#146;s ability to
    accelerate debt secured by real property upon breach of
    covenants prohibiting the creation of certain junior liens or
    leasehold estates, and thus lenders may need to demonstrate that
    enforcement is reasonably necessary to protect against
    impairment of the lender&#146;s security or to protect against
    an increased risk of default. Although the foregoing court
    decisions may have been preempted, at least in part, by certain
    federal laws, the scope of such preemption, if any, is
    uncertain. Accordingly, a court could prevent the trustee and
    the holders of the exchange notes from declaring a default and
    accelerating the exchange notes by reason of a breach of this
    covenant, which could have a material adverse effect on the
    ability of holders to enforce the covenant.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Not
    all of the assets related to, or needed for the operation of,
    the Collateral will be pledged to secure the exchange notes. The
    value of the Collateral may be diminished by the absence of
    security interests in, and assured access to, those
    assets.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As described under the caption &#147;Description of
    Notes&#160;&#151; Security for the Notes,&#148; the exchange
    notes and the guarantees will be secured only by the Collateral.
    The collateral trustee will not have a security interest in any
    of our other assets or the assets of our subsidiaries including
    equipment, contracts, licenses and permits necessary to operate
    these manufacturing facilities. Furthermore, following an event
    of default under our existing credit agreement, a representative
    of the lenders thereunder will have the right to occupy the real
    estate comprising the Collateral for a certain period of time to
    access inventory, receivables and any other Collateral located
    on the premises. The value of the Collateral may be diminished
    by the absence of security interests in, and assured access to,
    those other assets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Security
    over the Collateral on which a lien in favor of the collateral
    trustee is required will not be in place on the date of the
    issuance of the exchange notes and will not be perfected on such
    date.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The security interests required under the indenture will not be
    in place on the date of the issuance of the exchange notes and
    will not be perfected on such date. We are required to use
    reasonable best efforts to have such security interests
    thereafter granted
    <FONT style="white-space: nowrap">and/or</FONT>
    perfected, to the extent required by the security documents
    within 120&#160;days of the issue date of the outstanding notes.
    If we are unable to record any required mortgage, the Collateral
    securing the exchange notes will be reduced or eliminated.
    Further, prior to the perfection of such security interests,
    holders of the exchange notes may not benefit from such security
    interest. If we or any guarantor were to become subject to a
    bankruptcy proceeding after the issue date of the exchange
    notes, a mortgage recorded more than 30&#160;days after the
    issue date of the exchange notes would face a greater risk of
    being invalidated than if we had recorded it at the issue date
    or within such 30&#160;day period. If a mortgage is recorded
    more than 30&#160;days after the issue date of the exchange
    notes, it will be treated under bankruptcy law as if it were
    delivered to secure previously existing debt, which is
    materially more likely to be avoided as a preference than if the
    mortgage were delivered at the time of the issue date of the
    exchange notes and recorded within such 30&#160;day period. To
    the extent that the grant of any mortgage is avoided as a
    preference, you would lose the benefit of the property
    encumbered by that mortgage.
</DIV>
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    <BR>
    20
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Collateral can be released in certain circumstances without the
    consent of the holders of the exchange notes, which would
    increase the risks in bankruptcy or other
    situations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the terms of the indenture governing the exchange notes,
    we will be permitted to sell or transfer the Collateral under
    certain circumstances. Therefore, the Collateral available to
    secure the exchange notes could be reduced in connection with
    the sales of assets, permitted investments or otherwise, subject
    to the use of proceeds requirements of the indenture. See
    &#147;Description of Notes&#160;&#151; Repurchase at the Option
    of Holders&#160;&#151; Asset Sales&#148; and &#147;Description
    of Notes&#160;&#151; Collateral&#160;&#151; Release of Security
    Interests.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Collateral is subject to casualty risks.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may insure certain Collateral against loss or damage by fire
    or other hazards. However, we may not maintain or continue such
    insurance, and there are some losses, including losses resulting
    from terrorist acts, that may be either uninsurable or not
    economically insurable, in whole or in part. As a result, we
    cannot assure holders of the exchange notes that the insurance
    proceeds will compensate us fully for our losses. If there is a
    total or partial loss of any of the mortgaged assets, we cannot
    assure holders of the exchange notes that the proceeds received
    by us in respect thereof will be sufficient to satisfy all of
    our secured obligations, including the exchange notes.
    Accordingly, even though there may be insurance coverage, the
    extended period needed to manufacture replacement units could
    cause significant delays.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Collateral is subject to environmental laws that could result in
    a significant decrease in its value.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our facilities use, and for many years have used, regulated
    substances in connection with our manufacturing operations.
    Specifically, petroleum products, coatings, paints, solvents,
    parts washing products, and other chemicals are known to have
    been used in multiple locations. Under certain environmental
    laws, we could be required to clean up contamination even if
    such contamination were caused by a former owner or operator. We
    are not currently aware of any material obligation or liability
    relating to any on or off-site contamination; however, the
    discovery of previously unknown contamination in the future
    could require us to incur costs or liabilities that could be
    material. Such costs or liabilities could include those relating
    to the investigation and
    <FONT style="white-space: nowrap">clean-up</FONT> of
    contaminated areas, including groundwater, and to claims
    alleging personal injury, property damage or damage to natural
    resources and might significantly decrease the value of the
    Collateral.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Bankruptcy
    laws may limit your ability to realize value from the
    Collateral.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The right of the collateral trustee to repossess
    <FONT style="white-space: nowrap">and/or</FONT>
    dispose of the Collateral securing the exchange notes and
    guarantees is likely to be significantly impaired by applicable
    bankruptcy law if a bankruptcy proceeding were to be commenced
    by or against us. A subsequent bankruptcy proceeding could give
    rise to causes of action against the collateral trustee and the
    holders of exchange notes even if a foreclosure sale has
    occurred. Following the commencement of a case under the
    U.S.&#160;Bankruptcy Code, a secured creditor such as the
    collateral trustee is stayed from foreclosing upon or
    repossessing its security from a debtor in a bankruptcy case,
    from disposing of collateral repossessed from such debtor, or
    from commencing or continuing a foreclosure sale, without prior
    bankruptcy court approval, which may not be obtained. Moreover,
    the U.S.&#160;Bankruptcy Code permits the debtor to continue to
    retain and use collateral, and the proceeds, products, rents or
    profits of the collateral, even though the debtor is in default
    under the applicable debt instruments, provided that the secured
    creditor is given &#147;adequate protection.&#148; The meaning
    of the term &#147;adequate protection&#148; varies according to
    circumstances, but it is intended generally to protect the value
    of the secured creditor&#146;s interest in the collateral as of
    the commencement of the bankruptcy case. &#147;Adequate
    protection&#148; may include cash payments, the granting of
    additional security or otherwise if, and at such times as, the
    bankruptcy court in its discretion determines during the
    pendency of the bankruptcy case. A bankruptcy court may
    determine that a secured creditor is not entitled to any
    compensation or other protection in respect of the diminution in
    the value of its collateral if the value of the collateral
    exceeds the amount of the debt it secures.
</DIV>
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    <BR>
    21
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Given the uncertainty as to the value of the Collateral securing
    the exchange notes at the time any bankruptcy case may be
    commenced, and in view of the fact that the granting of
    &#147;adequate protection&#148; varies on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis and remains within the broad discretionary power of the
    bankruptcy court, it is impossible to predict:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    how long payments under the exchange notes could be delayed
    following commencement of a bankruptcy case;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether or when the collateral trustee could repossess or
    dispose of any Collateral;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether or to what extent holders of the exchange notes would be
    compensated for any delay in payment or loss of value of the
    Collateral through any grant of &#147;adequate protection.&#148;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    value of the Collateral securing the exchange notes may not be
    sufficient to secure post-petition interest.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event a U.S.&#160;Bankruptcy Code proceeding is commenced
    by or against us, holders of the exchange notes may not be
    entitled to post-petition interest under the Bankruptcy Code.
    Holders of the exchange notes that have a security interest in
    Collateral with a value equal or less than their pre-bankruptcy
    claim likely will not be entitled to post-petition interest
    under the Bankruptcy Code. In addition, if any payments of
    post-petition interest had been made at or prior the time of
    such a finding of under-collateralization, those payments likely
    would be recharacterized by a bankruptcy court as a reduction of
    the principal amount of the secured claims with respect to the
    exchange notes. No appraisal of the fair market value of the
    Collateral has been prepared in connection with this offering,
    and we therefore cannot assure you that the value of the
    Collateral equals or exceeds the principal amount of the
    exchange notes. See &#147;&#151;&#160;If we default under the
    indenture governing the exchange notes, the value of the
    Collateral securing the exchange notes may not be sufficient to
    repay the holders of the exchange notes.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Any
    future mortgage of Collateral might be avoidable in
    bankruptcy.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any future mortgage of Collateral in favor of the collateral
    trustee, including pursuant to security documents delivered
    after the date of the indenture, might be avoidable by the
    mortgagor (as the debtor in possession in a bankruptcy
    proceeding) or by the trustee in bankruptcy if certain events or
    circumstances exist or occur, including, among others, if the
    mortgagor is insolvent at the time of the mortgage, the mortgage
    permits the holders of the exchange notes to receive a greater
    recovery than if the mortgage had not been given and a
    bankruptcy proceeding in respect of the mortgagor is commenced
    within 90&#160;days following the mortgage or, in certain
    circumstances, a longer period.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    financial failure by us, our subsidiaries or any other entity in
    which we have an interest may result in the assets of any or all
    of those entities becoming subject to the claims of all
    creditors of those entities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A financial failure by us, our subsidiaries or any other entity
    in which we have an interest could affect payment of the notes
    if a bankruptcy court were to &#147;substantively
    consolidate&#148; us and our subsidiaries, including entities in
    which we have an interest but whose financial statements are not
    consolidated with our financial statements. If a bankruptcy
    court substantively consolidated us and our subsidiaries,
    including entities in which we have an interest but whose
    financial statements are not consolidated with ours, the assets
    of each entity would be subject to the claims of creditors of
    all entities. This would expose holders of the exchange notes
    not only to the usual impairments arising from bankruptcy, but
    also to potential dilution of the amount ultimately recoverable
    on account of any unsecured deficiency claim because of the
    larger creditor base. The indenture will not limit the ability
    of entities whose financial statements are not consolidated with
    us to incur debt, which could increase this risk.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    non-consensual restructuring of the exchange notes could be
    required in the event of a U.S.&#160;Bankruptcy
    Proceeding.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A forced restructuring of the exchange notes could occur through
    the &#147;cram-down&#148; provisions of the U.S.&#160;Bankruptcy
    Code. Under these provisions, the exchange notes could be
    restructured over your objections as to their general terms,
    including the interest rate and maturity date which could be
    modified along with other terms of the exchange notes.
</DIV>
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    <BR>
    22
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Federal
    and state statutes allow courts, under specific circumstances,
    to void guarantees and require Note holders to return payments
    received from guarantors.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The issuance of the guarantees of the exchange notes by the
    guarantors may be subject to review under state and federal laws
    if a bankruptcy, liquidation or reorganization case or a
    lawsuit, including in circumstances in which bankruptcy is not
    involved, were commenced at some future date by, or on behalf
    of, the unpaid creditors of a guarantor. Under the
    U.S.&#160;bankruptcy law and comparable provisions of state
    fraudulent transfer and conveyance laws, any guarantees of the
    exchange notes could be voided, or claims in respect of a
    guarantee could be subordinated to all other existing and future
    debts of that guarantor if, among other things, and depending
    upon the jurisdiction whose laws are applied, the guarantor, at
    the time it incurs the indebtedness evidenced by its guarantee
    or, in some jurisdictions, when payments came due under such
    guarantee:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    issued the guarantee with the intent of hindering, delaying or
    defrauding any present or future creditor;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    received less than reasonably equivalent value or fair
    consideration for the incurrence of such guarantee and
    (1)&#160;was insolvent or rendered insolvent by reason of such
    incurrence, (2)&#160;was engaged in a business or transaction
    for which the guarantor&#146;s remaining assets constitute
    unreasonably small capital, or (3)&#160;intended to incur, or
    believed or reasonably should have believed that it would incur,
    debts beyond its ability to pay such debts as they mature.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A court would likely find that a guarantor did not receive
    reasonably equivalent value or fair consideration for its
    guarantee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The measures of insolvency for purposes of these fraudulent
    transfer laws will vary depending upon the law applied in any
    proceeding to determine whether a fraudulent transfer has
    occurred. Generally, however, a guarantor would be considered
    insolvent if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the sum of its debts, including contingent liabilities, was
    greater than the fair saleable value of all of its assets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the present fair saleable value of its assets was less than the
    amount that would be required to pay its probable liability or
    its existing debts, including contingent liabilities, as they
    become absolute and mature;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it could not pay its debts as they become due.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each guarantee will contain a provision intended to limit the
    guarantor&#146;s liability thereunder to the maximum amount that
    it could incur without causing the incurrence of obligations
    under the guarantee to be a fraudulent transfer. This provision
    may not be effective to protect the guarantees from being voided
    under fraudulent transfer law, or may reduce the
    guarantor&#146;s obligation to an amount that effectively makes
    the guarantee worthless. If a guarantee were legally challenged,
    such guarantee could also be subject to the claim that, because
    the guarantee was incurred for the benefit of Titan
    International, Inc., and only indirectly for the benefit of the
    guarantor, the obligations of the guarantor were incurred for
    less than fair consideration. A court could thus void the
    obligations under a guarantee, subordinate it to a
    guarantor&#146;s other debt or take other action detrimental to
    the holders of the exchange notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company cannot be certain as to the standard that a court
    would use to determine whether or not a guarantor was solvent
    upon issuance of the guarantee or, regardless of the actual
    standard applied by the court, that the issuance of the
    guarantee of the exchange notes would not be voided or
    subordinated to any guarantor&#146;s other debt.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a court voided a guarantee, you would no longer have a claim
    against such guarantor for amounts owed in respect of such
    guarantee and liens granted by any such guarantor would also
    likely be voided. In addition, a court might direct you to repay
    any amounts already received from such guarantor. If a court
    were to void any guarantee, funds may not be available from any
    other source to pay the Company&#146;s obligations under the
    exchange notes.
</DIV>
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    <BR>
    23
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Security
    over Collateral on which a lien in favor of the Collateral
    Trustee is required will not be in place on the date of issuance
    of the exchange notes and will not be perfected on such
    date.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Within 120&#160;days of the issue date of the outstanding notes,
    the Company and the Guarantors will enter into the Security
    Documents, which will provide for a grant of a security interest
    in Collateral to be granted in favor of the Collateral Trustee
    for the benefit of the Holders of the notes. Although the
    Company and the Guarantors will use reasonable best efforts to
    complete those actions required to perfect the Liens in favor of
    the Collateral Trustee on the Collateral within such
    120&#160;days, the security interests will not be in place on
    the issue date and will not be perfected on the issue date. The
    Company and the Guarantors will use reasonable best efforts to
    perfect on the issue date the security interests in the
    Collateral for the benefit of the Holders of the notes, but to
    the extent any such security interest cannot be perfected by
    such date, the Company and the Guarantors will use reasonable
    best efforts to have all security interests granted and
    perfected, to the extent required by the Security Documents,
    promptly following the issue date, but in any event shall grant
    and perfect such Lien no later than 120&#160;days thereafter.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">An
    active trading market for the exchange notes may not
    develop.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There is no existing market for the outstanding notes. The
    exchange notes will not be listed on any securities exchange.
    There can be no assurance that a trading market for the exchange
    notes will ever develop or will be maintained. Further, there
    can be no assurance as to the liquidity of any market that may
    develop for the exchange notes, your ability to sell your
    exchange notes or the price at which you will be able to sell
    your exchange notes. Future trading prices of the exchange notes
    will depend on many factors, including prevailing interest
    rates, our financial condition and results of operations, the
    then-current ratings assigned to the exchange notes and the
    market for similar securities. Any trading market that develops
    would be affected by many factors independent of and in addition
    to the foregoing, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    time remaining to the maturity of the exchange notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    outstanding amount of the exchange notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the terms related to optional redemption of the exchange
    notes;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    level, direction and volatility of market interest rates,
    generally.
</TD>
</TR>

</TABLE>

<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange offer is intended to satisfy our obligations under
    the exchange and registration rights agreement we entered into
    in connection with the issuance of the outstanding notes. We
    will not receive any cash proceeds from the issuance of the
    exchange notes in the exchange offer. In consideration for
    issuing the exchange notes as contemplated in this prospectus,
    we will receive in exchange outstanding notes in like principal
    amount. We will cancel and retire all outstanding notes
    surrendered in exchange for exchange notes in the exchange
    offer. As a result, the issuance of the exchange notes will not
    result in any increase or decrease in our indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We received net proceeds of approximately $196&#160;million,
    after deducting the initial purchasers&#146; discounts and our
    expenses, from the October&#160;1, 2010 private placement of the
    outstanding notes. Proceeds received in the private placement
    were used to finance to finance the purchase of the
    Company&#146;s Senior Unsecured Notes due 2012 validly tendered
    pursuant to a tender offer and consent solicitation which
    commenced on August&#160;31, 2010, and to pay all consent
    payments, accrued interest and costs and expenses associated
    therewith. See &#147;Description of Other
    Indebtedness&#160;&#151; Senior Unsecured Notes due 2012.&#148;
    The Company intends to use the remaining net proceeds from the
    offering of the outstanding notes for general corporate
    purposes, which may include financing potential future
    acquisitions and repayment of other existing obligations.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    24
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    EXCHANGE OFFER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Purpose
    and Effect of the Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On October&#160;1, 2010, we completed the issuance and sale of
    the outstanding notes in an unregistered private placement to a
    group of investment banks that served as the initial purchasers.
    Following the sale, the initial purchasers then resold the
    outstanding notes pursuant an offering memorandum dated
    September&#160;22, 2010 to qualified institutional buyers in
    reliance on Rule&#160;144A under the Securities Act and to
    certain
    <FONT style="white-space: nowrap">non-U.S.&#160;persons</FONT>
    in transactions outside the United States in reliance on
    Regulation&#160;S under the Securities Act. The outstanding
    notes are subject to transfer restrictions. In general, you may
    not offer or sell the outstanding notes unless the offer and
    sale thereof are registered under the Securities Act or are
    exempt from or not subject to registration under the Securities
    Act and applicable state securities laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As part of the private placement, we and the guarantors entered
    into an exchange and registration rights agreement with the
    initial purchasers. Under the exchange and registration rights
    agreement, we and the guarantors agreed to file the registration
    statement of which this prospectus forms a part relating to our
    offer to exchange the outstanding notes for exchange notes in an
    offering registered under the Securities Act. We and the
    guarantors also agreed to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    file with the SEC an exchange offer registration statement with
    respect to a registered offer to exchange the outstanding notes
    for exchange notes under the indenture in the same aggregate
    principal amount as and with terms that shall be identical in
    all respects to the outstanding notes (but which will not
    contain terms with respect to payment of additional interest or
    transfer restrictions, as described below);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    use commercially reasonable efforts to cause the registration
    statement to become effective under the Securities Act;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    use commercially reasonable efforts to consummate the exchange
    offer by June&#160;28, 2011.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We and the guarantors also agreed to keep the exchange offer
    registration statement effective for not less than 20 calendar
    days after the date on which notice of the exchange offer is
    mailed to the holders of the outstanding notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we and the guarantors are not required to file an exchange offer
    registration statement or to consummate the exchange offer
    because the exchange offer is not permitted by applicable law or
    SEC policy;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for any reason, we do not consummate the exchange offer by
    June&#160;28, 2011;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange offer is not available to any holder of outstanding
    notes;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    then, we will be required to file a shelf registration statement
    with the SEC to provide for resales of all outstanding notes. In
    that case, we and the guarantors will be required to
    (a)&#160;use commercially reasonable efforts to cause the shelf
    registration statement to be declared effective on or before the
    180th calendar day after the date on which such shelf
    registration statement is filed, and (b)&#160;maintain the
    effectiveness of the registration statement until the earlier of
    two years after the effective date or the date when all of the
    outstanding notes covered by the registration statement have
    been sold pursuant to such registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will pay additional interest on the notes if one of the
    following &#147;registration defaults&#148; occurs:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we do not consummate the exchange offer by June&#160;28, 2011;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if required, the shelf registration statement is not filed or
    declared effective when required;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange offer registration statement or shelf registration
    statement is declared effective, but thereafter fails to remain
    effective or usable in connection with resales for more than 45
    calendar days.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If one of these registration defaults occurs, we will be
    required to pay liquidated damages in the form of additional
    interest on the outstanding notes in an amount equal to 0.25%
    per year from the date of such registration default to the first
    <FONT style="white-space: nowrap">90-day</FONT>
    period after such date. The amount of additional interest will
    increase by an additional
</DIV>
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    <BR>
    25
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    0.25% per year for each subsequent
    <FONT style="white-space: nowrap">90-day</FONT>
    period during which such registration default continues, up to a
    maximum of 1.00% per year. Following the cure of any
    registration default, additional interest will cease to accrue
    and the interest rate on the notes will revert to 7.875%;
    provided, however, that if a subsequent registration default
    occurs, additional interest may again begin to accrue.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Terms of
    the Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the terms and conditions described in this prospectus
    and in the accompanying letter of transmittal, we will accept
    for exchange any and all outstanding notes validly tendered and
    not withdrawn prior to 5:00&#160;p.m., Eastern time, on the
    expiration date of the exchange offer. We will issue exchange
    notes in principal amount equal to the principal amount of
    outstanding notes surrendered in the exchange offer. Outstanding
    notes may be tendered only for exchange notes and only in
    denominations of $2,000 and integral multiples of $1,000 in
    excess thereof. The exchange offer is not conditioned upon any
    minimum amount of outstanding notes being tendered for exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The terms of the exchange notes will be identical in all
    material respects to the terms of the outstanding notes, except
    that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we will register the exchange notes under the Securities Act
    and, therefore, these notes will not bear legends restricting
    their transfer;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    specified rights under the exchange and registration rights
    agreement, including the provisions providing for registration
    rights and payment of additional interest in specified
    circumstances relating to the exchange offer, will be limited or
    eliminated.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange notes will evidence the same indebtedness as the
    outstanding notes. The exchange notes will be issued under the
    same indenture and will be entitled to the same benefits under
    that indenture as the outstanding notes being exchanged. As of
    the date of this prospectus, $200,000,000 in aggregate principal
    amount of the outstanding notes are outstanding. Outstanding
    notes that are accepted for exchange will be retired and
    cancelled and not reissued.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the issuance of the outstanding notes, we
    arranged for the outstanding notes originally purchased by
    qualified institutional buyers (as defined in Rule&#160;144A
    under the Securities Act) and those sold to
    <FONT style="white-space: nowrap">non-U.S.&#160;persons</FONT>
    in reliance on Regulation&#160;S under the Securities Act to be
    issued and transferable in book-entry form through the
    facilities of DTC, acting as depositary. Except as described in
    &#147;Book-Entry Settlement and Clearance,&#148; we will issue
    the exchange notes in the form of Global Notes registered in the
    name of DTC or its nominee and each beneficial owner&#146;s
    interest in it will be transferable in book-entry form through
    DTC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of outstanding notes do not have any appraisal or
    dissenters&#146; rights in connection with the exchange offer.
    We intend to conduct the exchange offer in accordance with the
    applicable requirements of the Exchange Act, the rules and
    regulations of the SEC and state securities laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will be deemed to have accepted for exchange validly tendered
    outstanding notes when we have given oral or written notice of
    such acceptance to the exchange agent. The exchange agent will
    act as agent for the tendering holders for the purposes of
    receiving the exchange notes from us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you tender outstanding notes in the exchange offer, you will
    not be required to pay brokerage commissions or fees or, except
    to the extent indicated by the instructions to the letter of
    transmittal, transfer taxes with respect to the exchange of
    outstanding notes. We will pay all charges and expenses, other
    than certain applicable taxes described below, in connection
    with the exchange offer. Please read &#147;The Exchange
    Offer&#160;&#151; Fees and Expenses&#148; for more details
    regarding fees and expenses incurred in connection with the
    exchange offer. We will return any outstanding notes that we do
    not accept for exchange for any reason without expense to their
    tendering holders promptly after the expiration or termination
    of the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Outstanding notes not tendered for exchange in the exchange
    offer will remain outstanding and continue to accrue interest.
    These outstanding notes will be entitled to the rights and
    benefits such holders have under the indenture, but holders of
    outstanding notes after the exchange offer in general will not
    have further rights under the exchange and registration rights
    agreement, including registration rights and any rights to
    additional interest. After
</DIV>
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    <BR>
    26
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    completion of the exchange offer, holders of outstanding notes
    wishing to transfer their outstanding notes would have to rely
    on exemptions from the registration requirements of the
    Securities Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Expiration,
    Extension and Amendment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange offer will expire at 5:00&#160;p.m., Eastern time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, unless, in our sole discretion, we extend it. If we so
    extend the expiration date, the term &#147;expiration date&#148;
    will mean the latest date and time to which we extend the
    exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We reserve the right, in our sole discretion:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to delay accepting any outstanding notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to extend the exchange offer;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to terminate the exchange offer if, in our sole judgment, any of
    the conditions described below are not satisfied;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to amend the terms of the exchange offer in any manner.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will give oral or written notice of any delay, extension or
    termination to the exchange agent. In addition, we will promptly
    give oral or written notice regarding any delay in acceptance,
    extension or termination of the offer to the registered holders
    of outstanding notes. If we amend the exchange offer in a matter
    that we determine constitutes a material change, or if we waive
    a material condition or if any other material change occurs in
    the information contained herein, we will promptly disclose the
    amendment, waiver or other material change in a manner
    reasonably calculated to inform the holders of the outstanding
    notes of the amendment, waiver or other material change and we
    will extend the exchange offer to the extent required by law or
    by SEC rules and regulations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Without limiting the manner in which we may choose to make a
    public announcement of any delay in acceptance, extension,
    termination, amendment or waiver regarding the exchange offer,
    we will have no obligation to publish, advertise or otherwise
    communicate any public announcement, other than by making a
    timely release to a financial news service.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Conditions
    to the Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Registration conditions.</I>&#160;&#160;Notwithstanding any
    other provisions of the exchange offer, or any extension of the
    exchange offer, consummation of the exchange offer is subject to
    the following registration conditions, which we cannot waive:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the registration statement of which this prospectus forms a part
    shall have been declared effective by the SEC;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no stop order suspending the effectiveness of the registration
    statement will have been issued;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no proceedings for that purpose will have been instituted or be
    pending or, to our knowledge, be contemplated or threatened by
    the SEC.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>General conditions.</I>&#160;&#160;Despite any other term of
    the exchange offer, we will not be required to accept for
    exchange any outstanding notes, and we may terminate the
    exchange offer as provided in this prospectus before the
    acceptance of the outstanding notes, if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange offer, or the making of any exchange by a holder,
    violates, in our reasonable judgment, any applicable law, rule
    or regulation or any applicable interpretation of the staff of
    the SEC;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any action or proceeding shall have been instituted or
    threatened with respect to the exchange offer that, in our
    reasonable judgment, would impair our ability to proceed with
    the exchange offer;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have not obtained any governmental approval that we, in our
    reasonable judgment, consider necessary for the completion of
    the exchange offer as contemplated by this prospectus.
</TD>
</TR>

</TABLE>
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    <BR>
    27
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The conditions listed under &#147;General conditions&#148; are
    for our sole benefit and we may assert them regardless of the
    circumstances giving rise to any of these conditions. We may
    waive these conditions in our sole discretion in whole or in
    part at any time prior to the expiration of the exchange offer,
    except for waivers of government approvals which we may make
    after the expiration of the exchange offer. A failure on our
    part to exercise any of the above rights will not constitute a
    waiver of that right, and that right will be considered an
    ongoing right which we may assert at any time and from time to
    time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we determine in our sole discretion that any of the events
    listed above has occurred, we may, subject to applicable law:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    refuse to accept any outstanding notes and return all tendered
    outstanding notes to the tendering holders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    extend the exchange offer and retain all outstanding notes
    tendered before the expiration of the exchange offer, subject,
    however, to the rights of holders to withdraw these outstanding
    notes;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    waive unsatisfied conditions listed under &#147;General
    conditions&#148; above and accept all validly tendered
    outstanding notes which have not been withdrawn.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any determination by us concerning the above events will be
    final and binding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, we reserve the right in our sole discretion to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    purchase or make offers for any outstanding notes that remain
    outstanding subsequent to the expiration date;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to the extent permitted by applicable law, purchase outstanding
    notes in the open market, in privately negotiated transactions
    or otherwise.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The terms of any such purchases or offers may differ from the
    terms of the exchange offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Procedures
    for Tendering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To participate in the exchange offer, you must validly tender
    your outstanding notes to the exchange agent as described below.
    We will only issue exchange notes in exchange for outstanding
    notes that you timely and validly tender. Therefore, you should
    allow sufficient time to ensure timely delivery of your
    outstanding notes, and you should follow carefully the
    instructions on how to tender your outstanding notes. It is your
    responsibility to validly tender your outstanding notes. We have
    the right to waive any defects. We are not, however, required to
    waive defects, and neither we nor the exchange agent is required
    to notify you of any defects in your tender.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you have any questions or need help in exchanging your
    outstanding notes, please call the exchange agent. See &#147;The
    Exchange Offer&#160;&#151; Exchange Agent.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All of the outstanding notes were issued in book-entry form, and
    all of the outstanding notes are currently represented by global
    certificates registered in the name of Cede&#160;&#038; Co., the
    nominee of DTC. The exchange agent and DTC have confirmed that
    the outstanding notes may be tendered using DTC&#146;s Automated
    Tender Offer Program, or ATOP. The exchange agent will establish
    an account with DTC for purposes of the exchange offer promptly
    after the commencement of such exchange offer, and DTC
    participants may electronically transmit their acceptance of the
    exchange offer by causing DTC to transfer their outstanding
    notes to the exchange agent using the ATOP procedures. In
    connection with the transfer, DTC will send an
    &#147;agent&#146;s message&#148; to the exchange agent. The
    agent&#146;s message will state that DTC has received
    instructions from the participant to tender outstanding notes
    and that the participant has received and agrees to be bound by
    the terms of the letter of transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By using the ATOP procedures to exchange outstanding notes, you
    will not be required to deliver a letter of transmittal to the
    exchange agent. You will, however, be bound by its terms just as
    if you had signed&#160;it.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There is no procedure for guaranteed late delivery of the
    outstanding notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will determine in our sole discretion all questions as to the
    validity, form, eligibility, time of receipt, acceptance of
    tendered outstanding notes and withdrawal of tendered
    outstanding notes. Our determination will be final and binding.
    We reserve the absolute right to reject any outstanding notes
    not properly tendered or any
</DIV>
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    <BR>
    28
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    outstanding notes our acceptance of which would, in the opinion
    of our counsel, be unlawful. We also reserve the right to waive
    any defect, irregularities or conditions of tender as to any
    particular outstanding notes either before or after the
    expiration date. Our interpretation of the terms and conditions
    of the exchange offer, including the instructions in the letter
    of transmittal, will be final and binding on all parties. Unless
    waived, holders must cure any defects or irregularities in
    connection with tenders of outstanding notes within such time as
    we will determine. Although we intend to notify holders of
    defects or irregularities with respect to tenders of outstanding
    notes, neither we, the exchange agent nor any other person will
    incur any liability for failure to give such notification. We
    will not consider a tender of outstanding notes to have been
    validly made until any defect or irregularity has been cured or
    waived. Any outstanding notes received by the exchange agent
    that are not validly tendered and as to which the defects or
    irregularities have not been cured or waived will be returned to
    the tendering holder as soon as practicable following the
    expiration date of the exchange offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">When We
    Will Issue Exchange Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In all cases, we will issue exchange notes for outstanding notes
    that we have accepted for exchange under the exchange offer only
    after the exchange agent receives, prior to 5:00&#160;p.m.,
    Eastern time, on the expiration date of such exchange offer:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a book-entry confirmation of such outstanding notes into the
    exchange agent&#146;s account at DTC;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a properly transmitted agent&#146;s message.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Return of
    Outstanding Notes Not Accepted or Exchanged</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we do not accept tendered outstanding notes for exchange or
    if outstanding notes are submitted for a greater principal
    amount than you desire to exchange, the unaccepted or
    non-exchanged outstanding notes will be returned without expense
    to their tendering holder. Such non-exchanged outstanding notes
    will be credited to an account maintained with DTC. These
    actions will occur as promptly as practicable after the
    expiration or termination of the exchange offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Valid
    Tender</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By agreeing to be bound by the letter of transmittal, you will
    represent to us that, among other things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any exchange notes that you receive pursuant to the exchange
    offer will be acquired in the ordinary course of your business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you have no arrangement or understanding with any person to
    participate in the distribution of the exchange notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are not an &#147;affiliate&#148; of ours, as such term is
    defined in Rule&#160;405 under the Securities Act;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if you are not a broker-dealer, you are not engaged in and do
    not intend to engage in the distribution of the exchange
    notes;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if you are a broker-dealer and will receive exchange notes for
    your own account in exchange for outstanding notes, you acquired
    such outstanding notes as a result of market-making activities
    or other trading activities and you acknowledge that you will
    deliver a prospectus in connection with any resale of the
    exchange notes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Withdrawal
    Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as otherwise provided in this prospectus, you may
    withdraw your tender at any time prior to 5:00&#160;p.m.,
    Eastern time, on the expiration date of the exchange offer
    (including any extensions thereof).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For a withdrawal to be effective:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange agent must receive a written notice of withdrawal,
    which may be by facsimile transmission or letter, of withdrawal
    at the address set forth below under &#147;Exchange
    Agent&#148;;&#160;or
</TD>
</TR>

</TABLE>
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    <BR>
    29
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for DTC participants, holders must comply with DTC&#146;s
    standard operating procedures for electronic tenders and the
    exchange agent must receive an electronic notice of withdrawal
    from DTC.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any notice of withdrawal must:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    specify the name of the person who tendered the outstanding
    notes to be withdrawn;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    identify the outstanding notes to be withdrawn, including the
    certificate number or numbers and principal amount of the
    outstanding notes to be withdrawn;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    be signed by the person who tendered the outstanding notes in
    the same manner as the original signature on the letter of
    transmittal, including any required signature
    guarantees;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    specify the name in which the outstanding notes are to be
    re-registered, if different from that of the withdrawing holder.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will determine in our sole discretion all questions as to the
    validity, form, eligibility and time of receipt of a notice of
    withdrawal, and our determination will be final and binding on
    all parties. We will deem any outstanding notes so withdrawn not
    to have been validly tendered for exchange for purposes of the
    exchange offer and no exchange notes will be issued with respect
    to them unless the outstanding notes so withdrawn are validly
    <FONT style="white-space: nowrap">re-tendered.</FONT>
    Any outstanding notes that have been tendered for exchange but
    that are not exchanged for any reason will be credited to an
    account maintained with DTC for the outstanding notes. This
    return or crediting will take place as soon as practicable after
    withdrawal, rejection of tender, expiration or termination of
    the exchange offer. You may re-tender properly withdrawn
    outstanding notes by following the procedures described under
    &#147;&#151;&#160;Procedures for Tendering&#148; above at any
    time on or prior to the expiration date of the exchange offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Resales
    of Exchange Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based on interpretations by the staff of the SEC, as described
    in no-action letters issued to third parties that are not
    related to us, we believe that exchange notes issued in the
    exchange offer in exchange for outstanding notes may be offered
    for resale, resold or otherwise transferred by holders of the
    exchange notes without compliance with the registration and
    prospectus delivery provisions of the Securities Act, if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange notes are acquired in the ordinary course of the
    holder&#146;s business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the holders have no arrangement or understanding with any person
    to participate in the distribution of the exchange notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the holders are not &#147;affiliates&#148; of ours within the
    meaning of Rule&#160;405 under the Securities Act;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the holders are not engaged in and do not intend to engage in
    the distribution of the exchange notes;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the holders are not broker-dealers who purchased outstanding
    notes directly from us for resale pursuant to Rule&#160;144A or
    any other available exemption under the Securities Act.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, the SEC has not considered the exchange offer described
    in this prospectus in the context of a no-action letter. The
    staff of the SEC may not make a similar determination with
    respect to the exchange offer as in the other circumstances.
    Each holder who wishes to exchange outstanding notes for
    exchange notes will be required to represent that it meets the
    above requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any holder who is an affiliate of ours or who intends to
    participate in an exchange offer for the purpose of distributing
    exchange notes or any broker-dealer who purchased outstanding
    notes directly from us for resale pursuant to Rule&#160;144A or
    any other available exemption under the Securities Act:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    cannot rely on the applicable interpretations of the staff of
    the SEC mentioned above;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will not be permitted or entitled to tender its outstanding
    notes in the exchange offer;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    must comply with the registration and prospectus delivery
    requirements of the Securities Act in connection with any
    secondary resale transaction.
</TD>
</TR>

</TABLE>
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    <BR>
    30
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each broker-dealer that receives exchange notes for its own
    account in exchange for outstanding notes must acknowledge that
    the outstanding notes were acquired by it as a result of
    market-making activities or other trading activities and agree
    that it will deliver a prospectus that meets the requirements of
    the Securities Act in connection with any resale of the exchange
    notes. The letter of transmittal states that by so acknowledging
    and by delivering a prospectus, a broker-dealer will not be
    deemed to admit that it is an &#147;underwriter&#148; within the
    meaning of the Securities Act. Please read &#147;Plan of
    Distribution.&#148; A broker-dealer may use this prospectus, as
    it may be amended or supplemented from time to time, in
    connection with the resales of exchange notes received in
    exchange for outstanding notes that the broker-dealer acquired
    as a result of market-making or other trading activities. Any
    holder that is a broker-dealer participating in an exchange
    offer must notify the exchange agent at the telephone number set
    forth in the enclosed letter of transmittal and must comply with
    the procedures for broker-dealers participating in the exchange
    offer. We have not entered into any arrangement or understanding
    with any person to distribute the exchange notes to be received
    in the exchange offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    Agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    U.S.&#160;Bank National Association has been appointed as the
    exchange agent for the exchange offer. Questions and requests
    for assistance, requests for additional copies of this
    prospectus or of the letter of transmittal should be directed to
    the exchange agent addressed as follows:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S. Bank
    National Association<BR>
    <BR>
    </FONT></B><FONT style="font-family: 'Times New Roman', Times">Attn:
    Specialized Finance<BR>
    60 Livingston Ave.<BR>
    St. Paul, MN 55107<BR>
    phone:
    <FONT style="white-space: nowrap">800-934-6802</FONT>
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Fees and
    Expenses</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will bear the expenses of soliciting tenders. The principal
    solicitation is being made by mail; however, we may make
    additional solicitation by telegraph, telephone or in person by
    our officers and regular employees and those of our affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have not retained any dealer manager in connection with the
    exchange offer and will not make any payments to broker-dealers
    or others soliciting acceptances of the exchange offer. We will,
    however, pay the exchange agent reasonable and customary fees
    for its services and reimburse it for its related reasonable out
    of pocket expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will pay the cash expenses to be incurred in connection with
    the exchange offer. They include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    SEC registration fees;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    fees and expenses of the exchange agent and trustee;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    accounting and legal fees and printing costs;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    related fees and expenses.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    Taxes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will pay all transfer taxes, if any, applicable to the
    exchange of outstanding notes under the exchange offer. Each
    tendering holder, however, will be required to pay any transfer
    taxes, whether imposed on the registered holder or any other
    person, if a transfer tax is imposed for any reason other than
    the exchange of outstanding notes under the exchange offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Appraisal
    Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You will not have dissenters&#146; rights or appraisal rights in
    connection with the exchange offer.
</DIV>
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    <BR>
    31
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Consequences
    of Failure to Exchange Outstanding Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you do not exchange your outstanding notes for exchange notes
    under the exchange offer, the outstanding notes you hold will
    continue to be subject to the existing restrictions on transfer.
    In general, you may not offer or sell the outstanding notes
    except under an exemption from, or in a transaction not subject
    to, the Securities Act and applicable state securities laws. We
    do not intend to register outstanding notes under the Securities
    Act unless the registration rights agreement requires us to do
    so.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Accounting
    Treatment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will record the exchange notes in our accounting records at
    the same carrying value as the outstanding notes. This carrying
    value is the aggregate principal amount of the outstanding
    notes, as reflected in our accounting records on the date of
    exchange. Accordingly, we will not recognize any gain or loss
    for accounting purposes in connection with the exchange offer,
    other than the recognition of the fees and expenses of the
    offering as stated under &#147;&#151;&#160;Fees and
    Expenses.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Other</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Participation in the exchange offer is voluntary, and you should
    consider carefully whether to accept. You are urged to consult
    your financial and tax advisors in making your own decision on
    what action to take.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may in the future seek to acquire any untendered outstanding
    notes in open market or privately negotiated transactions,
    through subsequent exchange offer or otherwise. We have no
    present plans to acquire any outstanding notes that are not
    tendered in the exchange offer or to file a registration
    statement to permit resales of any untendered outstanding notes.
</DIV>

<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF NOTES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You can find the definitions of certain terms used in this
    description under &#147;Certain Definitions.&#148; In this
    description, the word &#147;Titan&#148; refers only to Titan
    International, Inc. and not to any of its subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan issued the outstanding notes, and will issue the exchange
    notes, under an indenture, dated as of October&#160;1, 2010 (the
    &#147;Indenture&#148;), among Titan, the Guarantors, and
    U.S.&#160;Bank National Association, as trustee (the
    &#147;Trustee&#148;) and as collateral trustee (the
    &#147;Collateral Trustee&#148;). The terms of the notes include
    those stated in the Indenture and those made part of the
    Indenture by reference to the Trust&#160;Indenture Act of 1939,
    as amended. The exchange notes and the outstanding notes will be
    identical in all respects, except that the exchange notes have
    been registered under the Securities Act and are free of any
    obligation regarding registration, including the payment of
    additional interest upon failure to file or have declared
    effective an exchange offer registration statement or to
    consummate an exchange offer by specified dates. Accordingly,
    unless specifically stated to the contrary, the following
    description applies equally to the outstanding notes and the
    exchange notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following description is a summary of the material
    provisions of the Indenture. It does not restate the Indenture
    in its entirety. We urge you to read the Indenture because it,
    and not this description, defines your rights as holders of the
    notes. The terms of the notes will include those stated in the
    Indenture. The Indenture was filed with the SEC on
    October&#160;5, 2010, as Exhibit&#160;4.1 to the Company&#146;s
    Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    and is incorporated by reference into this prospectus. A copy of
    the Indenture may be obtained as described in the section of
    this prospectus entitled &#147;Incorporation by Reference&#148;
    and as described below under the caption
    &#147;&#151;&#160;Additional Information.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The registered holder of a note will be treated as the owner of
    it for all purposes. Only registered holders will have rights
    under the Indenture. All references herein to &#147;holder&#148;
    or &#147;holders&#148; are intended to refer to the registered
    holder of notes, which, as long as the notes are held as Global
    Notes, will be Cede&#160;&#038; Co. or another nominee of The
    Depository Trust&#160;Company (&#147;DTC&#148;) (or a successor
    of DTC or its nominee).
</DIV>
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    <BR>
    32
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Brief
    Description of the Exchange Notes and the Note
    Guarantees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Exchange Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange notes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will be secured by first-priority liens on the Collateral,
    subject to certain exceptions and Permitted Liens (as described
    below under &#147;&#151;&#160;Security for the Notes&#148;);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will be treated as a single class with the outstanding notes for
    all purposes of the Indenture and will vote together as one
    class on all matters with respect to the notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will mature on October&#160;1, 2017;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will bear interest at a rate of 7.875% per annum, payable
    semiannually in arrears on each April 1 and October 1 commencing
    April&#160;1, 2011 to holders of record of exchange notes at the
    close of business on the immediately preceding March 15 and
    September 15;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will be senior in right of payment to Titan&#146;s existing and
    future Indebtedness that is subordinated in right of payment to
    the notes, if any;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will be effectively senior to obligations of Titan under any
    existing or future unsecured Indebtedness of Titan to the extent
    of the value of the Collateral;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will be guaranteed by the Guarantors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will be effectively subordinated to all existing and future
    liabilities, including trade payables, of our non-guarantor
    Subsidiaries;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will be issued in denominations of $2,000 and integral multiples
    of $1,000.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Note Guarantees</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes will be guaranteed by certain of Titan&#146;s
    Subsidiaries which own any interest in the Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each guarantee of the notes will be:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a general unsecured obligation of the Guarantor, except to the
    extent of the Collateral owned by such Guarantor;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>pari passu </I>in right of payment with existing and future
    unsecured senior Indebtedness of that Guarantor, except to the
    extent of the Collateral owned by such Guarantor;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    effectively subordinated to secured Indebtedness of that
    Guarantor up to the value of the collateral (other than the
    Collateral) securing such Indebtedness;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    senior in right of payment to existing and future subordinated
    Indebtedness, if any, of that Guarantor.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event of a bankruptcy, liquidation or reorganization of
    any of the non-guarantor Subsidiaries, the non-guarantor
    Subsidiaries will pay the holders of their debt and their trade
    creditors before they will be able to distribute any of their
    assets to us. As a result, the Notes will be effectively
    subordinated in right of payment to all Indebtedness and other
    liabilities and commitments (including trade payables and lease
    obligations) of our non-guarantor Subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of the Issue Date, all of our wholly-owned Subsidiaries
    except Titan Wheel Corporation of Virginia were &#147;Restricted
    Subsidiaries.&#148; However, under the circumstances described
    below under the caption &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Designation of Restricted and Unrestricted
    Subsidiaries,&#148; we will be permitted to designate certain of
    our Subsidiaries that do not own the Collateral as
    &#147;Unrestricted Subsidiaries.&#148; Our Unrestricted
    Subsidiaries will not be subject to many of the restrictive
    covenants in the Indenture. Our Unrestricted Subsidiaries will
    not guarantee the notes.
</DIV>
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    <BR>
    33
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan may issue additional notes under the Indenture from time
    to time after this offering. Any issuance of additional notes is
    subject to all of the covenants in the Indenture, including the
    covenant described below under the caption
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Incurrence of
    Indebtedness and Issuance of Preferred Stock.&#148; The notes
    and any additional notes subsequently issued under the Indenture
    will be treated as a single class for all purposes under the
    Indenture, including, without limitation, waivers, amendments,
    redemptions and offers to purchase.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Methods
    of Receiving Payments on the Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a holder of notes holding in excess of $5.0&#160;million of
    notes has given wire transfer instructions to Titan, Titan will
    pay all principal, interest and premium, if any, on that
    holder&#146;s notes in accordance with those instructions. All
    other payments on the notes will be made at the office or agency
    of the paying agent and registrar within the City and State of
    New York unless Titan elects to make interest payments by check
    mailed to the noteholders at their address set forth in the
    register of holders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Paying
    Agent and Registrar for the Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trustee will initially act as paying agent and registrar.
    Titan may change the paying agent or registrar without prior
    notice to the holders of the notes, and Titan or any of its
    Subsidiaries may act as paying agent or registrar.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    and Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A holder may transfer or exchange notes in accordance with the
    provisions of the Indenture. The registrar and the Trustee may
    require a holder, among other things, to furnish appropriate
    endorsements and transfer documents in connection with a
    transfer of notes. Holders will be required to pay all taxes due
    on transfer. Titan will not be required to transfer or exchange
    any note selected for redemption. Also, Titan will not be
    required to transfer or exchange any notes for a period of
    15&#160;days before a selection of notes to be redeemed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Note
    Guarantees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The outstanding notes are, and the exchange notes will be,
    guaranteed by certain of Titan&#146;s Subsidiaries, which own
    any interest in the Collateral. These Note Guarantees will be
    joint and several obligations of the Guarantors. The obligations
    of each Guarantor under its Note Guarantee will be limited to an
    amount not to exceed the maximum amount that can be guaranteed
    by such Guarantor by law or without resulting in its obligations
    under its Note Guarantee being voidable or unenforceable under
    applicable laws relating to fraudulent conveyance or fraudulent
    transfer, or under similar laws affecting the rights of
    creditors generally. We cannot assure you that this limitation
    will protect the Note Guarantees from fraudulent conveyance or
    fraudulent transfer challenges or, if it does, that the
    remaining amount due and collectible under the Note Guarantees
    would suffice, if necessary, to pay the notes in full when due.
    In a recent Florida bankruptcy case, this kind of provision was
    found to be unenforceable and, as a result, the subsidiary
    guarantees in that case were found to be fraudulent conveyances.
    We do not know if that case will be followed if there is
    litigation on this point under the Indenture. However, if it is
    followed, the risk that the Note Guarantees will be found to be
    fraudulent conveyances will be significantly increased. See
    &#147;Risk Factors&#160;&#151; Federal and state statutes allow
    courts, under specific circumstances, to void guarantees and
    require Note holders to return payments received from
    guarantors.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Note Guarantee of a Guarantor will be automatically released
    with respect to the notes when such Guarantor ceases to own any
    interest in the Collateral.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Security
    for the Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The payment of the notes, when due, whether on an interest
    payment date, at maturity, by acceleration, repurchase,
    redemption or otherwise and whether by Titan pursuant to the
    notes or by any Guarantor pursuant to the Note Guarantees, and
    the performance of all other obligations of Titan and its
    Restricted Subsidiaries under the Security Documents are secured
    by first-priority liens on the Collateral as provided in the
    Security Documents.
</DIV>
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    <BR>
    34
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Collateral
    Trustee</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan has appointed a collateral trustee (the &#147;Collateral
    Trustee&#148;) for the benefit of the holders of the Note
    Obligations outstanding from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Security Documents will provide that the Collateral Trustee
    will be subject to such directions as may be given it by the
    Trustee from time to time as required or permitted by the
    Indenture. The relative rights with respect to control of the
    Collateral Trustee will be specified in the Indenture by and
    among Titan, the Guarantors, the Trustee and the Collateral
    Trustee. Except as provided in the Indenture or as directed by
    an Act of Required Debtholders, the Collateral Trustee will not
    be obligated:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;to act upon directions purported to be delivered to it
    by any other Person;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;to foreclose upon or otherwise enforce any Lien;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;to take any other action whatsoever with regard to any
    or all of the Security Documents, the Liens created thereby or
    the Collateral.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Collateral</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture provides and the Security Documents will provide
    that the notes and the Note Guarantees will be secured by
    first-priority security interests granted to the Collateral
    Trustee on all of the right, fee title and interest in and to
    the Mortgaged Properties (the &#147;Collateral&#148;):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On or before the Mortgage Closing Date, Titan and the Guarantors
    will (i)&#160;enter into the Mortgages (which will provide for
    the granting of a first priority lien and security interest in
    the Collateral in favor of the Collateral Trustee for the
    benefit of the Holders of the notes) and (ii)&#160;satisfy and
    deliver all other Real Estate Closing Deliverables (as defined
    in the Indenture). Although Titan and the Guarantors will use
    reasonable best efforts to satisfy and deliver the Real Estate
    Closing Deliverables as promptly as possible before the Mortgage
    Closing Date, the security interests in the Collateral will not
    be in place on the date of issuance of the exchange notes. See
    &#147;Risk Factors&#160;&#151; Security over the Collateral on
    which a lien in favor of the Collateral Trustee is required will
    not be in place on the date of issuance of the exchange notes
    and will not be perfected on such date.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Enforcement
    of Liens</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Collateral Trustee at any time receives written notice
    stating that any event has occurred that constitutes a default
    under any Security Document entitling the Collateral Trustee to
    foreclose upon, collect or otherwise enforce its Liens
    thereunder, it will promptly deliver written notice thereof to
    the Trustee. Thereafter, the Collateral Trustee will await
    direction by holders of a majority of the principal amount of
    the notes and will act, or decline to act, as directed by an Act
    of Required Debtholders, in the exercise and enforcement of the
    Collateral Trustee&#146;s interests, rights, powers and remedies
    in respect of the Collateral or under the Security Documents or
    applicable law and, following the initiation of such exercise of
    remedies, the Collateral Trustee will act, or decline to act,
    with respect to the manner of such exercise of remedies as
    directed by an Act of Required Debtholders. Unless it has been
    directed to the contrary by an Act of Required Debtholders, the
    Collateral Trustee in any event may (but will not be obligated
    to) take or refrain from taking such action with respect to any
    default under any Security Document as it may deem advisable to
    preserve and protect the value of the Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Until the Discharge of the Note Obligations, Holders of a
    majority of the principal amount of the notes will have the
    exclusive right to authorize and direct the Collateral Trustee
    with respect to the Security Documents and the Collateral
    (including, without limitation, the exclusive right to authorize
    or direct the Collateral Trustee to enforce, collect or realize
    on any Collateral or exercise any other right or remedy with
    respect to the Collateral).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certain
    Bankruptcy Limitations</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The right of the Collateral Trustee (acting on behalf of the
    Trustee and the Holders of the notes) to foreclose on the
    Collateral upon the occurrence of an Event of Default would be
    significantly impaired by applicable bankruptcy law in the event
    that a bankruptcy case were to be commenced by or against Titan
    or any Guarantor prior to the Collateral Trustee&#146;s having
    repossessed and disposed of the Collateral. Upon the
    commencement of a case for relief
</DIV>
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    <BR>
    35
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    under Title&#160;11 of the United States Code, as amended (the
    &#147;Bankruptcy Code&#148;), a secured creditor such as the
    Collateral Trustee is prohibited from foreclosing on its
    security from a debtor in a bankruptcy case, or from disposing
    of security foreclosed on, without bankruptcy court approval.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In view of the broad equitable powers of a U.S.&#160;bankruptcy
    court, it is impossible to predict how long payments under the
    notes could be delayed following commencement of a bankruptcy
    case, whether or when the Collateral Trustee could foreclose
    upon the Collateral, the value of the Collateral at the time of
    the bankruptcy petition or whether or to what extent Holders of
    the notes would be compensated for any delay in payment or loss
    of value of the Collateral. The Bankruptcy Code permits only the
    payment
    <FONT style="white-space: nowrap">and/or</FONT>
    accrual of post petition interest, costs and attorneys&#146;
    fees to a secured creditor during a debtor&#146;s bankruptcy
    case to the extent the value of the Collateral is determined by
    the bankruptcy court to exceed the aggregate outstanding
    principal amount of the obligations secured by the Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Furthermore, in the event a bankruptcy court determines that the
    value of the Collateral is not sufficient to repay all amounts
    due on the notes, the Holders of the notes would hold secured
    claims to the extent of the value of the Collateral to which the
    Holders of the notes are entitled, and unsecured claims with
    respect to such shortfall.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Release
    of Security Interests</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Security Documents will provide that the Collateral will be
    released:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;in whole, upon payment in full of all Note Obligations
    that are outstanding, due and payable at the time such debt is
    paid in full, provided that Titan has delivered an
    Officer&#146;s Certificate to the Collateral Trustee certifying
    that the conditions described in this paragraph (1)&#160;have
    been met and that such release of the Collateral does not
    violate the terms of the Security Documents;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;upon satisfaction and discharge of the Indenture as set
    forth under the caption &#147;&#151;&#160;Satisfaction and
    Discharge&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;upon a Legal Defeasance or Covenant Defeasance as set
    forth under the caption &#147;&#151;&#160;Legal Defeasance and
    Covenant Defeasance&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;upon payment in full of the notes and all other Note
    Obligations that are outstanding, due and payable at the time
    the notes are paid in full;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;as to a release of all of the Collateral, if
    (a)&#160;consent to the release of that Collateral has been
    given by Holders of
    66<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of the principal amount of the notes, and (b)&#160;Titan has
    delivered an Officers&#146; Certificate to the Collateral
    Trustee certifying that any such necessary consents have been
    obtained and that such release of the Collateral does not
    violate the terms of the Security Documents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will comply with the provisions of TIA &#167;&#160;314(b);
    <I>provided, </I>that Titan will not be required to comply with
    TIA &#167;&#160;314(b)(1) until the Indenture is qualified under
    the TIA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the extent applicable, Titan will furnish to the Trustee,
    prior to each proposed release of Collateral pursuant to the
    Security Documents:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;all documents required by TIA
    &#167;&#160;314(d);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;an opinion of counsel to the effect that such
    accompanying documents constitute all documents required by TIA
    &#167;&#160;314(d).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any Collateral is released in accordance with the Indenture
    or any Security Document and if Titan has delivered the
    certificates and documents required by the security documents
    and this covenant, the Trustee will deliver a certificate to the
    Collateral Trustee stating that it has received such
    documentation.
</DIV>
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    <BR>
    36
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Amendment</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture provides that no amendment or supplement to the
    provisions of the Indenture or any other security document will
    be effective without the approval of the Collateral Trustee
    acting as directed by Holders of a majority of the principal
    amount of the notes, except that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;any amendment or supplement that has the effect solely
    of (a)&#160;adding or maintaining Collateral, (b)&#160;curing
    any ambiguity, defect or inconsistency; (c)&#160;providing for
    the assumption of Titan or any Guarantor&#146;s obligations
    under any security document in the case of a merger or
    consolidation or sale of all or substantially all of Titan or
    such Guarantor&#146;s assets, as applicable; or (d)&#160;making
    any change that would provide any additional rights or benefits
    to the Holders of notes, or the Collateral Trustee or that does
    not adversely affect the legal rights under any Security
    Document of any Holder of notes or the Collateral Trustee, will,
    in each case, become effective when executed and delivered by
    Titan or any other applicable Guarantor party thereto and the
    Collateral Trustee;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;no amendment or supplement that reduces, impairs or
    adversely affects the right of any holder of Note Obligations:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;to vote its outstanding Secured Debt as to any matter
    described as subject to an Act of Required Debtholders (or
    amends the provisions of this clause&#160;(2) or the definition
    of &#147;Act of Required Debtholders,&#148;);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;to share in the order of application under the
    Indenture in the proceeds of enforcement of or realization on
    any Collateral that has not been released in accordance with the
    provisions described above under &#147;&#151;&#160;Release of
    Security Interests&#148;;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;to require that Liens securing Note Obligations be
    released only as set forth in the provisions described above
    under the caption &#147;&#151;&#160;Release of Security
    Interests&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    will become effective without the consent of the holders of
    66<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of the notes;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;no amendment or supplement that imposes any obligation
    upon the Collateral Trustee or adversely affects the rights of
    the Collateral Trustee, as determined by the Collateral Trustee
    in its sole discretion, will become effective without the
    consent of the Collateral Trustee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Provisions
    of the Indenture Relating to Security</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Further
    Assurances; Insurance</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture provides and the Mortgages will provide that Titan
    and each of the Guarantors will do or cause to be done all acts
    and things that may be required, or that the Collateral Trustee
    from time to time may reasonably request, to assure and confirm
    that the Collateral Trustee holds, for the benefit of the
    Holders of notes, duly created and enforceable and perfected
    Liens upon the Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon the reasonable request of the Collateral Trustee at any
    time and from time to time, Titan and each of the Guarantors
    will promptly execute, acknowledge and deliver such security
    documents, instruments, certificates, notices and other
    documents, and take such other actions as may be reasonably
    required, or that the Collateral Trustee may reasonably request,
    to create, perfect, protect, assure or enforce the Liens and
    benefits intended to be conferred, in each case as contemplated
    by the Security Documents for the benefit of the Holders of
    notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture requires and the Mortgages will require that Titan
    and the Guarantors:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;keep their properties adequately insured at all times
    by financially sound and reputable insurers;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;maintain such other insurance, to such extent and
    against such risks (and with such deductibles, retentions and
    exclusions), including fire and other risks insured against by
    extended coverage, as is customary with companies in the same or
    similar businesses operating in the same or similar locations,
    including public liability insurance against claims for personal
    injury or death or property damage occurring upon, in, about or
    in connection with the use of any properties owned, occupied or
    controlled by them;
</DIV>
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    <BR>
    37
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;maintain such other insurance as may be required by
    law;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;maintain such other insurance as may be required by the
    Security Documents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Collateral Trustee will be named as an additional insured
    and loss payee as its interests may appear, to the extent
    required by the Security Documents. Upon the request of the
    Collateral Trustee, Titan and the Guarantors will furnish to the
    Collateral Trustee full information as to their property and
    liability insurance carriers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Optional
    Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On and after October&#160;1, 2013, the notes will be subject to
    redemption at any time at the option of Titan, in whole or in
    part, upon not less than 30 nor more than 60&#160;days&#146;
    notice, in cash at the redemption prices (expressed as
    percentages of principal amount) set forth below, plus accrued
    and unpaid interest and additional interest, if any, thereon to
    the applicable redemption date, if redeemed during the
    twelve-month period beginning on October 1 of the years
    indicated below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="91%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Year</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percentage</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105.906
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103.938
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2015
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    101.969
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2016 and thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption
    with Certain Equity Proceeds</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At any time prior to October&#160;1, 2013, upon not less than 30
    nor more than 60&#160;days&#146; prior notice, Titan may on any
    one or more occasions redeem up to 35% of the aggregate
    principal amount of notes issued under the Indenture at a
    redemption price of 107.875% of the principal amount, plus
    accrued and unpaid interest on the notes redeemed to the
    redemption date, subject to the rights of holders of notes on
    the relevant record date to receive interest on the relevant
    interest payment date, with the net cash proceeds of one or more
    Equity Offerings; <I>provided </I>that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;at least 65% of the aggregate principal amount of notes
    originally issued under the Indenture (excluding notes held by
    Titan and its Subsidiaries) remains outstanding immediately
    after the occurrence of such redemption;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the redemption occurs within 180&#160;days of the date
    of the closing of such Equity Offering.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Make-Whole
    Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan may also redeem all or a part of the notes, upon not less
    than 30 nor more than 60&#160;days&#146; prior notice mailed by
    first-class mail to each holder&#146;s registered address, at a
    redemption price equal to 100% of the principal amount of notes
    redeemed plus the Applicable Premium as of, and accrued and
    unpaid interest, if any, on the notes to be redeemed to the date
    of redemption (the &#147;Redemption&#160;Date&#148;), subject to
    the rights of holders of the notes on the relevant record date
    to receive interest due on the relevant interest payment date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Mandatory
    Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan is not required to make mandatory redemption or sinking
    fund payments with respect to the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Repurchase
    at the Option of Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Change
    of Control</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a Change of Control occurs, each holder of notes will have
    the right to require Titan to repurchase all or any part (equal
    to $2,000 or an integral multiple of $1,000) of that
    holder&#146;s notes pursuant to a Change of Control Offer,
    subject to such holder&#146;s right to reject such Change of
    Control Offer, on the terms set forth in the Indenture. In the
    Change of Control Offer, Titan will offer a Change of Control
    Payment in cash equal to 101% of the aggregate principal amount
    of notes repurchased plus accrued and unpaid interest, if any,
    on the notes repurchased to the date of purchase, subject to the
    rights of holders of notes on the relevant record date to
    receive interest due on the relevant
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    interest payment date. Within 30&#160;days following any Change
    of Control, Titan will mail a notice to each holder describing
    the transaction or transactions that constitute the Change of
    Control and offering to repurchase notes on the Change of
    Control Payment Date specified in the notice, which date will be
    no earlier than 30&#160;days and no later than 60&#160;days from
    the date such notice is mailed, pursuant to the procedures
    required by the Indenture and described in such notice. Titan
    will comply with the requirements of
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    under the Exchange Act and any other securities laws and
    regulations thereunder to the extent those laws and regulations
    are applicable in connection with the repurchase of the notes as
    a result of a Change of Control. To the extent that the
    provisions of any securities laws or regulations conflict with
    the Change of Control provisions of the Indenture, Titan will
    comply with the applicable securities laws and regulations and
    will not be deemed to have breached its obligations under the
    Change of Control provisions of the Indenture by virtue of such
    compliance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On the Change of Control Payment Date, Titan will, to the extent
    lawful:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;accept for payment all notes or portions of notes
    properly tendered pursuant to the Change of Control Offer;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;deposit with the paying agent an amount equal to the
    Change of Control Payment in respect of all notes or portions of
    notes properly tendered;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;deliver or cause to be delivered to the Trustee the
    notes properly accepted together with an officers&#146;
    certificate stating the aggregate principal amount of notes or
    portions of notes being purchased by Titan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The paying agent will promptly mail to each holder of notes
    properly tendered the Change of Control Payment for such notes,
    and the Trustee will promptly authenticate and mail (or cause to
    be transferred by book entry) to each holder a new note equal in
    principal amount to any unpurchased portion of the notes
    surrendered, if any. Titan will publicly announce the results of
    the Change of Control Offer on or as soon as practicable after
    the Change of Control Payment Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The provisions described above that require Titan to make a
    Change of Control Offer, subject to such holder&#146;s right to
    reject such Change of Control Offer, following a Change of
    Control will be applicable whether or not any other provisions
    of the Indenture are applicable. Except as described above with
    respect to a Change of Control, the Indenture does not contain
    provisions that permit the holders of the notes to require that
    Titan repurchase or redeem the notes in the event of a takeover,
    recapitalization or similar transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will not be required to make a Change of Control Offer,
    with respect to the notes, upon a Change of Control if
    (1)&#160;a third party makes the Change of Control Offer in the
    manner, at the times and otherwise in compliance with the
    requirements set forth in the Indenture applicable to a Change
    of Control Offer made by Titan and purchases all notes properly
    tendered and not withdrawn under the Change of Control Offer, or
    (2)&#160;notice of redemption has been given pursuant to the
    Indenture as described above under the captions
    &#147;&#151;&#160;Redemption with Certain Equity Proceeds&#148;
    and &#145;&#145;&#151;&#160;Make-Whole Redemption,&#148; unless
    and until there is a default in payment of the applicable
    redemption price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a Change of Control offer is made, there can be no assurance
    that Titan will have available funds sufficient to pay the
    Change of Control purchase price for all the notes that might be
    delivered by holders seeking to accept the Change of Control
    offer. In the event Titan is required to purchase outstanding
    notes pursuant to a Change of Control offer, Titan expects that
    it would seek third party financing to the extent it does not
    have available funds to meet its purchase obligations. However,
    there can be no assurance that Titan would be able to obtain
    such financing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither Titan&#146;s Board of Directors nor the Trustee may
    waive the covenant relating to a holder&#146;s right to
    repurchase upon the occurrence of a Change of Control.
    Restrictions in the Indenture described in this prospectus on
    the ability of Titan and its subsidiaries to incur additional
    Indebtedness, to grant Liens on their property, to make
    Restricted Payments and to make Asset Sales may also make more
    difficult or discourage a takeover of Titan, whether favored or
    opposed by management. Consummation of any such transaction in
    certain circumstances may require the redemption or repurchase
    of notes, and Titan cannot assure you that Titan or the acquiror
    will have sufficient financial resources to effect such a
    redemption or repurchase. Such restrictions and the restrictions
    on transactions with Affiliates may, in certain circumstances,
    make more difficult or discourage a leveraged buyout of Titan or
    any of its subsidiaries by management. While such restrictions
    cover a wide variety of arrangements which
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    have traditionally been used to effect highly leveraged
    transactions, the Indenture may not afford the holders
    protection in all circumstances from the adverse aspects of a
    highly leveraged reorganization, restructuring, merger or
    similar transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The definition of Change of Control includes a phrase relating
    to the direct or indirect sale, lease, transfer, conveyance or
    other disposition of &#147;all or substantially all&#148; of the
    properties or assets of Titan and its Restricted Subsidiaries
    taken as a whole. Although there is a limited body of case law
    interpreting the phrase &#147;substantially all,&#148; there is
    no precise established definition of the phrase under applicable
    law. Accordingly, the ability of a holder of notes to require
    Titan to repurchase its notes as a result of a sale, lease,
    transfer, conveyance or other disposition of less than all of
    the assets of Titan and its Restricted Subsidiaries taken as a
    whole to another Person or group may be uncertain.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Asset
    Sales</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;Titan will not, and will not permit any of its
    Restricted Subsidiaries to, consummate an Asset Sale of any
    Collateral unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Titan (or the Restricted Subsidiary, as the case may
    be) receives consideration at the time of the Asset Sale at
    least equal to the Fair Market Value of the Collateral sold or
    otherwise disposed of;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the Fair Market Value is set forth in an Officers&#146;
    Certificate delivered to the Trustee;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;at least 75% of the consideration received in the Asset
    Sale of the Collateral by Titan or such Restricted Subsidiary is
    in the form of cash, Cash Equivalents, common stock, notes
    receivable or Permitted Assets constituting Collateral or a
    combination thereof. For purposes of this provision, each of the
    following will be deemed to be cash:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;any liabilities, as shown on Titan&#146;s or such
    Restricted Subsidiary&#146;s most recent balance sheet, of Titan
    or any Restricted Subsidiary (other than contingent liabilities,
    liabilities that are by their terms subordinated to the notes or
    any Note Guarantee and liabilities to the extent owned to Titan
    or any Restricted Subsidiary of Titan) that are assumed by the
    transferee of any such assets pursuant to a written novation
    agreement that releases Titan or such Restricted Subsidiary from
    further liability;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;any securities, notes or other obligations received by
    Titan or any such Restricted Subsidiary from such transferee
    that within 180&#160;days are converted by Titan or such
    Restricted Subsidiary into cash, to the extent of the cash
    received in that conversion;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the consideration received from such Asset Sale is
    concurrently added to the Collateral securing the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Within 365&#160;days after the receipt of any Net Proceeds from
    an Asset Sale of Collateral, Titan or the applicable Restricted
    Subsidiary may apply those Net Proceeds to make a capital
    expenditure on Permitted Assets constituting Collateral;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>provided </I>that, a binding commitment shall be treated as a
    permitted application of the Net Proceeds from the date of such
    commitment so long as such commitment requires that such Net
    Proceeds will be applied to satisfy such commitment within
    180&#160;days of such commitment and such commitment is not
    terminated or abandoned. Pending the final application of any
    Net Proceeds, Titan may temporarily invest the Net Proceeds in
    any manner that is not prohibited by the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any Net Proceeds from Asset Sales that are not applied or
    invested as provided in the preceding paragraph will constitute
    &#147;Collateral Excess Proceeds.&#148; When the aggregate
    amount of Collateral Excess Proceeds exceeds $25.0&#160;million,
    or, at Titan&#146;s option, earlier, Titan will make an Asset
    Sale Offer to all Holders of notes in an amount equal to the
    Fair Market Value of the Collateral Excess Proceeds. The offer
    price in any Asset Sale Offer will be equal to 100% of principal
    amount plus accrued and unpaid interest to the date of purchase
    (subject to the rights of Holders of record on the relevant
    record date to receive interest payable on the relevant interest
    payment date), and will be payable in cash. If any Collateral
    Excess Proceeds remain after consummation of an Asset Sale
    Offer, Titan may use those Collateral Excess Proceeds for any
    purpose not otherwise prohibited by the Indenture. If the
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    aggregate principal amount of notes tendered into such Asset
    Sale Offer exceeds the amount equal to the Fair Market Value of
    the Collateral Excess Proceeds, the Trustee will select the
    notes and such other Parity Lien Debt to be purchased on a pro
    rata basis. Upon completion of each Asset Sale Offer, the amount
    of Collateral Excess Proceeds will be reset at zero.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;Titan will not, and will not permit any of its
    Restricted Subsidiaries to, consummate an Asset Sale (other than
    an Asset Sale of Collateral) unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Titan (or the Restricted Subsidiary, as the case may
    be) receives consideration at the time of the Asset Sale at
    least equal to the Fair Market Value of the assets or Equity
    Interests issued or sold or otherwise disposed of;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;at least 75% of the consideration received in the Asset
    Sale by Titan or such Restricted Subsidiary is in the form of
    cash or Cash Equivalents, common stock or notes receivable. For
    purposes of this clause (2) (and not for purposes of determining
    the Net Proceeds received from the Asset Sale), each of the
    following will be deemed to be cash:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;any liabilities, as shown on Titan&#146;s most recent
    consolidated balance sheet, of Titan or any Restricted
    Subsidiary (other than contingent liabilities and liabilities
    that are by their terms subordinated to the notes or any Note
    Guarantee) that are assumed by the transferee of any such assets
    pursuant to a written novation agreement that releases Titan or
    such Restricted Subsidiary from further liability;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;any securities, notes or other obligations received by
    Titan or any such Restricted Subsidiary from such transferee
    that are within 180&#160;days of the receipt thereof converted
    by Titan or such Restricted Subsidiary into cash, to the extent
    of the cash received in that conversion;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;any stock or assets of the kind referred to in
    clause&#160;(2) or (4)&#160;of the next paragraph of this
    covenant;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;any Designated Noncash Consideration received by Titan
    or any of its Restricted Subsidiaries in such Asset Sale having
    a Fair Market Value, taken together with all other Designated
    Noncash Consideration received pursuant to this clause&#160;(d)
    that is at that time outstanding, not to exceed 10.0% of
    Consolidated Net Tangible Assets at the time of receipt of such
    Designated Noncash Consideration (with the Fair Market Value of
    each item of Designated Noncash Consideration being measured at
    the time received and without giving effect to subsequent
    changes in value).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Within 365&#160;days after the receipt of any Net Proceeds from
    an Asset Sale, Titan (or the applicable Restricted Subsidiary,
    as the case may be) may apply such Net Proceeds:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;to repay Indebtedness and other Obligations under a
    Credit Facility and, if the Indebtedness repaid is revolving
    credit Indebtedness, to correspondingly reduce commitments with
    respect thereto;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;to acquire Business Assets or all or substantially all
    of the assets of, or any Capital Stock of, another Permitted
    Business, if, after giving effect to any such acquisition of
    Business Assets or Capital Stock, the Business Assets will be
    held by, or the Permitted Business is or becomes, a Restricted
    Subsidiary of Titan;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;to make a capital expenditure;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;to acquire other assets that are not classified as
    current assets under GAAP and that are used or useful in a
    Permitted Business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>provided</I>, <I>however</I>, that if, during such
    <FONT style="white-space: nowrap">365-day</FONT>
    period, Titan
    <FONT style="white-space: nowrap">and/or</FONT> any
    of its Restricted Subsidiaries enters into a binding written
    contract with a Person other than an Affiliate of Titan to apply
    such amount pursuant to clause&#160;(2) or (3)&#160;above, then
    such <FONT style="white-space: nowrap">365-day</FONT>
    period shall be extended until the earlier of (a)&#160;the date
    on which such acquisition or expenditure is consummated, and
    (b)&#160;the 180th&#160;day following the expiration of the
    aforementioned
    <FONT style="white-space: nowrap">365-day</FONT>
    period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pending the final application of any Net Proceeds, Titan may
    temporarily reduce revolving credit borrowings or otherwise
    invest the Net Proceeds in any manner that is not prohibited by
    the Indenture.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any Net Proceeds from Asset Sales that are not applied or
    invested as provided in the second paragraph of this covenant
    will constitute &#147;Excess Proceeds.&#148; When the aggregate
    amount of Excess Proceeds exceeds $25.0&#160;million, within
    twenty days thereof, Titan will make an Asset Sale Offer to all
    holders of notes and all holders of other Indebtedness that is
    <I>pari passu </I>with the notes containing provisions similar
    to those set forth in the Indenture with respect to offers to
    purchase or redeem with the proceeds of sales of assets to
    purchase the maximum principal amount of notes and such other
    <I>pari passu </I>Indebtedness that may be purchased out of the
    Excess Proceeds. The offer price in any Asset Sale Offer will be
    equal to 100% of the principal amount plus accrued and unpaid
    interest to the date of purchase, and will be payable in cash.
    If any Excess Proceeds remain after consummation of an Asset
    Sale Offer, Titan may use those Excess Proceeds for any purpose
    not otherwise prohibited by the Indenture. If the aggregate
    principal amount of notes and other <I>pari passu
    </I>Indebtedness tendered into such Asset Sale Offer exceeds the
    amount of Excess Proceeds, the Trustee will select the notes and
    such other <I>pari passu </I>Indebtedness to be purchased on a
    <I>pro rata</I> basis. Upon completion of each Asset Sale Offer,
    the amount of Excess Proceeds will be reset at zero.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will comply with the requirements of
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    under the Exchange Act and any other securities laws and
    regulations thereunder to the extent those laws and regulations
    are applicable in connection with each repurchase of notes
    pursuant to an Asset Sale Offer. To the extent that the
    provisions of any securities laws or regulations conflict with
    the Asset Sale provisions of the Indenture, Titan will comply
    with the applicable securities laws and regulations and will be
    deemed not to have breached its obligations under the Asset Sale
    provisions of the Indenture by virtue of such compliance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The agreements governing Titan&#146;s other Indebtedness
    contain, and future agreements may contain, prohibitions of
    certain events, including events that would constitute a Change
    of Control or an Asset Sale and including repurchases of or
    other prepayments in respect of the notes. The exercise by the
    holders of notes of their right to require Titan to repurchase
    the notes upon a Change of Control or an Asset Sale could cause
    a default under these other agreements, even if the Change of
    Control or Asset Sale itself does not, due to the financial
    effect of such repurchases on Titan. In the event a Change of
    Control or Asset Sale occurs at a time when Titan is prohibited
    from purchasing notes, Titan could seek the consent of its
    relevant lenders to the purchase of notes or could attempt to
    refinance the borrowings that contain such prohibition. If Titan
    does not obtain a consent or repay those borrowings, Titan will
    remain prohibited from purchasing notes. In that case,
    Titan&#146;s failure to purchase tendered notes would constitute
    an Event of Default under the Indenture which could, in turn,
    constitute a default under the other indebtedness. Finally,
    Titan&#146;s ability to pay cash to the holders of notes upon a
    repurchase may be limited by Titan&#146;s then existing
    financial resources.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;Titan will not, and will not permit any Guarantor to,
    transfer any interest in the Collateral to any other Subsidiary.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Selection
    and Notice</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If less than all of the notes are to be redeemed at any time,
    the Trustee will select notes for redemption on a <I>pro rata
    </I>basis unless otherwise required by law or applicable stock
    exchange requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No notes of $2,000 or less can be redeemed in part. Notices of
    redemption will be mailed by first class mail at least 30 but
    not more than 60&#160;days before the redemption date to each
    holder of notes to be redeemed at its registered address, except
    that redemption notices may be mailed more than 60&#160;days
    prior to a redemption date if the notice is issued in connection
    with a defeasance of the notes or a satisfaction and discharge
    of the Indenture. Notices of redemption may not be conditional.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any notes is to be redeemed in part only, the notice of
    redemption that relates to that notes will state the portion of
    the principal amount of that notes that is to be redeemed. A new
    note in principal amount equal to the unredeemed portion of the
    original notes will be issued in the name of the holder of notes
    upon cancellation of the original notes. Notes called for
    redemption become due on the date fixed for redemption. On and
    after the redemption date, interest ceases to accrue on notes or
    portions of notes called for redemption.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Covenants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Restricted
    Payments</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will not, and will not permit any of its Restricted
    Subsidiaries to, directly or indirectly:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;declare or pay any dividend or make any other payment
    or distribution on account of Titan&#146;s or any of its
    Restricted Subsidiaries&#146; Equity Interests (including,
    without limitation, any payment in connection with any merger or
    consolidation involving Titan or any of its Restricted
    Subsidiaries) or to the direct or indirect holders of
    Titan&#146;s or any of its Restricted Subsidiaries&#146; Equity
    Interests in their capacity as such (other than dividends or
    distributions payable in Equity Interests (other than
    Disqualified Stock) of Titan and other than dividends or
    distributions payable to Titan or a Restricted Subsidiary of
    Titan);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;purchase, redeem or otherwise acquire or retire for
    value (including, without limitation, in connection with any
    merger or consolidation involving Titan) any Equity Interests of
    Titan or any direct or indirect parent of Titan;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;make any payment on or with respect to, or purchase,
    redeem, defease or otherwise acquire or retire for value any
    Indebtedness of Titan or any Guarantor that is contractually
    subordinated to the notes or to any Note Guarantee (excluding
    any intercompany Indebtedness between or among Titan and any of
    its Restricted Subsidiaries and excluding the payment,
    repurchase, redemption, defeasance or other acquisition or
    retirement of such subordinated Indebtedness in anticipation of
    or in connection with a payment of principal or interest at the
    Stated Maturity thereof, in each case due within three months of
    the date of such payment, redemption, repurchase, defeasance,
    acquisition or retirement);&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;make any Restricted Investment
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (all such payments and other actions set forth in these
    clauses&#160;(1) through (4)&#160;above being collectively
    referred to as &#147;Restricted Payments&#148;),
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    unless, at the time of and after giving effect to such
    Restricted Payment:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;no Default or Event of Default has occurred and is
    continuing or would occur as a consequence of such Restricted
    Payment;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Titan would, at the time of such Restricted Payment and
    after giving pro forma effect thereto as if such Restricted
    Payment had been made at the beginning of the applicable
    four-quarter period, have been permitted to incur at least $1.00
    of additional Indebtedness pursuant to the Fixed Charge Coverage
    Ratio test set forth in the first paragraph of the covenant
    described below under the caption &#147;&#151;&#160;Incurrence
    of Indebtedness and Issuance of Preferred Stock;&#148;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;such Restricted Payment, together with the aggregate
    amount of all other Restricted Payments made by Titan and its
    Restricted Subsidiaries since January&#160;1, 2010 (excluding
    Restricted Payments permitted by clauses (2), (3), (4)&#160;and
    (6)&#160;of the next succeeding paragraph), is less than the
    sum, without duplication, of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;50% of the Consolidated Net Income of Titan for the
    period (taken as one accounting period) from January&#160;1,
    2010 to the end of Titan&#146;s most recently ended fiscal
    quarter for which internal financial statements are available at
    the time of such Restricted Payment (or, if such Consolidated
    Net Income for such period is a deficit, less 100% of such
    deficit); <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;100% of the aggregate net cash proceeds received by
    Titan since January&#160;1, 2010 as a contribution to its common
    equity capital or from the issue or sale of Equity Interests of
    Titan (other than Disqualified Stock) or from the issue or sale
    of convertible or exchangeable Disqualified Stock or convertible
    or exchangeable debt securities of Titan that have been
    converted into or exchanged for such Equity Interests (other
    than Equity Interests (or Disqualified Stock or debt securities)
    sold to a Subsidiary of Titan); <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;to the extent that any Restricted Investment that was
    made after January&#160;1, 2010 is sold for cash or otherwise
    liquidated or repaid for cash, the lesser of (i)&#160;the cash
    return of capital with respect to such
</DIV>
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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Restricted Investment (less the cost of disposition, if any) and
    (ii)&#160;the initial amount of such Restricted Investment;
    <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;100% of the aggregate net cash proceeds received by
    Titan or a Restricted Subsidiary since January&#160;1, 2010 from
    the sale (other than to Titan or a Restricted Subsidiary) of
    Equity Interests of an Unrestricted Subsidiary; <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;to the extent that any Unrestricted Subsidiary of Titan
    is redesignated as a Restricted Subsidiary, the lesser of
    (i)&#160;the Fair Market Value of Titan&#146;s Investment in
    such Subsidiary as of the date of such redesignation or
    (ii)&#160;such Fair Market Value as of the date on which such
    Subsidiary was originally designated as an Unrestricted
    Subsidiary; <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;50% of any dividends received by Titan or a Restricted
    Subsidiary of Titan that is a Guarantor from an Unrestricted
    Subsidiary of Titan, to the extent that such dividends were not
    otherwise included in the Consolidated Net Income of Titan for
    such period; <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)&#160;$50.0&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    So long as no Default has occurred and is continuing or would be
    caused thereby, the preceding provisions will not prohibit:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the payment of any dividend or the consummation of any
    irrevocable redemption within 60&#160;days after the date of
    declaration of the dividend or giving of the redemption notice,
    as the case may be, if at the date of declaration or notice, the
    dividend or redemption payment would have complied with the
    provisions of the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the making of any Restricted Payment in exchange for,
    or out of the net cash proceeds of the substantially concurrent
    sale (other than to a Subsidiary of Titan) of, Equity Interests
    of Titan (other than Disqualified Stock) or from the
    substantially concurrent contribution of common equity capital
    to Titan; <I>provided </I>that the amount of any such net cash
    proceeds that are utilized for any such Restricted Payment will
    be excluded from clause (3)(b) of the preceding paragraph;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the repurchase, redemption, defeasance or other
    acquisition or retirement for value of Indebtedness of Titan or
    any Guarantor that is contractually subordinated to the notes or
    to any Note Guarantee with the net cash proceeds from a
    substantially concurrent incurrence of Permitted Refinancing
    Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the payment of any dividend (or, in the case of any
    Person other than a corporation, any similar distribution) by a
    Restricted Subsidiary of Titan to the holders of its Equity
    Interests on a <I>pro rata </I>basis;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;the payment of any dividend by Titan to the holders of
    its Equity Interests in an amount not to exceed
    $3.0&#160;million in any twelve-month period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;the repurchase of Equity Interests deemed to occur upon
    the exercise of stock options to the extent such Equity
    Interests represent a portion of the exercise price of those
    stock options;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;the payment of cash in lieu of fractional Equity
    Interests pursuant to the exchange or conversion of any
    exchangeable or convertible securities; <I>provided</I>, that
    such payment shall not be for the purpose of evading the
    limitations of this covenant (as determined by the Board of
    Directors of Titan in good faith);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;payments or distributions to dissenting shareholders
    pursuant to applicable law, pursuant to or in connection with a
    consolidation, merger or transfer of assets that complies with
    the provisions of the Indenture applicable to mergers,
    consolidations and transfers of all or substantially all of the
    property and assets of Titan;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;the declaration and payment of regularly scheduled or
    accrued dividends to holders of any class or series of
    Disqualified Stock of Titan or any Restricted Subsidiary of
    Titan issued on or after the Issue Date in accordance with the
    Fixed Charge Coverage Ratio test described below under the
    caption &#147;&#151;&#160;Incurrence of Indebtedness and
    Issuance of Preferred Stock;&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;upon the occurrence of a Change of Control or an Asset
    Sale, the defeasance, redemption, repurchase or other
    acquisition of any subordinated Indebtedness pursuant to
    provisions substantially similar
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    to those described above under the captions
    &#147;&#151;&#160;Repurchase at the Option of
    Holders&#160;&#151; Change of Control&#148; and
    &#147;&#151;&#160;Repurchase at the Option of
    Holders&#160;&#151; Asset Sales&#148; at an offer price not
    greater than 101% of the principal amount thereof (in the case
    of a Change of Control) or at a percentage of the principal
    amount thereof not higher than the principal amount applicable
    to the notes (in the case of an Asset Sale), plus any accrued
    and unpaid interest thereon; <I>provided </I>that prior to such
    defeasance, redemption, repurchase or other acquisition, Titan
    has made a Change of Control Offer or Asset Sale Offer, as
    applicable, with respect to the notes and has repurchased all
    notes validly tendered for payment and not withdrawn in
    connection therewith;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;other Restricted Payments, when taken together with
    all other Restricted Payments made pursuant to this clause (11),
    in an aggregate amount not to exceed $50.0&#160;million since
    the Issue Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The amount of all Restricted Payments (other than cash) will be
    the Fair Market Value on the date of the Restricted Payment of
    the asset(s) or securities proposed to be transferred or issued
    by Titan or such Restricted Subsidiary, as the case may be,
    pursuant to the Restricted Payment. The Fair Market Value of any
    assets or securities that are required to be valued by this
    covenant exceeding $30.0&#160;million will be determined by the
    Board of Directors of Titan whose good faith determination shall
    be conclusive and whose resolution with respect thereto will be
    delivered to the Trustee. The Board of Directors&#146;
    determination must be based upon an opinion or appraisal issued
    by an accounting, appraisal or investment banking firm of
    national standing if the Fair Market Value exceeds
    $30.0&#160;million.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Incurrence
    of Indebtedness and Issuance of Preferred Stock</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will not, and will not permit any of its Restricted
    Subsidiaries to, directly or indirectly, create, incur, issue,
    assume, guarantee or otherwise become directly or indirectly
    liable, contingently or otherwise, with respect to
    (collectively, &#147;incur&#148;) any Indebtedness (including
    Acquired Debt), and Titan will not issue any Disqualified Stock
    and will not permit any of its Restricted Subsidiaries to issue
    any shares of preferred stock; <I>provided, however</I>, that
    Titan may incur Indebtedness (including Acquired Debt) or issue
    Disqualified Stock, and the Guarantors may incur Indebtedness
    (including Acquired Debt) or issue preferred stock, if the Fixed
    Charge Coverage Ratio for Titan&#146;s most recently ended four
    full fiscal quarters for which internal financial statements are
    available immediately preceding the date on which such
    additional Indebtedness is incurred or such Disqualified Stock
    or such preferred stock is issued, as the case may be, would
    have been at least 2.0 to 1.0, determined on a pro forma basis
    (including a pro forma application of the net proceeds
    therefrom), as if the additional Indebtedness had been incurred
    or the Disqualified Stock or the preferred stock had been
    issued, as the case may be, at the beginning of such
    four-quarter period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The first paragraph of this covenant will not prohibit the
    incurrence of any of the following items of Indebtedness
    (collectively, &#147;Permitted Debt&#148;):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;in addition to Indebtedness incurred pursuant to
    clauses&#160;(2) through (14), the incurrence by Titan and its
    Restricted Subsidiaries of additional Indebtedness and letters
    of credit under Credit Facilities in an aggregate principal
    amount at any one time outstanding under this clause (1) (with
    letters of credit being deemed to have a principal amount equal
    to the maximum potential liability of Titan and its Restricted
    Subsidiaries thereunder) not to exceed the greater of
    (a)&#160;$350.0&#160;million and (b)&#160;the amount of the
    Borrowing Base;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the incurrence by Titan and its Restricted Subsidiaries
    of the Existing Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the incurrence by Titan and the Guarantors of
    Indebtedness represented by the notes and the related Note
    Guarantees issued on the Issue Date and the exchange notes and
    the related Guarantees to be issued under the exchange and
    registration rights agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the incurrence by Titan or any of its Restricted
    Subsidiaries of Indebtedness represented by Capital Lease
    Obligations, mortgage financings or purchase money obligations,
    in each case, incurred for the purpose of financing all or any
    part of the purchase price or cost of design, construction,
    installation or improvement of property, plant or equipment used
    in the business of Titan or any of its Restricted Subsidiaries,
    in an aggregate principal amount, including all Permitted
    Refinancing Indebtedness incurred to renew, refund, refinance,
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    replace, defease or discharge any Indebtedness incurred pursuant
    to this clause (4), not to exceed $50.0&#160;million outstanding
    at any time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;the incurrence by Titan or any of its Restricted
    Subsidiaries of Permitted Refinancing Indebtedness in exchange
    for, or the net proceeds of which are used to renew, refund,
    refinance, replace, defease or discharge any Indebtedness (other
    than intercompany Indebtedness) that was permitted by the
    Indenture to be incurred under the first paragraph of this
    covenant or clause (2), (3), (4), (5)&#160;or (13)&#160;of this
    paragraph;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;the incurrence by Titan or any of its Restricted
    Subsidiaries of intercompany Indebtedness between or among Titan
    and any of its Wholly-Owned Restricted Subsidiaries;
    <I>provided</I>, <I>however</I>, that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;if Titan or any Guarantor is the obligor on such
    Indebtedness and the payee is not Titan or a Guarantor, such
    Indebtedness must be expressly subordinated to the prior payment
    in full in cash of all Obligations then due with respect to the
    notes, in the case of Titan, or the applicable Note Guarantee,
    in the case of a Guarantor;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;(i)&#160;any subsequent issuance or transfer of Equity
    Interests that results in any such Indebtedness being held by a
    Person other than Titan or a Wholly-Owned Restricted Subsidiary
    of Titan and (ii)&#160;any sale or other transfer of any such
    Indebtedness to a Person that is not either Titan or a
    Wholly-Owned Restricted Subsidiary of Titan,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    will be deemed, in each case, to constitute an incurrence of
    such Indebtedness by Titan or such Restricted Subsidiary, as the
    case may be, that was not permitted by this clause (6);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;the issuance by any of Titan&#146;s Restricted
    Subsidiaries to Titan or to any of its Wholly-Owned Restricted
    Subsidiaries of shares of preferred stock; <I>provided</I>,
    <I>however</I>, that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;any subsequent issuance or transfer of Equity Interests
    that results in any such preferred stock being held by a Person
    other than Titan or a Wholly-Owned Restricted Subsidiary of
    Titan;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;any sale or other transfer of any such preferred stock
    to a Person that is not either Titan or a Wholly-Owned
    Restricted Subsidiary of Titan, will be deemed,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    in each case, to constitute an issuance of such preferred stock
    by such Restricted Subsidiary that was not permitted by this
    clause (7);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;the incurrence by Titan or any of its Restricted
    Subsidiaries of Hedging Obligations in the normal course of
    business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;the guarantee by Titan or any of the Guarantors of
    Indebtedness of Titan or a Restricted Subsidiary of Titan that
    was permitted to be incurred by another provision of this
    covenant; <I>provided </I>that if the Indebtedness being
    guaranteed is subordinated to or <I>pari passu </I>with the
    notes, then the Guarantee shall be subordinated or <I>pari
    passu</I>, as applicable, to the notes, to the same extent as
    the Indebtedness guaranteed;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;the incurrence by Titan or any of its Restricted
    Subsidiaries of Indebtedness in respect of performance bonds,
    bankers&#146; acceptances, workers&#146; compensation claims,
    surety or appeal bonds, payment obligations in connection with
    self-insurance or similar obligations, and bank overdrafts in
    the normal course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;the incurrence by Titan or any of its Restricted
    Subsidiaries of Indebtedness arising from the honoring by a bank
    or other financial institution of a check, draft or similar
    instrument inadvertently drawn against insufficient funds, so
    long as such Indebtedness is repaid within five business days;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;Indebtedness of (a)&#160;Titan or a Restricted
    Subsidiary of Titan to the extent such Indebtedness was
    Indebtedness of a Person that was merged, consolidated or
    amalgamated into Titan or such Restricted Subsidiary of Titan or
    (b)&#160;a Restricted Subsidiary that was incurred and
    outstanding prior to the date on which such Restricted
    Subsidiary was acquired by Titan or a Restricted Subsidiary of
    Titan, in each case other than Indebtedness incurred in
    contemplation of, or in connection with, the transaction or
    series of related transactions pursuant to which such Person was
    merged, consolidated or otherwise acquired by Titan or a
    Restricted Subsidiary of Titan; <I>provided</I>, <I>however</I>,
    that for any such Indebtedness outstanding at any time
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    under this clause (12), after giving pro forma effect thereto on
    the date of such acquisition, merger, consolidation or
    amalgamation, either (A)&#160;Titan or such Restricted
    Subsidiary would have been able to incur $1.00 of additional
    Indebtedness pursuant to the first paragraph of this covenant or
    (B)&#160;the Fixed Charge Coverage Ratio for Titan or such
    Restricted Subsidiary, as applicable, would be greater than the
    Fixed Charge Coverage Ratio for Titan immediately prior to such
    transaction;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (13)&#160;the incurrence by Titan or any Restricted Subsidiary
    of Indebtedness arising from agreements of Titan or any
    Restricted Subsidiary providing for indemnification, adjustment
    of purchase price, &#147;earn out&#148; or similar obligations,
    in each case, incurred in connection with the acquisition or
    disposition of assets, including shares of Capital Stock, in
    accordance with the terms of the Indenture;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (14)&#160;the incurrence by Titan or any of its Restricted
    Subsidiaries of additional Indebtedness in an aggregate
    principal amount at any time outstanding, including all
    Permitted Refinancing Indebtedness incurred to renew, refund,
    refinance, replace, defease or discharge any Indebtedness
    incurred pursuant to this clause (14), not to exceed
    $50.0&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will not incur, and will not permit any Guarantor to
    incur, any Indebtedness (including Permitted Debt) that is
    contractually subordinated in right of payment to any other
    Indebtedness of Titan or such Guarantor unless such Indebtedness
    is also contractually subordinated in right of payment to the
    notes and the applicable Note Guarantee on substantially
    identical terms; <I>provided</I>, <I>however</I>, that no
    Indebtedness will be deemed to be contractually subordinated in
    right of payment to any other Indebtedness of Titan solely by
    virtue of being unsecured or by virtue of being secured on a
    first or junior Lien basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of determining compliance with this
    &#147;Incurrence of Indebtedness and Issuance of Preferred
    Stock&#148; covenant, in the event that an item of proposed
    Indebtedness meets the criteria of more than one of the
    categories of Permitted Debt described in clauses&#160;(1)
    through (14)&#160;above, or is entitled to be incurred pursuant
    to the first paragraph of this covenant, Titan will be permitted
    to classify such item of Indebtedness on the date of its
    incurrence, or later reclassify all or a portion of such item of
    Indebtedness, in any manner that complies with this covenant.
    Indebtedness under Credit Facilities outstanding on the date on
    which notes are first issued and authenticated under the
    Indenture will initially be deemed to have been incurred on such
    date in reliance on the exception provided by clause&#160;(1) of
    the definition of Permitted Debt. The accrual of interest, the
    accretion or amortization of original issue discount, the
    payment of interest on any Indebtedness in the form of
    additional Indebtedness with the same terms, the
    reclassification of preferred stock as Indebtedness due to a
    change in accounting principles, and the payment of dividends on
    Disqualified Stock in the form of additional shares of the same
    class of Disqualified Stock will not be deemed to be an
    incurrence of Indebtedness or an issuance of Disqualified Stock
    for purposes of this covenant; <I>provided</I>, in each such
    case, that the amount of any such accrual, accretion or payment
    is included in Fixed Charges of Titan as accrued.
    Notwithstanding any other provision of this covenant, the
    maximum amount of Indebtedness that Titan or any Restricted
    Subsidiary may incur pursuant to this covenant shall not be
    deemed to be exceeded solely as a result of fluctuations in
    exchange rates or currency values.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The amount of any Indebtedness outstanding as of any date will
    be:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the accreted value of the Indebtedness, in the case of
    any Indebtedness issued with original issue discount;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the principal amount of the Indebtedness, in the case
    of any other Indebtedness;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;in respect of Indebtedness of another Person secured by
    a Lien on the assets of the specified Person, the lesser of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;the Fair Market Value of such assets at the date of
    determination;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;the amount of the Indebtedness of the other Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, (i)&#160;all Indebtedness
    outstanding on the Issue Date will be permitted and
    (ii)&#160;Titan will be permitted to issue shares of its common
    stock.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Liens</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will not, and will not permit any of its Restricted
    Subsidiaries to, directly or indirectly, create, incur, assume
    or suffer to exist any Lien of any kind on any asset now owned
    or hereafter acquired, except Permitted Liens.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Dividend
    and Other Payment Restrictions Affecting
    Subsidiaries</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will not, and will not permit any of its Restricted
    Subsidiaries to, directly or indirectly, create or permit to
    exist or become effective any consensual encumbrance or
    restriction on the ability of any Restricted Subsidiary to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;pay dividends or make any other distributions on its
    Capital Stock to Titan or any of its Restricted Subsidiaries, or
    with respect to any other interest or participation in, or
    measured by, its profits, or pay any indebtedness owed to Titan
    or any of its Restricted Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;make loans or advances to Titan or any of its
    Restricted Subsidiaries;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;sell, lease or transfer any of its properties or assets
    to Titan or any of its Restricted Subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, the preceding restrictions will not apply to
    encumbrances or restrictions existing under or by reason of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;agreements governing Existing Indebtedness and Credit
    Facilities as in effect on the Issue Date and any amendments,
    restatements, modifications, renewals, supplements, refundings,
    replacements or refinancings of those agreements; <I>provided
    </I>that the amendments, restatements, modifications, renewals,
    supplements, refundings, replacements or refinancings are not
    materially more restrictive, taken as a whole, with respect to
    such dividend and other payment restrictions than those
    contained in those agreements on the Issue Date, as determined
    in good faith by Titan&#146;s Board of Directors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the Indenture, the notes and the Note Guarantees;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;applicable law, rule, regulation or order;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;any instrument governing Indebtedness or Capital Stock
    of a Person acquired by Titan or any of its Restricted
    Subsidiaries as in effect at the time of such acquisition
    (except to the extent such Indebtedness or Capital Stock was
    incurred in connection with or in contemplation of such
    acquisition), which encumbrance or restriction is not applicable
    to any Person, or the properties or assets of any Person, other
    than the Person, or the property or assets of the Person, so
    acquired;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;non-assignment or change in control provisions in
    contracts and licenses entered into in the normal course of
    business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;purchase money obligations for property acquired in the
    normal course of business and Capital Lease Obligations that
    impose restrictions on the property purchased or leased of the
    nature described in clause&#160;(3) of the preceding paragraph;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;any restriction imposed under an agreement for the sale
    or other disposition of assets or Equity Interests pending the
    sale or other disposition;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;Permitted Refinancing Indebtedness; <I>provided
    </I>that the restrictions contained in the agreements governing
    such Permitted Refinancing Indebtedness are not materially more
    restrictive, taken as a whole, than those contained in the
    agreements governing the Indebtedness being refinanced, as
    determined in good faith by Titan&#146;s Board of Directors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;Liens permitted to be incurred under the provisions of
    the covenant described above under the caption
    &#147;&#151;&#160;Liens&#148; that limit the right of the debtor
    to dispose of the assets subject to such Liens;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;provisions limiting the disposition or distribution of
    assets or property in joint venture agreements, asset sale
    agreements, sale-leaseback agreements, stock sale agreements and
    other similar agreements entered into in the normal course of
    business or with the approval of Titan&#146;s Board of
    Directors, which limitation is applicable only to the assets
    that are the subject of such agreements;
</DIV>
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    48
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;the license of any intellectual property of Titan or
    any of its Restricted Subsidiaries entered into in the normal
    course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;the release, waiver or novation of contractual,
    indemnification, or any other legal rights entered into in the
    normal course of business;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (13)&#160;restrictions on cash, Cash Equivalents or other
    deposits or net worth imposed by customers under contracts
    entered into in the normal course of business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Merger,
    Consolidation or Sale of Assets</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will not, directly or indirectly: (1)&#160;consolidate or
    merge with or into another Person (whether or not Titan is the
    surviving corporation); or (2)&#160;sell, assign, transfer,
    convey or otherwise dispose of all or substantially all of the
    properties or assets of Titan and its Restricted Subsidiaries
    taken as a whole, in one or more related transactions, to
    another Person, unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;either: (a)&#160;Titan is the surviving corporation; or
    (b)&#160;the Person formed by or surviving any such
    consolidation or merger (if other than Titan) or to which such
    sale, assignment, transfer, conveyance or other disposition has
    been made is a corporation organized or existing under the laws
    of the United States, any state of the United States or the
    District of Columbia;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the Person formed by or surviving any such
    consolidation or merger (if other than Titan) or the Person to
    which such sale, assignment, transfer, conveyance or other
    disposition has been made assumes all the obligations of Titan
    under the notes, the Indenture and pursuant to agreements
    reasonably satisfactory to the Trustee;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;immediately after such transaction, no Default or Event
    of Default exists;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;either: (a)&#160;Titan or the Person formed by or
    surviving any such consolidation or merger (if other than
    Titan), or to which such sale, assignment, transfer, conveyance
    or other disposition has been made would, on the date of such
    transaction after giving pro forma effect thereto and any
    related financing transactions as if the same had occurred at
    the beginning of the applicable four-quarter period, be
    permitted to incur at least $1.00 of additional Indebtedness
    pursuant to the Fixed Charge Coverage Ratio test set forth in
    the first paragraph of the covenant described above under the
    caption &#147;&#151;&#160;Incurrence of Indebtedness and
    Issuance of Preferred Stock;&#148; or (b)&#160;the Fixed Charge
    Coverage Ratio for Titan or the Person formed by or surviving
    any such consolidation or merger, or to which such sale,
    assignment, transfer, conveyance or other disposition has been
    made would (if other than Titan), on the date of such
    transaction after giving pro forma effect thereto and any
    related financing transactions as if the same had occurred at
    the beginning of the applicable four-quarter period, be greater
    than the Fixed Charge Coverage Ratio for Titan immediately prior
    to such transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This &#147;Merger, Consolidation or Sale of Assets&#148;
    covenant will not apply to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;a merger of Titan with an Affiliate solely for the
    purpose of reincorporating Titan in another jurisdiction;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;any consolidation or merger, or any sale, assignment,
    transfer, conveyance, lease or other disposition of assets
    between or among Titan and its Restricted Subsidiaries.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Transactions
    with Affiliates</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will not, and will not permit any of its Restricted
    Subsidiaries to, make any payment to, or sell, lease, transfer
    or otherwise dispose of any of its properties or assets to, or
    purchase any property or assets from, or enter into or make or
    amend any transaction, contract, agreement, understanding, loan,
    advance or guarantee with, or for the benefit of, any Affiliate
    of Titan (each, an &#147;Affiliate Transaction&#148;), unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the Affiliate Transaction is on terms that are no less
    favorable to Titan or the relevant Restricted Subsidiary than
    those that would have been obtained in a comparable transaction
    by Titan or such Restricted Subsidiary with an unrelated
    Person;&#160;and
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Titan delivers to the Trustee:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;with respect to any Affiliate Transaction or series of
    related Affiliate Transactions involving aggregate consideration
    in excess of $30.0&#160;million, a resolution of the Board of
    Directors of Titan set forth in an officers&#146; certificate
    certifying that such Affiliate Transaction complies with this
    covenant and that such Affiliate Transaction has been approved
    by a majority of the disinterested members of the Board of
    Directors of Titan;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;with respect to any Affiliate Transaction or series of
    related Affiliate Transactions involving aggregate consideration
    in excess of $30.0&#160;million, an opinion as to the fairness
    to Titan or such Subsidiary of such Affiliate Transaction from a
    financial point of view issued by an accounting, appraisal or
    investment banking firm of national standing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following items will be deemed not to be Affiliate
    Transactions and, therefore, will not be subject to the
    provisions of the prior paragraph:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;any employment, compensation, benefit or
    indemnification agreement or arrangement (and any payments or
    other transactions pursuant thereto) entered into by Titan or
    any of its Restricted Subsidiaries in the normal course of
    business with an officer, employee, consultant or director and
    any transactions pursuant to stock option plans, stock ownership
    plans and employee benefit plans or arrangements;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;transactions between or among Titan
    <FONT style="white-space: nowrap">and/or</FONT> its
    Restricted Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;transactions with a Person (other than an Unrestricted
    Subsidiary of Titan) that is an Affiliate of Titan solely
    because Titan owns, directly or through a Restricted Subsidiary,
    an Equity Interest in, or controls, such Person;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;payment of reasonable directors&#146; fees to Persons
    who are not otherwise Affiliates of Titan;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;any issuance of common stock (other than Disqualified
    Stock) of Titan to Affiliates of Titan;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;any agreement of Titan or any Affiliate as in effect as
    of the Issue Date and described in this prospectus or any
    amendment thereto or any replacement agreement, or any
    transaction pursuant to or contemplated by any such agreement,
    amendment or replacement, so long as any such amendment or
    replacement agreement, taken as a whole, is not more
    disadvantageous to Titan or the holders of the notes in any
    material respect than the original agreement as in effect on the
    Issue Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;Restricted Payments that do not violate the provisions
    of the Indenture described above under the caption
    &#147;&#151;&#160;Restricted Payments;&#148;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;loans or advances to officers, employees, consultants
    or directors not to exceed $2.0&#160;million in the aggregate at
    any one time outstanding.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Business
    Activities</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will not, and will not permit any of its Restricted
    Subsidiaries to, engage in any business other than Permitted
    Businesses, except to such extent as would not be material to
    Titan and its Restricted Subsidiaries taken as a whole.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Designation
    of Restricted and Unrestricted Subsidiaries</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Directors of Titan may designate any Restricted
    Subsidiary that does not own any interest in the Collateral to
    be an Unrestricted Subsidiary if that designation would not
    cause a Default. If a Restricted Subsidiary is designated as an
    Unrestricted Subsidiary, the aggregate Fair Market Value of all
    outstanding Investments owned by Titan and its Restricted
    Subsidiaries in the Subsidiary designated as an Unrestricted
    Subsidiary will be deemed to be an Investment made as of the
    time of the designation and will reduce the amount available for
    Restricted Payments under the covenant described above under the
    caption &#147;&#151;&#160;Restricted Payments&#148; or under one
    or more clauses of the definition of Permitted Investments, as
    determined by Titan. That designation will only be permitted
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    if the Investment would be permitted at that time and if the
    Restricted Subsidiary otherwise meets the definition of an
    Unrestricted Subsidiary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any designation of a Subsidiary of Titan as an Unrestricted
    Subsidiary will be evidenced to the Trustee by filing with the
    trustee a certified copy of a resolution of the Board of
    Directors giving effect to such designation and an
    officers&#146; certificate certifying that such designation
    complied with the preceding conditions and was permitted by the
    covenant described above under the caption
    &#147;&#151;&#160;Restricted Payments.&#148; If, at any time,
    any Unrestricted Subsidiary would fail to meet the preceding
    requirements as an Unrestricted Subsidiary, it will thereafter
    cease to be an Unrestricted Subsidiary for purposes of the
    Indenture and any Indebtedness of such Subsidiary will be deemed
    to be incurred by a Restricted Subsidiary of Titan as of such
    date and, if such Indebtedness is not permitted to be incurred
    as of such date under the covenant described under the caption
    &#147;&#151;&#160;Incurrence of Indebtedness and Issuance of
    Preferred Stock,&#148; Titan will be in default of such
    covenant. The Board of Directors of Titan may at any time
    designate any Unrestricted Subsidiary to be a Restricted
    Subsidiary of Titan; <I>provided </I>that such designation will
    be deemed to be an incurrence of Indebtedness by a Restricted
    Subsidiary of Titan of any outstanding Indebtedness of such
    Unrestricted Subsidiary, and such designation will only be
    permitted if (1)&#160;such Indebtedness is permitted under the
    covenant described under the caption
    &#147;&#151;&#160;Incurrence of Indebtedness and Issuance of
    Preferred Stock,&#148; calculated on a pro forma basis as if
    such designation had occurred at the beginning of the
    four-quarter reference period; and (2)&#160;no Default or Event
    of Default would be in existence following such designation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Impairment
    of Security Interest</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will not, and will not permit any of its Restricted
    Subsidiaries to, take or knowingly or negligently omit to take,
    any action which action or omission would or could reasonably be
    expected to have the result of materially impairing the security
    interest with respect to the Collateral for the benefit of the
    Collateral Trustee and the Holders of the notes, subject to
    limited exceptions. Titan shall not amend, modify or supplement,
    or permit or consent to any amendment, modification or
    supplement of, the Security Documents in any way that would be
    adverse to the Holders of the notes in any material respect,
    except as described under &#147;&#151;&#160;Security for the
    Notes&#148; or as permitted under &#147;&#151;&#160;Amendment,
    Supplement and Waiver.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Sale and Leaseback Transactions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will not, and will not permit any of its Restricted
    Subsidiaries to, enter into any sale and leaseback transaction;
    <I>provided </I>that Titan or any Restricted Subsidiary may
    enter into a sale and leaseback transaction if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Titan or that Restricted Subsidiary, as applicable,
    could have (a)&#160;incurred Indebtedness in an amount equal to
    the Attributable Debt relating to such sale and leaseback
    transaction under the Fixed Charge Coverage Ratio test in the
    first paragraph of the covenant described above under the
    caption &#147;&#151;&#160;Incurrence of Indebtedness and
    Issuance of Preferred Stock&#148; and (b)&#160;incurred a Lien
    (on the property that is the subject of such sale and leaseback
    transaction) to secure such Indebtedness pursuant to the
    covenant described above under the caption
    &#147;&#151;&#160;Liens;&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the gross cash proceeds of that sale and leaseback
    transaction are at least equal to the Fair Market Value, as
    determined in good faith by the Board of Directors of Titan and
    set forth in an officers&#146; certificate delivered to the
    Trustee, of the property that is the subject of that sale and
    leaseback transaction;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the transfer of assets in that sale and leaseback
    transaction is permitted by, and Titan applies the proceeds of
    such transaction in compliance with, the covenant described
    above under the caption &#147;&#151;&#160;Repurchase at the
    Option of Holders&#160;&#151; Asset Sales.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Payments
    for Consent</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will not, and will not permit any of its Restricted
    Subsidiaries to, directly or indirectly, pay or cause to be paid
    any consideration to or for the benefit of any holder of notes
    for or as an inducement to any consent, waiver or amendment of
    any of the terms or provisions of the Indenture or the notes
    unless such consideration is offered to be paid and is paid to
    all holders of the notes that consent, waive or agree to amend
    in the time frame set forth in the solicitation documents
    relating to such consent, waiver or agreement.
</DIV>
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    <BR>
    51
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, in any offer or payment of
    consideration for, or as an inducement to, any consent, waiver
    or amendment of any of the terms or provisions of the Indenture
    or the notes in connection with an exchange offer, Titan and any
    of its Restricted Subsidiaries may exclude (i)&#160;holders or
    beneficial owners of the notes that are not institutional
    &#147;accredited investors&#148; as defined in subparagraphs
    (a)(1), (2), (3)&#160;or (7)&#160;of Rule&#160;501 under the
    Securities Act, and (ii)&#160;holders or beneficial owners of
    the notes in any jurisdiction where the inclusion of such
    holders or beneficial owners would require Titan or any such
    Restricted Subsidiaries to comply with the registration
    requirements or other similar requirements under any securities
    laws of such jurisdiction, or the solicitation of such consent,
    waiver or amendment from, or the granting of such consent or
    waiver, or the approval of such amendment by, holders or
    beneficial owners in such jurisdiction would be unlawful, in
    each case as determined by Titan in its sole discretion.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">SEC
    Reports</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding that Titan may not be subject to the reporting
    requirements of Section&#160;13 or 15(d) of the Exchange Act,
    Titan will file with the SEC and provide the Trustee and holders
    and prospective holders (upon written request) within
    15&#160;days after it files them with the SEC, copies of its
    annual report and the information, documents and other reports
    that are specified in Sections&#160;13 and 15(d) of the Exchange
    Act. In addition, Titan shall furnish to the Trustee and, upon
    request, the holders and prospective holders, promptly upon
    their becoming available, copies of the annual report to
    shareholders provided by Titan to its public shareholders
    generally. Titan also will comply with the other provisions of
    Section&#160;314(a) of the Trust&#160;Indenture Act of 1939, as
    amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, Titan shall furnish to noteholders, prospective
    investors, broker-dealers and securities analysts, upon their
    written request, the information referred to in
    Rule&#160;144A(d)(4) under the Securities Act so long as the
    notes are not freely transferable under the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, Titan will be deemed to have
    furnished such reports referred to above to the Trustee, the
    holders and prospective holders if Titan has filed such reports
    and information with the Commission via the EDGAR filing system.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Further
    Assurances</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan and the Guarantors shall execute all further documents,
    agreements and instruments, and take further action that may be
    required under applicable law, or that the Trustee or the
    Collateral Trustee may reasonably request, in order to grant,
    preserve, protect and perfect the validity and priority of the
    security interests created or intended to be created by the
    Security Documents in the Collateral. In addition, from time to
    time, Titan will reasonably promptly secure the obligations
    under the Indenture and the Security Documents by mortgaging or
    creating, or causing to be mortgaged or created, perfected
    security interests with respect to the Collateral. Such security
    interests and Liens will be created under the Security Documents
    and other security agreements, mortgages, deeds of trust and
    other instruments and documents in form and substance.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Events
    of Default and Remedies</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to the notes, each of the following is an
    &#147;Event of Default&#148;:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;default for 30&#160;days in the payment when due of
    interest on the notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;default in the payment when due (at maturity, upon
    redemption or otherwise) of the principal of, or premium, if
    any, on, the notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;failure by Titan or any of its Restricted Subsidiaries
    to comply with the provisions described under the captions
    &#147;&#151;&#160;Repurchase at the Option of
    Holders&#160;&#151; Change of Control,&#148;
    &#147;&#151;&#160;Repurchase at the Option of
    Holders&#160;&#151; Asset Sales,&#148; &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Restricted Payments,&#148;
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Incurrence of
    Indebtedness and Issuance of Preferred Stock&#148; or
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Merger,
    Consolidation or Sale of Assets;&#148;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;failure by Titan or any of its Restricted Subsidiaries
    for 60&#160;days after notice to Titan by the Trustee or the
    holders of at least 25% in aggregate principal amount of the
    notes then outstanding voting as a single class to comply with
    any of the other agreements in the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;default under any mortgage, Indenture or instrument
    under which there may be issued or by which there may be secured
    or evidenced any Indebtedness for money borrowed by Titan or any
    of its Restricted Subsidiaries (or the payment of which is
    guaranteed by Titan or any of its Restricted Subsidiaries),
    whether such Indebtedness or Guarantee now exists, or is created
    after the Issue Date, if that default:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;is caused by a failure to pay principal of, or interest
    or premium, if any, on, such Indebtedness prior to the
    expiration of the grace period provided in such Indebtedness on
    the date of such default (a &#147;Payment Default&#148;);&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;results in the acceleration of such Indebtedness prior
    to its express maturity, and, in each case, the principal amount
    of any such Indebtedness, together with the principal amount of
    any other such Indebtedness under which there has been a Payment
    Default or the maturity of which has been so accelerated,
    aggregates $30.0&#160;million or more;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;failure by Titan or any of its Restricted Subsidiaries
    to pay final judgments entered by a court or courts of competent
    jurisdiction aggregating in excess of $30.0&#160;million, which
    judgments are not paid, discharged or stayed for a period of
    60&#160;days;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;certain events of bankruptcy or insolvency described in
    the Indenture with respect to Titan or any of its Restricted
    Subsidiaries that is a Significant Subsidiary or any group of
    Restricted Subsidiaries that, taken together, would constitute a
    Significant Subsidiary or any Guarantor;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;any security interest or Lien purported to be created
    by any Security Document with respect to any Collateral having,
    individually or in the aggregate, a Fair Market Value in excess
    of $5.0&#160;million (a)&#160;ceases to be in full force and
    effect, (b)&#160;ceases, other than through an act or omission
    of the Collateral Trustee, to give the Collateral Trustee, for
    the benefit of the Holders of the notes, the Liens, rights,
    powers and privileges purported to be created and granted
    thereby (including a perfected first-priority security interest
    in and Lien on, all of the Collateral thereunder) in favor of
    the Collateral Trustee, or (c)&#160;is asserted by Titan or any
    Guarantor not be, a valid, perfected, first priority security
    interest in or Lien on the Collateral covered thereby;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;an &#147;Event of Default&#148; as defined in any
    Mortgage.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the case of an Event of Default arising from certain events
    of bankruptcy or insolvency, with respect to Titan, any
    Restricted Subsidiary of Titan that is a Significant Subsidiary
    or any group of Restricted Subsidiaries of Titan that, taken
    together, would constitute a Significant Subsidiary, all
    outstanding notes will become due and payable immediately
    without further action or notice. If any other Event of Default
    occurs and is continuing, the Trustee or the holders of at least
    25% in aggregate principal amount of the then outstanding notes
    may declare all the notes to be due and payable immediately.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to certain limitations, holders of a majority in
    aggregate principal amount of the then outstanding notes may
    direct the Trustee in its exercise of any trust or power. The
    Trustee may withhold from holders of the notes notice of any
    continuing Default or Event of Default if it determines that
    withholding notice is in their interest, except a Default or
    Event of Default relating to the payment of principal, interest
    or premium, if any.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the provisions of the Indenture relating to the
    duties of the Trustee, in case an Event of Default occurs and is
    continuing, the Trustee will be under no obligation to exercise
    any of the rights or powers under the Indenture at the request
    or direction of any holders of notes unless such holders have
    offered to the Trustee indemnity or security reasonably
    satisfactory to it against any loss, liability or expense.
    Except to enforce the right to receive payment of principal,
    premium, if any, or interest when due, no holder of a note may
    pursue any remedy with respect to the Indenture or the notes
    unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;such holder has previously given the Trustee notice
    that an Event of Default is continuing;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;holders of at least 25% in aggregate principal amount
    of the then outstanding notes have requested the Trustee to
    pursue the remedy;
</DIV>
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    <BR>
    53
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;such holders have offered the Trustee security or
    indemnity reasonably satisfactory to it against any loss,
    liability or expense;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the Trustee has not complied with such request within
    60&#160;days after the receipt of the request and the offer of
    security or indemnity;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;holders of a majority in aggregate principal amount of
    the then outstanding notes have not given the Trustee a
    direction inconsistent with such request within such
    <FONT style="white-space: nowrap">60-day</FONT>
    period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The holders of a majority in aggregate principal amount of the
    then outstanding notes by notice to the Trustee may, on behalf
    of the holders of all of the notes, rescind an acceleration or
    waive any existing Default or Event of Default and its
    consequences under the Indenture except a continuing Default or
    Event of Default in the payment of interest or premium, if any,
    on, or the principal of, the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan is required to deliver to the Trustee annually a statement
    regarding compliance with the Indenture. Upon becoming aware of
    any Default or Event of Default, Titan is required to deliver to
    the Trustee a statement specifying such Default or Event of
    Default.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">No
    Personal Liability of Directors, Officers, Employees and
    Shareholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No director, officer, employee, incorporator or shareholder of
    Titan or any Guarantor, as such, will have any liability for any
    obligations of Titan or the Guarantors under the notes, the
    Indenture, the Note Guarantees or for any claim based on, in
    respect of, or by reason of, such obligations or their creation.
    Each holder of notes by accepting a note waives and releases all
    such liability. The waiver and release are part of the
    consideration for issuance of the notes. The waiver may not be
    effective to waive liabilities under the federal securities laws.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Legal
    Defeasance and Covenant Defeasance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan may at any time, at the option of its Board of Directors
    evidenced by a resolution set forth in an officers&#146;
    certificate, elect to have all of its obligations discharged
    with respect to the outstanding notes and all obligations of the
    Guarantors discharged with respect to their Note Guarantees
    (&#147;Legal Defeasance&#148;) except for:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the rights of holders of outstanding notes to receive
    payments in respect of the principal of, or interest or premium,
    if any, on, such notes when such payments are due from the trust
    referred to below;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Titan&#146;s obligations with respect to the notes
    concerning issuing temporary notes, registration of notes,
    mutilated, destroyed, lost or stolen notes and the maintenance
    of an office or agency for payment and money for security
    payments held in trust;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the rights, powers, trusts, duties and immunities of
    the Trustee, and Titan&#146;s and the Guarantors&#146;
    obligations in connection therewith;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the Legal Defeasance and Covenant Defeasance provisions
    of the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, with respect to the notes, Titan may, at its option
    and at any time, elect to have the obligations of Titan and the
    Guarantors released with respect to certain covenants (including
    its obligation to make Change of Control Offers and Asset Sale
    Offers) that are described in the Indenture (&#147;Covenant
    Defeasance&#148;) and thereafter any omission to comply with
    those covenants will not constitute a Default or Event of
    Default with respect to the notes. In the event Covenant
    Defeasance occurs, certain events (not including non-payment,
    bankruptcy, receivership, rehabilitation and insolvency events)
    described under &#147;&#151;&#160;Events of Default and
    Remedies&#148; will no longer constitute an Event of Default
    with respect to the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to exercise either Legal Defeasance or Covenant
    Defeasance with respect to the notes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Titan must irrevocably deposit, or cause to be
    deposited, with the Trustee, in trust, for the benefit of the
    holders of the notes, cash in U.S.&#160;dollars, non-callable
    Government Securities, or a combination of cash in
    U.S.&#160;dollars and non-callable Government Securities, in
    amounts as will be sufficient, in the opinion of a nationally
    recognized investment bank, appraisal firm or firm of
    independent public accountants, to pay the principal of, or
    interest and premium, if any, on, the outstanding notes on the
    stated date for payment thereof or
</DIV>
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    <BR>
    54
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    on the applicable redemption date, as the case may be, and Titan
    must specify whether the notes are being defeased to such stated
    date for payment or to a particular redemption date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;in the case of Legal Defeasance, Titan must deliver to
    the Trustee an opinion of counsel reasonably acceptable to the
    Trustee confirming that (a)&#160;Titan has received from, or
    there has been published by, the Internal Revenue Service a
    ruling or (b)&#160;since the Issue Date, there has been a change
    in the applicable federal income tax law, in either case to the
    effect that, and based thereon such opinion of counsel will
    confirm that, the holders of the outstanding notes will not
    recognize income, gain or loss for federal income tax purposes
    as a result of such Legal Defeasance and will be subject to
    federal income tax on the same amounts, in the same manner and
    at the same times as would have been the case if such Legal
    Defeasance had not occurred;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;in the case of Covenant Defeasance, Titan must deliver
    to the Trustee an opinion of counsel reasonably acceptable to
    the Trustee confirming that the holders of the outstanding notes
    will not recognize income, gain or loss for federal income tax
    purposes as a result of such Covenant Defeasance and will be
    subject to federal income tax on the same amounts, in the same
    manner and at the same times as would have been the case if such
    Covenant Defeasance had not occurred;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;no Default or Event of Default has occurred and is
    continuing on the date of such deposit (other than a Default or
    Event of Default resulting from the borrowing of funds to be
    applied to such deposit) and the deposit will not result in a
    breach or violation of, or constitute a default under, any other
    instrument to which Titan or any Guarantor is a party or by
    which Titan or any Guarantor is bound;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;such Legal Defeasance or Covenant Defeasance will not
    result in a breach or violation of, or constitute a default
    under, any material agreement or instrument (other than the
    Indenture) to which Titan or any of its Subsidiaries is a party
    or by which Titan or any of its Subsidiaries is bound;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;Titan must deliver to the Trustee an officers&#146;
    certificate stating that the deposit was not made by Titan with
    the intent of preferring the holders of notes over the other
    creditors of Titan with the intent of defeating, hindering,
    delaying or defrauding any creditors of Titan or others;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;Titan must deliver to the Trustee an officers&#146;
    certificate and an opinion of counsel, each stating that all
    conditions precedent relating to the Legal Defeasance or the
    Covenant Defeasance have been complied with.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Amendment,
    Supplement and Waiver</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as provided in the next two succeeding paragraphs, the
    Indenture or the notes or the Note Guarantees may be amended or
    supplemented with the consent of the holders of at least a
    majority in aggregate principal amount of the notes then
    outstanding (including, without limitation, consents obtained in
    connection with a purchase of, or tender offer or exchange offer
    for, notes), and any existing Default or Event of Default or
    compliance with any provision of the Indenture or the notes or
    the Note Guarantees may be waived with the consent of the
    holders of a majority in aggregate principal amount of the then
    outstanding notes (including, without limitation, consents
    obtained in connection with a purchase of, or tender offer or
    exchange offer for, notes).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Without the consent of each holder of notes affected, an
    amendment, supplement or waiver may not (with respect to any
    notes held by a non-consenting holder):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;reduce the principal amount of notes whose holders must
    consent to an amendment, supplement or waiver;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;reduce the principal of or change the fixed maturity of
    any note or alter the provisions with respect to the redemption
    of the notes (other than provisions relating to the covenants
    described above under the caption &#147;&#151;&#160;Repurchase
    at the Option of Holders&#148;);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;reduce the rate of or change the time for payment of
    interest, including default interest, on any note;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;waive a Default or Event of Default in the payment of
    principal of, or interest or premium, if any, on, the notes
    (except a rescission of acceleration of the notes by the holders
    of at least a majority in aggregate principal amount of the then
    outstanding notes and a waiver of the payment default that
    resulted from such acceleration);
</DIV>
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    <BR>
    55
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;make any note payable in money other than that stated
    in the notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;make any change in the provisions of the Indenture
    relating to waivers of past Defaults or the rights of holders of
    notes to receive payments of principal of, or interest or
    premium, if any, on, the notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;waive a redemption payment with respect to any notes
    (other than a payment required by one of the covenants described
    above under the caption &#147;&#151;&#160;Repurchase at the
    Option of Holders&#148;);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;release any Guarantor from any of its obligations under
    its Note Guarantee or the Indenture, except in accordance with
    the terms of the Indenture;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;make any change in the preceding amendment and waiver
    provisions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, any amendment to, or waiver of, the provisions of
    the Indenture or any Security Document that has the effect of
    (i)&#160;releasing any of the Collateral from the Liens securing
    the notes or (ii)&#160;making any changes to the priority of the
    Liens created under the Security Documents that would adversely
    affect the Holders of the notes will require the consent of the
    holders of at least
    66<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    in aggregate principal amount of the notes then outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the preceding, without the consent of any holder
    of notes, Titan, the Guarantors and the Trustee may amend or
    supplement the Indenture, the notes or the Note Guarantees:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;to cure any ambiguity, defect or inconsistency, as
    determined in good faith by Titan&#146;s Board of Directors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;to provide for uncertificated notes in addition to or
    in place of certificated notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;to provide for the assumption of Titan&#146;s or a
    Guarantor&#146;s obligations to holders of notes and Note
    Guarantees in the case of a merger or consolidation or sale of
    all or substantially all of Titan&#146;s or such
    Guarantor&#146;s assets, as applicable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;to make any change that would provide any additional
    rights or benefits to the holders of notes or that does not
    adversely affect the legal rights under the Indenture of any
    such holder;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;to comply with requirements of the SEC in order to
    effect or maintain the qualification of the Indenture under the
    Trust&#160;Indenture Act of 1939;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;to conform the text of the Indenture, the Note
    Guarantees or the notes to any provision of this Description of
    Notes to the extent that such provision in this Description of
    notes was intended, as determined in good faith by Titan&#146;s
    Board of Directors, to be a verbatim recitation of a provision
    of the Indenture, the Note Guarantees or the notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;to provide for the issuance of additional notes in
    accordance with the limitations set forth in the
    Indenture;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;to allow any Guarantor to execute a supplemental
    Indenture
    <FONT style="white-space: nowrap">and/or</FONT> a
    Note Guarantee with respect to the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Satisfaction
    and Discharge</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture will be discharged and will cease to be of further
    effect as to all notes issued thereunder, when:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;all notes that have been authenticated, except lost,
    stolen or destroyed notes that have been replaced or paid and
    notes for whose payment money has been deposited in trust and
    thereafter repaid to Titan, have been delivered to the Trustee
    for cancellation;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;all notes that have not been delivered to the Trustee
    for cancellation have become due and payable by reason of the
    mailing of a notice of redemption or otherwise or will become
    due and payable within one year and Titan or any Guarantor has
    irrevocably deposited or caused to be deposited with the Trustee
    as trust funds in trust solely for the benefit of the holders,
    cash in U.S.&#160;dollars, non-callable Government Securities,
    or a combination of cash in U.S.&#160;dollars and non-callable
    Government Securities,
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    in amounts as will be sufficient, without consideration of any
    reinvestment of interest, to pay and discharge the entire
    Indebtedness on the notes not delivered to the Trustee for
    cancellation for principal, premium, if any, and accrued
    interest to the date of maturity or redemption;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;no Default or Event of Default has occurred and is
    continuing on the date of the deposit (other than a Default or
    Event of Default resulting from the borrowing of funds to be
    applied to such deposit) and the deposit will not result in a
    breach or violation of, or constitute a default under, any other
    instrument to which Titan or any Guarantor is a party or by
    which Titan or any Guarantor is bound;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;Titan or any Guarantor has paid or caused to be paid
    all sums payable by it under the Indenture;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;Titan has delivered irrevocable instructions to the
    Trustee under the Indenture to apply the deposited money toward
    the payment of the notes at maturity or on the redemption date,
    as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, Titan must deliver an officers&#146; certificate
    and an opinion of counsel to the Trustee stating that all
    conditions precedent to satisfaction and discharge have been
    satisfied.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Governing
    Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture and the notes are governed by the laws of the
    State of New York.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Concerning
    the Trustee</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Trustee becomes a creditor of Titan or any Guarantor, the
    Indenture limits the right of the Trustee to obtain payment of
    claims in certain cases, or to realize on certain property
    received in respect of any such claim as security or otherwise.
    The Trustee will be permitted to engage in other transactions;
    however, if it acquires any conflicting interest it must
    eliminate such conflict within 90&#160;days, apply to the SEC
    for permission to continue as trustee (if the Indenture has been
    qualified under the Trust&#160;Indenture Act of 1939)&#160;or
    resign.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The holders of a majority in aggregate principal amount of the
    then outstanding notes will have the right to direct the time,
    method and place of conducting any proceeding for exercising any
    remedy available to the Trustee, subject to certain exceptions.
    The Indenture provides that in case an Event of Default occurs
    and is continuing, the Trustee will be required, in the exercise
    of its power, to use the degree of care of a prudent man in the
    conduct of his own affairs. Subject to such provisions, the
    Trustee will be under no obligation to exercise any of its
    rights or powers under the Indenture at the request of any
    holder of notes, unless such holder has offered to the Trustee
    security and indemnity satisfactory to it against any loss,
    liability or expense.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Book-Entry,
    Delivery and Form</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes initially will be represented by one or more notes in
    registered, global form without interest coupons (collectively,
    the &#147;Global Notes&#148;). The Global Notes will be
    deposited upon issuance with the Trustee as custodian for DTC in
    New York, New York, and registered in the name of DTC or its
    nominee, in each case for credit to the account of direct or
    indirect participants in DTC as described below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as set forth below, the Global Notes may be transferred,
    in whole and not in part, only to another nominee of DTC or to a
    successor of DTC or its nominee. In addition, transfers of
    beneficial interests in the Global Notes will be subject to the
    applicable rules and procedures of DTC and its direct or
    indirect participants, including, if applicable, those of
    Euroclear System (&#147;Euroclear&#148;), and Clearstream
    Banking, S.A. (&#147;Clearstream&#148;) (as indirect
    participants in DTC), which may change from time to time.
    Beneficial interests in the Global Notes may not be exchanged
    for notes in certificated form (&#147;Certificated Notes&#148;)
    except in the limited circumstances described below. See
    &#147;&#151;&#160;Exchange of Global Notes for Certificated
    Notes.&#148; In addition, transfers of beneficial interests in
    the Global Notes will be subject to the applicable rules and
    procedures of DTC and its direct or indirect participants, which
    may change from time to time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Depositary
    Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following description of the operations and procedures of
    DTC, Euroclear and Clearstream are provided solely as a matter
    of convenience. These operations and procedures are solely
    within the control of the respective
</DIV>
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    <BR>
    57
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    settlement systems and are subject to changes by them. Titan
    takes no responsibility for these operations and procedures and
    urges investors to contact the system or their participants
    directly to discuss these matters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan understands that DTC is a limited-purpose trust company
    created to hold securities for its participating organizations
    (collectively, the &#147;Participants&#148;) and to facilitate
    the clearance and settlement of transactions in those securities
    between the Participants through electronic book-entry changes
    in accounts of its Participants. The Participants include
    securities brokers and dealers (including the initial
    purchaser), banks, trust companies, clearing corporations and
    certain other organizations. Access to DTC&#146;s system is also
    available to other entities such as banks, brokers, dealers and
    trust companies that clear through or maintain a custodial
    relationship with a Participant, either directly or indirectly
    (collectively, the &#147;Indirect Participants&#148;). Persons
    who are not Participants may beneficially own securities held by
    or on behalf of DTC only through the Participants or the
    Indirect Participants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The ownership interests in, and transfers of ownership interests
    in, each security held by or on behalf of DTC are recorded on
    the records of the Participants and Indirect Participants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan also understands that, pursuant to procedures established
    by DTC:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;upon deposit of the Global Notes, DTC will credit the
    accounts of the Participants designated by the initial purchaser
    with portions of the principal amount of the Global
    Notes;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;ownership of these interests in the Global Notes will
    be shown on, and the transfer of ownership of these interests
    will be effected only through, records maintained by DTC (with
    respect to the Participants) or by the Participants and the
    Indirect Participants (with respect to other owners of
    beneficial interest in the Global Notes).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Investors in the Global Notes who are Participants may hold
    their interests therein directly through DTC. Investors in the
    Global Notes who are not Participants may hold their interests
    therein indirectly through organizations (including Euroclear
    and Clearstream) which are Participants in such system.
    Euroclear and Clearstream will hold interests in the Global
    Notes on behalf of their participants through customers&#146;
    securities accounts in their respective names on the books of
    their respective depositories, which are Euroclear
    Bank&#160;S.A./ N.V., as operator of Euroclear, and Citibank,
    N.A., as operator of Clearstream. All interests in a Global
    Note, including those held through Euroclear or Clearstream, may
    be subject to the procedures and requirements of DTC. Those
    interests held through Euroclear or Clearstream may also be
    subject to the procedures and requirements of such systems. The
    laws of some states require that certain Persons take physical
    delivery in definitive form of securities that they own.
    Consequently, the ability to transfer beneficial interests in a
    Global Note to such Persons will be limited to that extent.
    Because DTC can act only on behalf of Participants, which in
    turn act on behalf of Indirect Participants, the ability of a
    Person having beneficial interests in a Global Note to pledge
    such interests to Persons that do not participate in the DTC
    system, or otherwise take actions in respect of such interests,
    may be affected by the lack of a physical certificate evidencing
    such interests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as described below, owners of interests in the Global
    Notes will not have notes registered in their names, will not
    receive physical delivery of notes in certificated form and will
    not be considered the registered owners or &#147;holders&#148;
    thereof under the Indenture for any purpose.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payments in respect of the principal of, and interest and
    premium, if any, on a Global Note registered in the name of DTC
    or its nominee will be payable to DTC in its capacity as the
    registered holder under the Indenture. Under the terms of the
    Indenture, Titan and the Trustee will treat the Persons in whose
    names the notes, including the Global Notes, are registered as
    the owners of the notes for the purpose of receiving payments
    and for all other purposes. Consequently, none of Titan, the
    Trustee and any agent of Titan or the Trustee has or will have
    any responsibility or liability for:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;any aspect of DTC&#146;s records or any
    Participant&#146;s or Indirect Participant&#146;s records
    relating to or payments made on account of beneficial ownership
    interest in the Global Notes or for maintaining, supervising or
    reviewing any of DTC&#146;s records or any Participant&#146;s or
    Indirect Participant&#146;s records relating to the beneficial
    ownership interests in the Global Notes;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;any other matter relating to the actions and practices
    of DTC or any of its Participants or Indirect Participants.
</DIV>
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    <BR>
    58
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan understands that DTC&#146;s current practice, upon receipt
    of any payment in respect of securities such as the notes
    (including principal and interest), is to credit the accounts of
    the relevant Participants with the payment on the payment date
    unless DTC has reason to believe that it will not receive
    payment on such payment date. Each relevant Participant is
    credited with an amount proportionate to its beneficial
    ownership of an interest in the principal amount of the relevant
    security as shown on the records of DTC. Payments by the
    Participants and the Indirect Participants to the beneficial
    owners of notes will be governed by standing instructions and
    customary practices and will be the responsibility of the
    Participants or the Indirect Participants and will not be the
    responsibility of DTC, the Trustee or Titan. Neither Titan nor
    the Trustee will be liable for any delay by DTC or any of the
    Participants or Indirect Participants in identifying the
    beneficial owners of the notes, and Titan and the Trustee may
    conclusively rely on and will be protected in relying on
    instructions from DTC or its nominee for all purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Transfers between the Participants will be effected in
    accordance with DTC&#146;s procedures, and will be settled in
    <FONT style="white-space: nowrap">same-day</FONT>
    funds, and transfers between participants in Euroclear and
    Clearstream will be effected in accordance with their respective
    rules and operating procedures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Cross-market transfers between the Participants, on the one
    hand, and Euroclear or Clearstream participants, on the other
    hand, will be effected through DTC in accordance with DTC&#146;s
    rules on behalf of Euroclear or Clearstream, as the case may be,
    by their respective depositaries; however, such cross-market
    transactions will require delivery of instructions to Euroclear
    or Clearstream, as the case may be, by the counterparty in such
    system in accordance with the rules and procedures and within
    the established deadlines (Brussels time) of such system.
    Euroclear or Clearstream, as the case may be, will, if the
    transaction meets its settlement requirements, deliver
    instructions to its respective depositary to take action to
    effect final settlement on its behalf by delivering or receiving
    interests in the relevant Global Note in DTC, and making or
    receiving payment in accordance with normal procedures for
    <FONT style="white-space: nowrap">same-day</FONT>
    funds settlement applicable to DTC. Euroclear participants and
    Clearstream participants may not deliver instructions directly
    to the depositories for Euroclear or Clearstream.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan understands that DTC will take any action permitted to be
    taken by a holder of notes only at the direction of one or more
    Participants to whose account DTC has credited the interests in
    the Global Notes and only in respect of such portion of the
    aggregate principal amount of the notes as to which such
    Participant or Participants has or have given such direction.
    However, if there is an Event of Default under the notes, DTC
    reserves the right to exchange the Global Notes for notes in
    certificated form, and to distribute such notes to its
    Participants. Although DTC, Euroclear and Clearstream have
    agreed to the foregoing procedures to facilitate transfers of
    interests in the Global Notes among participants in DTC,
    Euroclear and Clearstream, they are under no obligation to
    perform or to continue to perform such procedures, and may
    discontinue such procedures at any time. None of Titan, the
    Trustee and any of their respective agents will have any
    responsibility for the performance by DTC, Euroclear or
    Clearstream or their respective participants or indirect
    participants of their respective obligations under the rules and
    procedures governing their operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    of Global Notes for Certificated Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A Global Note is exchangeable for Certificated Notes if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;DTC (a)&#160;notifies Titan that it is unwilling or
    unable to continue as depositary for the Global Notes or
    (b)&#160;has ceased to be a clearing agency registered under the
    Exchange Act and, in either case, Titan fails to appoint a
    successor depositary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Titan, at its option, notifies the Trustee that it
    elects to cause the issuance of the Certificated Notes;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;there has occurred and is continuing a Default or Event
    of Default with respect to the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, beneficial interests in a Global Note may be
    exchanged for Certificated Notes upon prior written notice given
    to the Trustee by or on behalf of DTC in accordance with the
    Indenture. In all cases, Certificated Notes delivered in
    exchange for any Global Note or beneficial interests in Global
    Notes will be registered in the names, and issued in any
    approved denominations, requested by or on behalf of the
    depository (in accordance with its customary procedures).
</DIV>
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    <BR>
    59
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Same Day
    Settlement and Payment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan will make payments in respect of the notes represented by
    the Global Notes (including principal, premium, if any, and
    interest) by wire transfer of immediately available funds to the
    accounts specified by DTC or its nominee. Titan will make
    payments of all principal, interest and premium, if any, with
    respect to Certificated Notes by wire transfer of immediately
    available funds to the accounts specified by the holders of the
    Certificated Notes or, if no such account is specified, by
    mailing a check to each such holder&#146;s registered address.
    The notes represented by the Global Notes are expected to be
    eligible to trade in DTC&#146;s
    <FONT style="white-space: nowrap">Same-Day</FONT>
    Funds Settlement System, and any permitted secondary market
    trading activity in such notes will, therefore, be required by
    DTC to be settled in immediately available funds. Titan expects
    that secondary trading in any Certificated Notes will also be
    settled in immediately available funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because of time zone differences, the securities account of a
    Euroclear or Clearstream participant purchasing an interest in a
    Global Note from a Participant will be credited, and any such
    crediting will be reported to the relevant Euroclear or
    Clearstream participant, during the securities settlement
    processing day (which must be a business day for Euroclear and
    Clearstream) immediately following the settlement date of DTC.
    Titan understands that cash received in Euroclear or Clearstream
    as a result of sales of interests in a Global Note by or through
    a Euroclear or Clearstream participant to a Participant will be
    received with value on the settlement date of DTC but will be
    available in the relevant Euroclear or Clearstream cash account
    only as of the business day for Euroclear or Clearstream
    following DTC&#146;s settlement date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Anyone who receives this prospectus may obtain a copy of the
    Indenture without charge by writing to Titan&#160;International,
    Inc., Office of Investor Relations, 2701 Spruce Street, Quincy,
    Illinois 62301.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Definitions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth below are certain defined terms used in the Indenture.
    Reference is made to the Indenture for a full disclosure of all
    defined terms used therein, as well as any other capitalized
    terms used herein for which no definition is provided.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Act of Required Debtholders&#148; </I>means a vote by
    holders of a majority of the principal amount of the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Acquired Debt&#148; </I>means, with respect to any
    specified Person:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Indebtedness of any other Person existing at the time
    such other Person is merged with or into or became a Subsidiary
    of such specified Person, whether or not such Indebtedness is
    incurred in connection with, or in contemplation of, such other
    Person merging with or into, or becoming a Restricted Subsidiary
    of, such specified Person;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Indebtedness secured by a Lien encumbering any asset
    acquired by such specified Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Affiliate&#148; </I>of any specified Person means any
    other Person directly or indirectly controlling or controlled by
    or under direct or indirect common control with such specified
    Person. For purposes of this definition, &#147;control,&#148; as
    used with respect to any Person, means the possession, directly
    or indirectly, of the power to direct or cause the direction of
    the management or policies of such Person, whether through the
    ownership of voting securities, by agreement or otherwise. For
    purposes of this definition, the terms &#147;controlling,&#148;
    &#147;controlled by&#148; and &#147;under common control
    with&#148; have correlative meanings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Applicable Premium&#148; </I>means, with respect to any
    note on any redemption date, the greater of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;1.0% of the principal amount of the note;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the excess of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;the present value at such redemption date of
    (i)&#160;the principal amount of the note at maturity plus
    (ii)&#160;all required interest payments due on the note through
    the maturity date of the note (excluding accrued
</DIV>
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    but unpaid interest to the redemption date), computed using a
    discount rate equal to the Treasury Rate as of such redemption
    date plus 50&#160;basis points; over
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;the principal amount of the note, if greater.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Asset Sale&#148; </I>means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the sale, lease, conveyance or other disposition of any
    assets or rights; <I>provided </I>that the sale, lease,
    conveyance or other disposition of all or substantially all of
    the assets of Titan and its Restricted Subsidiaries taken as a
    whole will be governed by the provisions of the Indenture
    described above under the caption &#147;&#151;&#160;Repurchase
    at the Option of Holders&#160;&#151; Change of Control&#148;
    <FONT style="white-space: nowrap">and/or</FONT> the
    provisions described above under the caption
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Merger,
    Consolidation or Sale of Assets&#148; and not by the provisions
    of the Asset Sale covenant;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the issuance of Equity Interests in any of Titan&#146;s
    Restricted Subsidiaries or the sale of Equity Interests in any
    of its Subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the preceding, none of the following items will
    be deemed to be an Asset Sale:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;any single transaction or series of related
    transactions that involves assets (other than Collateral) having
    a Fair Market Value of less than $25.0&#160;million;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;a transfer of assets (other than Collateral) or rights
    between or among Titan and its Restricted Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;an issuance of Equity Interests by a Restricted
    Subsidiary of Titan to Titan or to a Restricted Subsidiary of
    Titan;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the sale, assignment or lease of products, rights,
    services, equipment, inventory or accounts receivable in the
    normal course of business and any sale or other disposition of
    damaged, worn-out or obsolete assets or properties in the normal
    course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;the sale or other disposition of cash or Cash
    Equivalents;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;the license of any intellectual property of Titan or
    any of its Restricted Subsidiaries in the normal course of
    business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;the surrender or waiver of contract or intellectual
    property rights, or the settlement, release or surrender of
    contract, tort or other litigation claims, but only to the
    extent that pursuant to such surrender, waiver, settlement or
    release Titan or any of its Restricted Subsidiaries does not
    receive cash or Cash Equivalents in exchange therefor;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;a Restricted Payment that does not violate the covenant
    described above under the caption &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Restricted Payments&#148; or a Permitted
    Investment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Asset Sale Offer&#148; </I>has the meaning assigned to
    that term in the Indenture governing the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Attributable Debt&#148; </I>in respect of a sale and
    leaseback transaction means, at the time of determination, the
    present value of the obligation of the lessee for net rental
    payments during the remaining term of the lease included in such
    sale and leaseback transaction including any period for which
    such lease has been extended or may, at the option of the
    lessor, be extended. Such present value shall be calculated
    using a discount rate equal to the rate of interest implicit in
    such transaction, determined in accordance with GAAP;
    <I>provided, however</I>, that if such sale and leaseback
    transaction results in a Capital Lease Obligation, the amount of
    Indebtedness represented thereby will be determined in
    accordance with the definition of &#147;Capital Lease
    Obligation.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Beneficial Owner&#148; </I>has the meaning assigned to
    such term in
    <FONT style="white-space: nowrap">Rule&#160;13d-3</FONT>
    and
    <FONT style="white-space: nowrap">Rule&#160;13d-5</FONT>
    under the Exchange Act. The terms &#147;Beneficially Owns&#148;
    and &#147;Beneficially Owned&#148; have a corresponding meaning.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Board of Directors&#148; </I>means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;with respect to a corporation, the board of directors
    of the corporation or any committee thereof duly authorized to
    act on behalf of such board;
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;with respect to a partnership, the Board of Directors
    of the general partner of the partnership;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;with respect to a limited liability company, the
    managing member or members or any controlling committee of
    managing members thereof;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;with respect to any other Person, the board or
    committee of such Person serving a similar function.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Borrowing Base&#148; </I>has the meaning ascribed to it
    in the First Amendment, dated as of September&#160;9, 2010, to
    Amended and Restated Credit Agreement, dated as of
    January&#160;30, 2009, among Titan and Bank of America, N.A.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Business Asset&#148; </I>means assets (except in
    connection with the acquisition of a Subsidiary in a Permitted
    Business that becomes a Guarantor) other than notes, bonds,
    obligations and securities that, in the good faith judgment of
    the Board of Directors, will immediately constitute, be a part
    of, or be used in, a Permitted Business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Capital Lease Obligation&#148; </I>means, at the time
    any determination is to be made, the amount of the liability in
    respect of a capital lease that would at that time be required
    to be capitalized on a balance sheet prepared in accordance with
    GAAP, and the Stated Maturity thereof shall be the date of the
    last payment of rent or any other amount due under such lease
    prior to the first date upon which such lease may be prepaid by
    the lessee without payment of a penalty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Capital Stock&#148; </I>means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;in the case of a corporation, corporate stock;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;in the case of an association or business entity, any
    and all shares, interests, participations, rights or other
    equivalents (however designated) of corporate stock;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;in the case of a partnership or limited liability
    company, partnership interests (whether general or limited) or
    membership interests;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;any other interest or participation that confers on a
    Person the right to receive a share of the profits and losses
    of, or distributions of assets of, the issuing Person, but
    excluding from all of the foregoing any debt securities
    convertible into Capital Stock, whether or not such debt
    securities include any right of participation with Capital Stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Cash Equivalents&#148; </I>means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;United States dollars or currencies held by Titan or
    any of its Subsidiaries from time to time in the normal course
    of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;securities issued or directly and fully guaranteed or
    insured by the United States government or any agency or
    instrumentality of the United States government (provided that
    the full faith and credit of the United&#160;States is pledged
    in support of those securities) having maturities of not more
    than six months from the date of acquisition;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;certificates of deposit and eurodollar time deposits
    with maturities of six months or less from the date of
    acquisition, bankers&#146; acceptances with maturities not
    exceeding six months and overnight bank deposits, in each case,
    with any domestic commercial bank having capital and surplus in
    excess of $500.0&#160;million and a Thomson Bank Watch Rating of
    &#147;B&#148; or better;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;repurchase obligations with a term of not more than
    seven days for underlying securities of the types described in
    clauses&#160;(2) and (3)&#160;above entered into with any
    financial institution meeting the qualifications specified in
    clause&#160;(3) above;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;commercial paper having one of the two highest ratings
    obtainable from Moody&#146;s or S&#038;P and, in each case,
    maturing within six months after the date of
    acquisition;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;money market funds at least 95% of the assets of which
    constitute Cash Equivalents of the kinds described in
    clauses&#160;(1) through (5)&#160;of this definition.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Change of Control&#148; </I>means the occurrence of any
    of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the direct or indirect sale, lease, transfer,
    conveyance or other disposition (other than by way of merger or
    consolidation), in one or a series of related transactions, of
    all or substantially all of the properties or assets of Titan
    and its Subsidiaries taken as a whole to any &#147;person&#148;
    (as that term is used in Section&#160;13(d) of the Exchange Act);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the adoption of a plan relating to the liquidation or
    dissolution of Titan;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the consummation of any transaction (including, without
    limitation, any merger or consolidation), the result of which is
    that any &#147;person&#148; (as defined above) becomes the
    ultimate Beneficial Owner, directly or indirectly, of more than
    50% of the Voting Stock of Titan, measured by voting power
    rather than number of shares;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the first day on which a majority of the members of the
    Board of Directors of Titan are not Continuing Directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Change of Control Offer&#148; </I>has the meaning
    assigned to that term in the Indenture governing the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Cash Flow&#148; </I>means, with respect to
    any specified Person for any period, the Consolidated Net Income
    of such Person for such period <I>plus</I>, without duplication:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;provision for taxes based on income or profits of such
    Person and its Restricted Subsidiaries for such period, to the
    extent that such provision for taxes was deducted in computing
    such Consolidated Net Income; <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the Fixed Charges of such Person and its Restricted
    Subsidiaries for such period, to the extent that such Fixed
    Charges were deducted in computing such Consolidated Net Income;
    <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;other non-cash charges from employee compensation
    expenses arising from the issuance of stock, options to purchase
    stock, deferrals and stock appreciation rights (excluding any
    such expenses which relate to options or rights which, at the
    option of the holder thereof, may be settled in cash);
    <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;depreciation, amortization (including amortization of
    intangibles but excluding amortization of prepaid cash expenses
    that were paid in a prior period) and other non-cash expenses
    (excluding any such non-cash expense to the extent that it
    represents an accrual of or reserve for cash expenses in any
    future period or amortization of a prepaid cash expense that was
    paid in a prior period) of such Person and its Restricted
    Subsidiaries for such period to the extent that such
    depreciation, amortization and other non-cash expenses were
    deducted in computing such Consolidated Net Income; <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;non-cash items (other than any non-cash items that will
    require cash payments in the future or that relate to foreign
    currency translation) decreasing such Consolidated Net Income
    for such period other than items that were accrued in the normal
    course of business; <I>minus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;non-cash items (other than any non-cash items that will
    require cash payments in the future or that relate to foreign
    currency translation) increasing such Consolidated Net Income
    for such period, other than the items that were accrued in the
    normal course of business,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    in each case, on a consolidated basis and determined in
    accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Net Income&#148; </I>means, with respect
    to any specified Person for any period, the aggregate of the Net
    Income of such Person and its Restricted Subsidiaries for such
    period, on a consolidated basis, determined in accordance with
    GAAP; <I>provided </I>that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the Net Income (but not loss) of any Person that is not
    a Restricted Subsidiary or that is accounted for by the equity
    method of accounting will be included only to the extent of the
    amount of dividends or similar distributions paid in cash to the
    specified Person or a Restricted Subsidiary of the Person;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the Net Income of any Restricted Subsidiary will be
    excluded to the extent that the declaration or payment of
    dividends or similar distributions by that Restricted Subsidiary
    of that Net Income is not at the date of determination permitted
    without any prior governmental approval (that has not been
    obtained) or, directly or
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    indirectly, by operation of the terms of its charter or any
    agreement, instrument, judgment, decree, order, statute, rule or
    governmental regulation applicable to that Restricted Subsidiary
    or its shareholders;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the cumulative effect of a change in accounting
    principles will be excluded;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;any non-cash goodwill impairment charges will be
    excluded;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;any non-cash charges relating to the underfunded
    portion of any pension plan will be excluded;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;any non-cash charges resulting from the application of
    SFAS&#160;No.&#160;123 will be excluded;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;one time cost and expenses directly related to the
    repurchase of Titan&#146;s 8%&#160;Senior Unsecured Notes due
    2012 will be excluded.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Net Tangible Assets&#148; </I>means, with
    respect to any Person as of any date, the amount which, in
    accordance with GAAP, would be set forth under the caption
    &#147;Total Assets&#148; (or any like caption) on a consolidated
    balance sheet of such Person and its Restricted Subsidiaries
    (less applicable reserves), after deducting therefrom (a) all
    current liabilities and (b)&#160;all goodwill and any other
    amounts classified as intangible assets in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Continuing Directors&#148; </I>means, as of any date of
    determination, any member of the Board of Directors of Titan who:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;was a member of such Board of Directors on the Issue
    Date;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;was nominated for election or elected to such Board of
    Directors with the approval of a majority of the Continuing
    Directors who were members of such Board of Directors at the
    time of such nomination or election.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under a recent Delaware Chancery Court interpretation of a
    similar definition of &#147;Continuing Directors,&#148; a board
    of directors may approve, for purposes of such definition, a
    slate of shareholder-nominated directors without endorsing them,
    or while simultaneously recommending and endorsing its own slate
    instead. It is unclear whether Titan&#146;s Board of Directors,
    pursuant to Illinois law, is similarly capable of approving a
    slate of dissident director nominees while recommending and
    endorsing its own slate. If such an action is possible under
    Illinois law, the foregoing interpretation would permit
    Titan&#146;s Board of Directors to approve a slate of directors
    that included a majority of dissident directors nominated
    pursuant to a proxy contest, and the ultimate election of such
    dissident slate would not constitute a &#147;Change of
    Control&#148; as described above under the caption
    &#147;&#151;&#160;Change of Control&#148; that would trigger the
    holders&#146; right to require Titan to repurchase the
    holders&#146; notes as described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Credit Facilities&#148; </I>means one or more debt
    facilities (including, without limitation, the Amended and
    Restated Credit Agreement, dated as of January&#160;30, 2009,
    among Titan and Bank of America, N.A. or commercial paper
    facilities, in each case, with banks or other institutional
    lenders providing for revolving credit loans, term loans,
    receivables financing (including through the sale of receivables
    to such lenders or to special purpose entities formed to borrow
    from such lenders against such receivables) or letters of
    credit, in each case, as amended, restated, modified, renewed,
    refunded, replaced (whether upon or after termination or
    otherwise) or refinanced (including by means of sales of debt
    securities to institutional investors) in whole or in part from
    time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Default&#148; </I>means any event that is, or with the
    passage of time or the giving of notice or both would be, an
    Event of Default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Designated Noncash Consideration&#148; </I>means the
    Fair Market Value of noncash consideration received by Titan or
    any of its Restricted Subsidiaries in connection with an Asset
    Sale that is so designated as Designated Noncash Consideration
    pursuant to an officers&#146; certificate of Titan, setting
    forth the basis of such valuation, less the amount of cash or
    Cash Equivalents received in connection with a subsequent sale
    of such Designated Noncash Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Disqualified Stock&#148; </I>means any Capital Stock
    that, by its terms (or by the terms of any security into which
    it is convertible, or for which it is exchangeable, in each
    case, at the option of the holder of the Capital Stock), or upon
    the happening of any event, matures or is mandatorily
    redeemable, pursuant to a sinking fund obligation or otherwise,
    or redeemable at the option of the holder of the Capital Stock,
    in whole or in part, on or prior to the date that is
    91&#160;days after the date on which the notes mature.
    Notwithstanding the preceding sentence, any Capital Stock
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    that would constitute Disqualified Stock solely because the
    holders of the Capital Stock have the right to require Titan to
    repurchase such Capital Stock upon the occurrence of a change of
    control or an asset sale will not constitute Disqualified Stock
    if the terms of such Capital Stock provide that Titan may not
    repurchase or redeem any such Capital Stock pursuant to such
    provisions unless such repurchase or redemption complies with
    the covenant described above under the caption
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Restricted
    Payments.&#148; The amount of Disqualified Stock deemed to be
    outstanding at any time for purposes of the Indenture will be
    the maximum amount that Titan and its Restricted Subsidiaries
    may become obligated to pay upon the maturity of, or pursuant to
    any mandatory redemption provisions of, such Disqualified Stock,
    exclusive of accrued dividends.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Equipment&#148; </I>of any Person or business means all
    machinery and equipment of such Person or business, including
    all such Persons&#146; or businesses&#146; processing equipment,
    conveyors, machine tools and all engineering, processing and
    manufacturing equipment, office machinery, furniture, tools,
    attachments, accessories, molds, dies, stamps, and other
    machinery and equipment, but not including any motor vehicles or
    other titled assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Equity Interests&#148; </I>means Capital Stock and all
    warrants, options or other rights to acquire Capital Stock (but
    excluding any debt security that is convertible into, or
    exchangeable for, Capital Stock).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Equity Offering&#148; </I>means an issuance or sale of
    Equity Interests (other than Disqualified Stock) of Titan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Exchange Notes</I>&#148; means the debt securities of
    Titan issued pursuant to the Indenture in exchange for, and in
    an aggregate principal amount equal to, the outstanding notes,
    in compliance with the terms of the registration rights
    agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Existing Indebtedness&#148; </I>means the Indebtedness
    of Titan and its Restricted Subsidiaries (other than
    Indebtedness under our Credit Agreement) in existence on the
    Issue Date, until such amounts are repaid.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Fair Market Value&#148; </I>means the value that would
    be paid by a willing buyer to an unaffiliated willing seller in
    a transaction not involving distress or necessity of either
    party, determined in good faith by the Board of Directors of
    Titan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Fixed Charge Coverage Ratio&#148; </I>means with
    respect to any specified Person for any period, the ratio of the
    Consolidated Cash Flow of such Person for such period to the
    Fixed Charges of such Person for such period. In the event that
    the specified Person or any of its Restricted Subsidiaries
    incurs, assumes, guarantees, repays, repurchases, redeems,
    defeases or otherwise discharges any Indebtedness (other than
    ordinary working capital borrowings) or issues, repurchases or
    redeems preferred stock subsequent to the commencement of the
    period for which the Fixed Charge Coverage Ratio is being
    calculated and on or prior to the date on which the event for
    which the calculation of the Fixed Charge Coverage Ratio is made
    (the <I>&#147;Calculation Date&#148;</I>), then the Fixed Charge
    Coverage Ratio will be calculated giving pro forma effect to
    such incurrence, assumption, Guarantee, repayment, repurchase,
    redemption, defeasance or other discharge of Indebtedness, or
    such issuance, repurchase or redemption of preferred stock, and
    the use of the proceeds therefrom, as if the same had occurred
    at the beginning of the applicable four-quarter reference period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, for purposes of calculating the Fixed Charge
    Coverage Ratio:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;acquisitions that have been made by the specified
    Person or any of its Restricted Subsidiaries, including through
    mergers or consolidations, or any Person or any of its
    Restricted Subsidiaries acquired by the specified Person or any
    of its Restricted Subsidiaries, and including any related
    financing transactions and including increases in ownership of
    Restricted Subsidiaries, during the four-quarter reference
    period or subsequent to such reference period and on or prior to
    the Calculation Date will be given pro forma effect (in
    accordance with Regulation S-X under the Securities Act) as if
    they had occurred on the first day of the four-quarter reference
    period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the Consolidated Cash Flow attributable to discontinued
    operations, as determined in accordance with GAAP, and
    operations or businesses (and ownership interests therein)
    disposed of prior to the Calculation Date, will be excluded;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the Fixed Charges attributable to discontinued
    operations, as determined in accordance with GAAP, and
    operations or businesses (and ownership interests therein)
    disposed of prior to the Calculation Date, will be
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    excluded, but only to the extent that the obligations giving
    rise to such Fixed Charges will not be obligations of the
    specified Person or any of its Restricted Subsidiaries following
    the Calculation Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;any Person that is a Restricted Subsidiary on the
    Calculation Date will be deemed to have been a Restricted
    Subsidiary at all times during such four-quarter period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;any Person that is not a Restricted Subsidiary on the
    Calculation Date will be deemed not to have been a Restricted
    Subsidiary at any time during such four-quarter period;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;if any Indebtedness bears a floating rate of interest,
    the interest expense on such Indebtedness will be calculated as
    if the rate in effect on the Calculation Date had been the
    applicable rate for the entire period (taking into account any
    Hedging Obligation applicable to such Indebtedness if such
    Hedging Obligation has a remaining term as at the Calculation
    Date in excess of 12&#160;months).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Fixed Charges&#148; </I>means, with respect to any
    specified Person for any period, the sum, without duplication,
    of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the consolidated interest expense of such Person and
    its Restricted Subsidiaries for such period, whether paid or
    accrued, including, without limitation, amortization of debt
    issuance costs and original issue discount, non-cash interest
    payments, the interest component of any deferred payment
    obligations, the interest component of all payments associated
    with Capital Lease Obligations, imputed interest with respect to
    Attributable Debt and fees and charges incurred in respect of
    letter of credit or bankers&#146; acceptance financings, and net
    of the effect of all payments made or received pursuant to
    Hedging Obligations in respect of interest rates; <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the consolidated interest expense of such Person and
    its Restricted Subsidiaries that was capitalized during such
    period; <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;any interest on Indebtedness of another Person that is
    guaranteed by such Person or one of its Restricted Subsidiaries
    or secured by a Lien on assets of such Person or one of its
    Restricted Subsidiaries, whether or not such Guarantee or Lien
    is called upon; <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the product of (a)&#160;all dividends, whether paid or
    accrued and whether or not in cash, on any series of preferred
    stock of such Person or any of its Restricted Subsidiaries,
    other than dividends on Equity Interests payable solely in
    Equity Interests of Titan (other than Disqualified Stock) or to
    Titan or a Restricted Subsidiary of Titan, times (b)&#160;a
    fraction, the numerator of which is one and the denominator of
    which is one minus the then current combined federal, state and
    local statutory tax rate of such Person, expressed as a decimal,
    in each case, determined on a consolidated basis in accordance
    with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;GAAP&#148; </I>means generally accepted accounting
    principles set forth in the opinions and pronouncements of the
    Accounting Principles Board of the American Institute of
    Certified Public Accountants and statements and pronouncements
    of the Financial Accounting Standards Board or in such other
    statements by such other entity as have been approved by a
    significant segment of the accounting profession, which are in
    effect from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Guarantee&#148; </I>means a guarantee other than by
    endorsement of negotiable instruments for collection in the
    normal course of business, direct or indirect, in any manner
    including, without limitation, by way of a pledge of assets or
    through letters of credit or reimbursement agreements in respect
    thereof, of all or any part of any Indebtedness (whether arising
    by virtue of partnership arrangements, or by agreements to
    keep-well, to purchase assets, goods, securities or services, to
    take or pay or to maintain financial statement conditions or
    otherwise).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Guarantors&#148; </I>means the Subsidiaries that own
    any interest in the Collateral, which consist of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Titan Wheel Corporation of Illinois, an Illinois Corporation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Titan Tire Corporation, an Illinois Corporation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Titan Tire Corporation of Freeport, an Illinois
    Corporation;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Titan Tire Corporation of Bryan, an Ohio Corporation;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    and their respective successors and assigns, in each case, until
    the Note Guarantee of such Person has been released in
    accordance with the provisions of the Indenture.
</DIV>
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    <BR>
    66
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Hedging Obligations&#148; </I>means, with respect to
    any specified Person, the obligations of such Person under:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;interest rate swap agreements (whether from fixed to
    floating or from floating to fixed), interest rate cap
    agreements and interest rate collar agreements;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;other agreements or arrangements designed to manage
    interest rates or interest rate risk;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;other agreements or arrangements designed to protect
    such Person against fluctuations in currency exchange rates or
    commodity prices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Indebtedness&#148; </I>means, with respect to any
    specified Person, any indebtedness of such Person (excluding
    accrued expenses and trade payables):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;in respect of borrowed money;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;evidenced by bonds, notes, debentures or similar
    instruments or letters of credit (or reimbursement agreements in
    respect thereof);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;in respect of banker&#146;s acceptances;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;representing Capital Lease Obligations or Attributable
    Debt in respect of sale and leaseback transactions;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;representing the balance deferred and unpaid of the
    purchase price of any property or services due more than six
    months after such property is acquired or such services are
    completed;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;representing any Hedging Obligations,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    if and to the extent any of the preceding items (other than
    letters of credit, Attributable Debt and Hedging Obligations)
    would appear as a liability upon a balance sheet of the
    specified Person prepared in accordance with GAAP. In addition,
    the term &#147;Indebtedness&#148; includes all Indebtedness of
    others secured by a Lien on any asset of the specified Person
    (whether or not such Indebtedness is assumed by the specified
    Person) and, to the extent not otherwise included, the Guarantee
    by the specified Person of any Indebtedness of any other Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Investments&#148; </I>means, with respect to any
    Person, all direct or indirect investments by such Person in
    other Persons (including Affiliates) in the forms of loans
    (including Guarantees or other obligations), advances or capital
    contributions (excluding commission, travel and similar advances
    to officers and employees made in the normal course of
    business), purchases or other acquisitions for consideration of
    Indebtedness, Equity Interests or other securities, together
    with all items that are or would be classified as investments on
    a balance sheet prepared in accordance with GAAP. If Titan or
    any Subsidiary of Titan sells or otherwise disposes of any
    Equity Interests of any direct or indirect Subsidiary of Titan
    such that, after giving effect to any such sale or disposition,
    such Person is no longer a Subsidiary of Titan, Titan will be
    deemed to have made an Investment on the date of any such sale
    or disposition equal to the Fair Market Value of Titan&#146;s
    Investments in such Subsidiary that were not sold or disposed of
    in an amount determined as provided in the final paragraph of
    the covenant described above under the caption
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Restricted
    Payments.&#148; The acquisition by Titan or any Subsidiary of
    Titan of a Person that holds an Investment in a third Person
    will be deemed to be an Investment by Titan or such Subsidiary
    in such third Person in an amount equal to the Fair Market Value
    of the Investments held by the acquired Person in such third
    Person in an amount determined as provided in the final
    paragraph of the covenant described above under the caption
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Restricted
    Payments.&#148; The amount of an Investment will be determined
    at the time the Investment is made and without giving effect to
    subsequent changes in value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Issue Date&#148; </I>means October&#160;1, 2010, the
    first date on which any notes were issued pursuant to the
    Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Lien&#148; </I>means, with respect to any asset, any
    mortgage, lien, pledge, charge, security interest or encumbrance
    of any kind in respect of such asset, whether or not filed,
    recorded or otherwise perfected under applicable law, including
    any conditional sale or other title retention agreement, any
    lease in the nature thereof, any easement, right of way or other
    encumbrance on title to real property, any option or other
    agreement to sell or give a security interest in and any filing
    of or agreement to give any financing statement under the
    Uniform Commercial Code (or equivalent statutes) of any
    jurisdiction.
</DIV>
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    <BR>
    67
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Moody&#146;s&#148; </I>means Moody&#146;s Investors
    Service, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Mortgages&#148; </I>means, collectively, the first
    priority lien deeds of trust, trust deeds and mortgages made by
    Titan and the Guarantors (to the extent each is a party thereto)
    in favor or for the benefit of the Collateral Trustee on behalf
    of and for the benefit of the holders of the notes substantially
    in the form attached to the Indenture (with such changes as may
    be customary to account for local law matters) and otherwise in
    form and substance satisfactory to the Collateral Trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Mortgage Closing Date&#148; </I>means 120&#160;days
    after the Issue Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Mortgaged Properties&#148; </I>means the real estate on
    and buildings in which our manufacturing facilities are located,
    in Des Moines, Iowa; Freeport, Illinois; Quincy, Illinois; and
    Bryan, Ohio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Net Income&#148; </I>means, with respect to any
    specified Person, the net income (loss) of such Person,
    determined in accordance with GAAP and before any reduction in
    respect of preferred stock dividends, excluding, however:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;any gain or loss, together with any related provision
    for taxes on such gain or loss, realized in connection with:
    (a)&#160;any Asset Sale; or (b)&#160;the disposition of any
    securities by such Person or any of its Restricted Subsidiaries
    or the extinguishment of any Indebtedness of such Person or any
    of its Restricted Subsidiaries;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;any extraordinary gain or loss, together with any
    related provision for taxes on such extraordinary gain or loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Net Proceeds&#148; </I>means the aggregate cash
    proceeds and the Fair Market Value of any notes receivable and
    common stock received by Titan or any of its Restricted
    Subsidiaries in respect of any Asset Sale (including, without
    limitation, any cash received upon the sale or other disposition
    of any non-cash consideration received in any Asset Sale), net
    of the direct costs relating to such Asset Sale, including,
    without limitation, legal, accounting and investment banking
    fees, and sales commissions, and any relocation expenses
    incurred as a result of the Asset Sale, taxes paid or payable as
    a result of the Asset Sale, in each case, after taking into
    account any available tax credits or deductions and any tax
    sharing arrangements, and amounts required to be applied to the
    repayment of Indebtedness, other than Indebtedness under a
    Credit Facility, secured by a Lien on the asset or assets that
    were the subject of such Asset Sale and any reserve for
    adjustment in respect of the sale price of such asset or assets
    established in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Non-Recourse Debt&#148; </I>means Indebtedness:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;as to which neither Titan nor any of its Restricted
    Subsidiaries (a)&#160;provides credit support of any kind
    (including any undertaking, agreement or instrument that would
    constitute Indebtedness), (b)&#160;is directly or indirectly
    liable as a guarantor or otherwise, or (c)&#160;constitutes the
    lender;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;no default with respect to which (including any rights
    that the holders of the Indebtedness may have to take
    enforcement action against an Unrestricted Subsidiary) would
    permit upon notice, lapse of time or both any holder of any
    other Indebtedness of Titan or any of its Restricted
    Subsidiaries to declare a default on such other Indebtedness or
    cause the payment of the Indebtedness to be accelerated or
    payable prior to its Stated Maturity;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;as to which the lenders have been notified in writing
    that they will not have any recourse to the stock or assets of
    Titan or any of its Restricted Subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Note Guarantee&#148; </I>means the Guarantee by each
    Guarantor of Titan&#146;s obligations under the Indenture and
    the notes, executed pursuant to the provisions of the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Note Obligations&#148; </I>means the Obligations under
    the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Obligations&#148; </I>means any principal, interest,
    penalties, fees, indemnifications, reimbursements, damages and
    other liabilities payable under the documentation governing any
    Indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Orderly Liquidation Value&#148; </I>means the greater
    of (a)&#160;the in place orderly liquidation value, as
    determined by the most recent appraisal prepared by or on behalf
    of Titan, or (b)&#160;the book value of such assets.
</DIV>
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    <BR>
    68
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Permitted Business&#148; </I>means (i)&#160;the
    business conducted by, or proposed to be conducted by, Titan and
    its Restricted Subsidiaries on the Issue Date and
    (ii)&#160;businesses that are reasonably similar, ancillary or
    related to, or a reasonable extension or expansion of, the
    business conducted by Titan and its Restricted Subsidiaries on
    the Issue Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Permitted Investments&#148; </I>means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;any Investment in Titan or in a Wholly-Owned Restricted
    Subsidiary of Titan; <I>provided that </I>if such Investment is
    in a Restricted Subsidiary that is not a Guarantor, such
    Investment shall not consist of a transfer or contribution of
    assets that are located on the Collateral on the Issue Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;any Investment in Cash Equivalents;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;any Investment by Titan or any Restricted Subsidiary of
    Titan in a Person, if as a result of such Investment:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;such Person becomes a Restricted Subsidiary of Titan
    and a Guarantor;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;such Person is merged, consolidated or amalgamated with
    or into, or transfers or conveys substantially all of its assets
    to, or is liquidated into, Titan or a Restricted Subsidiary of
    Titan that is a Guarantor;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;any Investment made as a result of the receipt of
    non-cash consideration from an Asset Sale that was made pursuant
    to and in compliance with the covenant described above under the
    caption &#147;&#151;&#160;Repurchase at the Option of
    Holders&#160;&#151; Asset Sales;&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;any acquisition of assets or Capital Stock solely in
    exchange for the issuance of Equity Interests (other than
    Disqualified Stock) of Titan;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;any Investment made prior to the Issue Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;any Investments received in compromise or resolution of
    (A)&#160;obligations of trade creditors or customers that were
    incurred in the normal course of business of Titan or any of its
    Restricted Subsidiaries, including pursuant to any plan of
    reorganization or similar arrangement upon the bankruptcy or
    insolvency of any trade creditor or customer; or
    (B)&#160;litigation, arbitration or other disputes with Persons
    who are not Affiliates;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;advances, loans or extensions of trade credit in the
    normal course of business by Titan or any of its Restricted
    Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;Investments represented by Hedging Obligations not made
    for speculative purposes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;loans or advances to officers and employees made in
    the normal course of business of Titan or any Restricted
    Subsidiary of Titan in an aggregate principal amount not to
    exceed $2.0&#160;million at any one time outstanding;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;repurchases of the notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;other Investments in a Permitted Business of any
    Person having an aggregate Fair Market Value (measured on the
    date each such Investment was made and without giving effect to
    subsequent changes in value), when taken together with all other
    Investments made pursuant to this clause&#160;(12) that are at
    the time outstanding not to exceed in the aggregate at any time
    outstanding 15.0% of Consolidated Net Tangible Assets, provided
    that any such Investment will not be deemed to be outstanding
    pursuant to this clause&#160;(12) if such Investment
    subsequently constitutes a Permitted Investment pursuant to
    clause&#160;(3) hereof;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (13)&#160;other Investments in any Person, including any joint
    venture, having an aggregate Fair Market Value (measured on the
    date each such Investment was made and without giving effect to
    subsequent changes in value), when taken together with all other
    Investments made pursuant to this clause&#160;(13) that are at
    the time outstanding not to exceed $50.0&#160;million, provided
    that any such Investment will not be deemed to be outstanding
    pursuant to this clause&#160;(13) if such Investment
    subsequently constitutes a Permitted Investment pursuant to
    clause&#160;(3) hereof.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Permitted Liens&#148; </I>means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Liens on assets of Titan or any Guarantor (other than
    the Collateral) securing Indebtedness and other Obligations not
    to exceed the sum of (A)&#160;the Indebtedness permitted to be
    incurred under clause&#160;(1) of the second paragraph of the
    covenant entitled &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Incurrence of Indebtedness and Issuance of
    Preferred Stock&#148; and (B)&#160;the amount of Indebtedness,
    not to exceed $125.0&#160;million, that can be incurred on the
    date such Lien is created under the Fixed Charge Coverage Ratio
    test set forth in the first paragraph of the covenant entitled
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Incurrence of
    Indebtedness and Issuance of Preferred Stock&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Liens in favor of Titan or the Guarantors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;Liens on property of a Person existing at the time such
    Person is merged with or into or consolidated with Titan or any
    Subsidiary of Titan; <I>provided </I>that such Liens were in
    existence prior to the contemplation of such merger or
    consolidation and do not extend to any assets other than those
    of the Person merged into or consolidated with Titan or the
    Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;Liens on property (including Capital Stock) existing at
    the time of acquisition of the property by Titan or any
    Subsidiary of Titan; <I>provided </I>that such Liens were in
    existence prior to such acquisition and not incurred in
    contemplation of such acquisition;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;Liens to secure the performance of statutory
    obligations, surety or appeal bonds, performance bonds or other
    obligations of a like nature incurred in the normal course of
    business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;Liens to secure Indebtedness (including Capital Lease
    Obligations) permitted by clause&#160;(4) of the second
    paragraph of the covenant entitled &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Incurrence of Indebtedness and Issuance of
    Preferred Stock&#148; covering only the assets (other than the
    Collateral) acquired with or financed by such Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;With respect to (i)&#160;personal property, Liens
    existing on the date of the Indenture, and (ii)&#160;real
    properties, Permitted Encumbrances (as defined in the Mortgages);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;Liens for taxes, assessments or governmental charges or
    claims that are not yet delinquent or that are being contested
    in good faith by appropriate proceedings promptly instituted and
    diligently concluded; <I>provided </I>that any reserve or other
    appropriate provision as is required in conformity with GAAP has
    been made therefor;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;statutory or common law Liens of landlords, carriers,
    warehousemen, mechanics, materialmen, repairmen, construction
    contractors or other like Liens arising in the ordinary course
    of business which secure amounts not overdue for a period of
    more than thirty (30)&#160;days or if more than thirty
    (30)&#160;days overdue, are unfiled and no other action has been
    taken to enforce such Lien or which are being contested in good
    faith and by appropriate proceedings diligently conducted, if
    adequate reserves with respect thereto are maintained on the
    books of the applicable Person;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;easements,
    <FONT style="white-space: nowrap">rights-of-way,</FONT>
    sewers, electric lines, telegraph and telephone lines and other
    similar purposes, or zoning or other restrictions as to the use
    of real property that were not incurred in connection with
    Indebtedness and that do not in the aggregate materially
    adversely affect the value of said properties or materially
    impair their use in the operation of the business of such Person;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;Liens created for the benefit of (or to secure) the
    notes (or the Note Guarantees);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;Liens to secure any Permitted Refinancing Indebtedness
    permitted to be incurred under the Indenture; <I>provided</I>,
    <I>however</I>, that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;the new Lien shall be limited to all or part of the
    same property and assets that secured or, under the written
    agreements pursuant to which the original Lien arose, could
    secure the original Lien (plus improvements and accessions to
    such property or proceeds or distributions thereof);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;the Indebtedness secured by the new Lien is not
    increased to any amount greater than the sum of (x)&#160;the
    outstanding principal amount, or, if greater, committed amount,
    of the Permitted Refinancing
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Indebtedness and (y)&#160;an amount necessary to pay any fees
    and expenses, including premiums, related to such renewal,
    refunding, refinancing, replacement, defeasance or discharge;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (13)&#160;Liens on assets of Titan or any Subsidiary of Titan
    (other than Collateral) incurred in the normal course of
    business securing obligations that do not exceed
    $50.0&#160;million at any one time outstanding;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (14)&#160;Liens on assets (other than the Collateral) securing
    Hedging Obligations entered into in the normal course of
    business;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (15)&#160;Liens on any Equipment of Titan or any Guarantor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Permitted Refinancing Indebtedness&#148; </I>means any
    Indebtedness of Titan or any of its Restricted Subsidiaries
    issued in exchange for, or the net proceeds of which are used to
    renew, refund, refinance, replace, defease or discharge other
    Indebtedness of Titan or any of its Restricted Subsidiaries
    (other than intercompany Indebtedness); <I>provided </I>that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the principal amount (or accreted value, if applicable)
    of such Permitted Refinancing Indebtedness does not exceed the
    principal amount (or accreted value, if applicable) of the
    Indebtedness renewed, refunded, refinanced, replaced, defeased
    or discharged (plus all accrued interest on the Indebtedness and
    the amount of all fees and expenses, including premiums,
    incurred in connection therewith);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;such Permitted Refinancing Indebtedness has a final
    maturity date later than the final maturity date of, and has a
    Weighted Average Life to Maturity equal to or greater than the
    Weighted Average Life to Maturity of, the Indebtedness being
    renewed, refunded, refinanced, replaced, defeased or discharged;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;if the Indebtedness being renewed, refunded,
    refinanced, replaced, defeased or discharged is subordinated in
    right of payment to the notes, such Permitted Refinancing
    Indebtedness has a final maturity date later than the final
    maturity date of, and is subordinated in right of payment to,
    the notes on terms at least as favorable to the holders of notes
    as those contained in the documentation governing the
    Indebtedness being renewed, refunded, refinanced, replaced,
    defeased or discharged;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;such Indebtedness is incurred either by Titan or by the
    Restricted Subsidiary who is the obligor on the Indebtedness
    being renewed, refunded, refinanced, replaced, defeased or
    discharged.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Person&#148; </I>means any individual, corporation,
    partnership, joint venture, association, joint-stock company,
    trust, unincorporated organization, limited liability company or
    government or other entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Restricted Investment&#148; </I>means an Investment
    other than a Permitted Investment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Restricted Subsidiary&#148; </I>of a Person means any
    Subsidiary of the referent Person that is not an Unrestricted
    Subsidiary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;S&#038;P&#148; </I>means Standard&#160;&#038;
    Poor&#146;s Ratings Group.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Security Documents&#148; </I>means, collectively, the
    Indenture and the Mortgages.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Significant Subsidiary&#148; </I>means any Subsidiary
    that would be a &#147;significant subsidiary&#148; as defined in
    Article&#160;1,
    <FONT style="white-space: nowrap">Rule&#160;1-02</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X,</FONT>
    promulgated pursuant to the Securities Act, as such regulation
    is in effect on the Issue Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Stated Maturity&#148; </I>means, with respect to any
    installment of interest or principal on any series of
    Indebtedness, the date on which the payment of interest or
    principal was scheduled to be paid in the documentation
    governing such Indebtedness as of the Issue Date, and will not
    include any contingent obligations to repay, redeem or
    repurchase any such interest or principal prior to the date
    originally scheduled for the payment thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Subsidiary&#148; </I>means, with respect to any
    specified Person:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;any corporation, association or other business entity
    of which more than 50% of the total voting power of shares of
    Capital Stock entitled (without regard to the occurrence of any
    contingency and after giving effect to any voting agreement or
    stockholders&#146; agreement that effectively transfers voting
    power) to vote in the election of directors, managers or
    trustees of the corporation, association or other business
    entity is at the
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    time owned or controlled, directly or indirectly, by that Person
    or one or more of the other Subsidiaries of that Person (or a
    combination thereof);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;any partnership (a)&#160;the sole general partner or
    the managing general partner of which is such Person or a
    Subsidiary of such Person or (b)&#160;the only general partners
    of which are that Person or one or more Subsidiaries of that
    Person (or any combination thereof).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Treasury Rate&#148; </I>means, as of any redemption
    date, the yield to maturity as of such redemption date of
    United&#160;States Treasury securities with a constant maturity
    (as compiled and published in the most recent Federal Reserve
    Statistical Release H.15 (519)&#160;that has become publicly
    available at least two business days prior to the redemption
    date (or, if such Statistical Release is no longer published,
    any publicly available source of similar market data)) most
    nearly equal to the period from the redemption date to the
    maturity date of the notes; <I>provided, however</I>, that if
    the period from the redemption date to the maturity date of the
    notes is less than one year, the weekly average yield on
    actually traded United States Treasury securities adjusted to a
    constant maturity of one year will be used.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Unrestricted Subsidiary&#148; </I>means Titan Wheel
    Corporation of Virginia and any other Subsidiary of Titan that
    is designated by the Board of Directors of Titan as an
    Unrestricted Subsidiary pursuant to a resolution of the Board of
    Directors, but only to the extent that such Subsidiary:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;has no Indebtedness other than Non-Recourse Debt;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;except as permitted by the covenant described above
    under the caption &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Transactions with Affiliates,&#148; is not
    party to any agreement, contract, arrangement or understanding
    with Titan or any Restricted Subsidiary of Titan unless the
    terms of any such agreement, contract, arrangement or
    understanding are no less favorable to Titan or such Restricted
    Subsidiary than those that might be obtained at the time from
    Persons who are not Affiliates of Titan;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;is a Person with respect to which neither Titan nor any
    of its Restricted Subsidiaries has any direct or indirect
    obligation (a)&#160;to subscribe for additional Equity Interests
    or (b)&#160;to maintain or preserve such Person&#146;s financial
    condition or to cause such Person to achieve any specified
    levels of operating results;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;has not guaranteed or otherwise directly or indirectly
    provided credit support for any Indebtedness of Titan or any of
    its Restricted Subsidiaries, including, without limitation,
    through ownership of any interest in the Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Voting Stock&#148; </I>of any specified Person as of
    any date means the Capital Stock of such Person that is at the
    time entitled to vote in the election of the Board of Directors
    of such Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Weighted Average Life to Maturity&#148; </I>means, when
    applied to any Indebtedness at any date, the number of years
    obtained by dividing:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the sum of the products obtained by multiplying
    (a)&#160;the amount of each then remaining installment, sinking
    fund, serial maturity or other required payments of principal,
    including payment at final maturity, in respect of the
    Indebtedness, by (b)&#160;the number of years (calculated to the
    nearest one-twelfth) that will elapse between such date and the
    making of such payment; <I>by</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the then outstanding principal amount of such
    Indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Wholly-Owned Restricted Subsidiary&#148; </I>of any
    specified Person means a Subsidiary of such Person all of the
    outstanding Capital Stock or other ownership interests of which
    (other than directors&#146; qualifying shares) will at the time
    be owned by such person or by one or more Wholly-Owned
    Restricted Subsidiaries of such Person.
</DIV>
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    <BR>
    72
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF OTHER INDEBTEDNESS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Revolving
    Credit Facility</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company has a $100&#160;million revolving credit facility
    (&#147;Credit Facility&#148;) with agent Bank of America, N.A.
    The Credit Facility has a January 2014 termination date and is
    collateralized by a first priority security interest in certain
    of assets of Titan and assets of certain of its domestic
    subsidiaries, including their common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Credit Facility contains certain financial covenants,
    restrictions and other customary affirmative and negative
    covenants. The financial covenants in this agreement require
    that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Collateral coverage be equal to or greater than 1.2 times the
    outstanding revolver balance.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If the
    <FONT style="white-space: nowrap">30-day</FONT>
    average of the outstanding revolver balance exceeds
    $70&#160;million, the fixed charge coverage ratio be equal to or
    greater than a 1.1 to 1.0 ratio.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Restrictions include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Limits on payments of dividends and repurchases of the
    Company&#146;s stock.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Restrictions on the Company&#146;s ability to make additional
    borrowings, or to consolidate, merge or otherwise fundamentally
    change the ownership of the Company.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Limitations on investments, dispositions of assets and
    guarantees of indebtedness.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Other customary affirmative and negative covenants.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These covenants and restrictions could limit the Company&#146;s
    ability to respond to market conditions, to provide for
    unanticipated capital investments, to raise additional debt or
    equity capital, to pay dividends or to take advantage of
    business opportunities, including future acquisitions. The
    failure by Titan to meet these covenants could result in the
    Company ultimately being in default on this Credit Facility. The
    Company is in compliance with the covenants and restrictions as
    of September&#160;30, 2010. The collateral coverage was not
    applicable as there were no outstanding borrowings under the
    Credit Facility at September&#160;30, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The fixed charge coverage ratio did not apply for the quarter
    ended September&#160;30, 2010. During the first nine months of
    2010 and at September&#160;30, 2010, there were no borrowings
    under the Credit Facility.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Senior
    Unsecured Notes due 2012</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2006 the Company issued its 8%&#160;Senior Unsecured Notes
    due 2012 (&#147;Senior Unsecured Notes due 2012&#148;). In July
    of 2010, the Company closed on a transaction to purchase
    $6.5&#160;million of its issued and outstanding Senior Unsecured
    Notes due 2012. In connection with this transaction, the Company
    recorded expenses of approximately $0.3&#160;million in the
    third quarter of 2010. These expenses related primarily to a
    tender premium of $45 per $1,000 principal amount of the notes.
    In the second quarter of 2010, the Company repurchased
    $47.4&#160;million of principal value of Senior Unsecured Notes
    due 2012 resulting in a loss on senior note repurchase of
    $2.7&#160;million. In the first quarter of 2009, the Company
    repurchased $6.2&#160;million of principal value of Senior
    Unsecured Notes due 2012 for approximately $4.8&#160;million
    resulting in a $1.4&#160;million gain on the senior note
    repurchases.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On October&#160;4, 2010, the Company announced the expiration
    and final results of its previously announced cash tender offer
    and consent solicitation relating to all of its issued and
    outstanding Senior Unsecured Notes due 2012. On or prior to
    5:00&#160;p.m., New York City time, on October&#160;1, 2010 (the
    &#147;Expiration Time&#148;), valid tenders had been received
    with respect to $138,884,000 of the $139,948,000 aggregate
    principal amount of Senior Unsecured Notes due 2012 outstanding.
    The Company accepted for payment the Senior Unsecured Notes due
    2012 validly tendered on or prior to the Expiration Time. The
    consents received were sufficient to execute the proposed
    amendments to the indenture governing the Senior Unsecured Notes
    due 2012. Accordingly, Titan and the trustee under the indenture
    governing the Senior Unsecured Notes due 2012 entered into a
    supplemental indenture that eliminates from the indenture
    governing the Senior Unsecured Notes due 2012 substantially all
    of the restrictive covenants, certain affirmative covenants and
    certain events of default. The supplemental indenture became
    operative on October&#160;1, 2010. See &#147;Summary&#160;&#151;
    Recent Developments&#148; and &#147;Use of Proceeds.&#148;
</DIV>
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    <BR>
    73
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s Senior Unsecured Notes due 2012 outstanding
    balance was $1,064,000 at October&#160;4, 2010. The
    Company&#146;s Senior Unsecured Notes due 2012 are guaranteed by
    each of Titan&#146;s current and future wholly owned domestic
    subsidiaries other than its immaterial subsidiaries
    (subsidiaries with total assets less than $250,000 and total
    revenues less than $250,000). The note guarantees are full and
    unconditional, joint and several obligations of the guarantors.
    Non-guarantors consist primarily of foreign subsidiaries of the
    Company, which are organized outside the United States of
    America. The notes are effectively senior to the Senior
    Unsecured Notes due 2012 to the extent of the value of the
    Collateral securing the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Convertible
    Senior Subordinated Notes Due 2017</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On December&#160;21, 2009, the Company closed its offering of
    $172.5&#160;million principal amount of 5.625%&#160;Convertible
    Senior Subordinated Notes due 2017 (&#147;Senior Subordinated
    Notes&#148;), which included the exercise in full of the initial
    purchasers&#146; option to purchase $22.5&#160;million principal
    amount of additional Senior Subordinated Notes to cover
    over-allotments. The Senior Subordinated Notes were offered and
    sold in a private offering to qualified institutional buyers
    pursuant to Rule&#160;144A under the Securities Act of 1933, as
    amended and to other investors pursuant to another applicable
    exemption from registration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company received net proceeds from the offering of
    approximately $166&#160;million after deducting initial
    purchasers&#146; discounts and estimated offering expenses. The
    Company intends to use the proceeds from the offering for
    general corporate purposes, including financing potential future
    acquisitions and repayment of existing debt obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Senior Subordinated Notes bear cash interest semiannually at
    an annual rate of 5.625%. Upon conversion, the Company will
    deliver a number of shares of its common stock as described in
    the indenture. The initial base conversion rate for the Senior
    Subordinated Notes is 93.0016&#160;shares of the Company&#146;s
    common stock per $1,000 principal amount of Senior Subordinated
    Notes, equivalent to an initial base conversion price of
    approximately $10.75 per share of its common stock. If the price
    of the Company&#146;s common stock at the time of determination
    exceeds the base conversion price, the base conversion rate will
    be increased by an additional number of shares (up to
    9.3002&#160;shares of its common stock per $1,000 principal
    amount of Senior Subordinated Notes) as determined pursuant to a
    formula described in the indenture. The base conversion rate
    will be subject to adjustment in certain events. The initial
    base conversion price represents a premium of 37.5% relative to
    the December&#160;15, 2009, closing sale price of the
    Company&#146;s common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will have the right to redeem the Senior
    Subordinated Notes in whole or in part at a specified redemption
    price on or after January&#160;20, 2014 if the closing sale
    price of its common stock exceeds 130% of the base conversion
    price then in effect for 20 or more trading days in a period of
    30 consecutive trading days ending on the trading day
    immediately prior to the date of the redemption notice. The
    Senior Subordinated Notes are subordinated in right of payment
    to the Company&#146;s existing Senior Unsecured Notes due 2012
    and the notes.
</DIV>

<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">BOOK
    ENTRY SETTLEMENT AND CLEARANCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange notes will be issued in the form of one or more
    registered notes in global form, without interest coupons (the
    &#147;Global Notes&#148;). Upon issuance, each of the Global
    Notes will be deposited with the Trustee as custodian for DTC
    and registered in the name of Cede&#160;&#038; Co., as nominee
    of DTC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ownership of beneficial interests in each Global Note will be
    limited to persons who have accounts with DTC (&#147;DTC
    participants&#148;) or persons who hold interests through DTC
    participants. We expect that under procedures established by DTC:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    upon deposit of each Global Note with DTC&#146;s custodian, DTC
    will credit portions of the principal amount of the Global Note
    to the accounts of the DTC participants designated by the
    initial purchasers;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ownership of beneficial interests in each Global Note will be
    shown on, and transfer of ownership of those interests will be
    effected only through, records maintained by DTC (with respect
    to interests of DTC
</TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
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    <BR>
    74
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    participants) and the records of DTC participants (with respect
    to other owners of beneficial interests in the Global Note).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Beneficial interests in the Global Notes may not be exchanged
    for notes in certificated form except in the limited
    circumstances described below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchanges
    Among the Global Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Beneficial interests in one Global Note may generally be
    exchanged for interests in another Global Note. Depending on the
    Global Note to which the transfer is being made, the Trustee may
    require the seller to provide certain written certifications in
    the form provided in the indenture. A beneficial interest in a
    Global Note that is transferred to a person who takes delivery
    through another Global Note will, upon transfer, become subject
    to any transfer restrictions and other procedures applicable to
    beneficial interests in the other Global Note.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Book-Entry
    Procedures for the Global Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All interests in the Global Notes will be subject to the
    operations and procedures of DTC. We provide the following
    summary of those operations and procedures solely for the
    convenience of investors. The operations and procedures of each
    settlement system are controlled by that settlement system and
    may be changed at any time. We are not responsible for those
    operations or procedures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC has advised us that it is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a limited purpose trust company organized under the laws of the
    State of New York;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a &#147;banking organization&#148; within the meaning of the New
    York State Banking Law;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a member of the Federal Reserve System;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a &#147;clearing corporation&#148; within the meaning of the
    Uniform Commercial Code;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a &#147;clearing agency&#148; registered under Section&#160;17A
    of the Exchange Act.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC was created to hold securities for its participants and to
    facilitate the clearance and settlement of securities
    transactions between its participants through electronic
    book-entry changes to the accounts of its participants.
    DTC&#146;s participants include securities brokers and dealers,
    including the initial purchasers, banks and trust companies,
    clearing corporations and other organizations. Indirect access
    to DTC&#146;s system is also available to others such as banks,
    brokers, dealers and trust companies; these indirect
    participants clear through or maintain a custodial relationship
    with a DTC participant, either directly or indirectly. Investors
    who are not DTC participants may beneficially own securities
    held by or on behalf of DTC only through DTC participants or
    indirect participants in DTC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    So long as DTC&#146;s nominee is the registered owner of a
    Global Note, that nominee will be considered the sole owner or
    holder of the notes represented by that Global Note for all
    purposes under the Indenture. Except as provided below, owners
    of beneficial interests in a Global Note:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will not be entitled to have notes represented by the Global
    Note registered in their names;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will not receive or be entitled to receive certificated
    notes;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will not be considered the owners or holders of the notes under
    the indenture for any purposes, including with respect to the
    giving of any direction, instruction or approval to the Trustee
    under the indenture.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a result, each investor who owns a beneficial interest in a
    Global Note must rely on the procedures of DTC to exercise any
    rights of a holder of notes under the indenture (and, if the
    investor is not a participant or an indirect participant in DTC,
    on the procedures of the DTC participant through which the
    investor owns its interest).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payments of principal, premium (if any) and interest with
    respect to the exchange notes represented by a Global Note will
    be made by the Trustee to DTC&#146;s nominee as the registered
    holder of the Global Note. Neither we nor the Trustee will have
    any responsibility or liability for the payment of amounts to
    owners of beneficial interests
</DIV>
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    <BR>
    75
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    in a Global Note, for any aspect of the records relating to or
    payments made on account of those interests by DTC, or for
    maintaining, supervising or reviewing any records of DTC
    relating to those interests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payments by participants and indirect participants in DTC to the
    owners of beneficial interests in a Global Note will be governed
    by standing instructions and customary industry practice and
    will be the responsibility of those participants or indirect
    participants and DTC.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certificated
    Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notes in certificated form will be issued and delivered to each
    person that DTC identifies as a beneficial owner of the related
    exchange notes only if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    DTC notifies us at any time that it is unwilling or unable to
    continue as depositary for the Global Notes and a successor
    depositary is not appointed within 120&#160;days;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    DTC ceases to be registered as a clearing agency under the
    Exchange Act and a successor depositary is not appointed within
    120&#160;days;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we, at our option, notify the Trustee that we elect to cause the
    issuance of certificated notes;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain other events provided in the indenture should occur.
</TD>
</TR>

</TABLE>

<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">MATERIAL
    UNITED STATES FEDERAL TAX CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a summary of the material U.S.&#160;federal
    income tax considerations relevant to the exchange of your
    outstanding notes for exchange notes in the exchange offer and
    the ownership and disposition of exchange notes by an individual
    or entity who or that purchased notes in the offering for cash
    at original issue and holds the exchange notes as capital assets
    for purposes of the Internal Revenue Code. This summary does not
    purport to be a complete analysis of all potential tax
    considerations relating to the exchange or the exchange notes.
    The Code contains rules relating to securities held by special
    categories of holders, including financial institutions, certain
    insurance companies, broker-dealers, tax-exempt organizations,
    traders in securities that elect to
    <FONT style="white-space: nowrap">mark-to-market,</FONT>
    investors liable for the alternative minimum tax, investors that
    hold shares as part of a straddle or a hedging or conversion
    transaction, and investors whose functional currency is not the
    U.S.&#160;dollar. We do not discuss these rules and holders who
    are in special categories should consult their own tax advisors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As used herein, &#147;U.S.&#160;holders&#148; are any beneficial
    owners of the notes, that are, for United States federal income
    tax purposes, (i)&#160;citizens or residents of the United
    States, (ii)&#160;corporations (or other entities treated as
    corporations for United States federal income tax purposes)
    created or organized in, or under the laws of, the United
    States, any state thereof or the District of Columbia,
    (iii)&#160;estates, the income of which is subject to United
    States federal income taxation regardless of its source, or
    (iv)&#160;trusts if (a)&#160;a court within the United States is
    able to exercise primary supervision over the administration of
    the trust and (b)&#160;one or more United States persons have
    the authority to control all substantial decisions of the trust.
    In addition, certain trusts in existence on August&#160;20, 1996
    and treated as U.S.&#160;persons prior to such date may also be
    treated as U.S.&#160;holders. As used herein,
    <FONT style="white-space: nowrap">&#147;non-U.S.&#160;holders&#148;</FONT>
    are beneficial owners of the notes, other than partnerships,
    that are not U.S.&#160;holders. If a partnership (including for
    this purpose any entity treated as a partnership for United
    States federal income tax purposes) is a beneficial owner of the
    notes, the treatment of a partner in the partnership will
    generally depend upon the status of the partner and upon the
    activities of the partnership. Partnerships and partners in such
    partnerships should consult their tax advisors about the United
    States federal income tax consequences of owning and disposing
    of the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This summary is based on the Code, the Treasury regulations
    promulgated thereunder and administrative and judicial
    interpretations thereof, all as of the date hereof, and all of
    which are subject to change or differing interpretations,
    possibly on a retroactive basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should consult with your own tax advisor regarding the
    federal, state, local and foreign tax consequences of the
    ownership and disposition of the notes.</B>
</DIV>
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    <BR>
    76
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Internal
    Revenue Service Circular 230 Notice</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To ensure compliance with Internal Revenue Service
    (&#147;IRS&#148;) Circular 230, holders of notes are hereby
    notified that: (A)&#160;any discussion of United States federal
    tax issues contained or referred to in this prospectus is not
    intended or written to be used, and cannot be used, by holders
    for the purpose of avoiding penalties that may be imposed on
    them under the Code; (B)&#160;such discussion is written in
    connection with the promotion or marketing of the transactions
    or matters addressed herein; and (C)&#160;holders should seek
    advice based on their particular circumstances from an
    independent tax advisor.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S.
    Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Exchange Offer.</I>&#160;&#160;As a U.S.&#160;holder, you
    will not recognize taxable gain or loss from exchanging
    outstanding notes for exchange notes in the exchange offer. The
    holding period of the exchange notes will include the holding
    period of the outstanding notes that are exchanged for the
    exchange notes. The adjusted tax basis of the exchange notes
    will be the same as the adjusted tax basis of the outstanding
    notes exchanged for the exchange notes immediately before the
    exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Interest.</I>&#160;&#160;If you are a U.S.&#160;holder, the
    stated interest on the exchange notes generally will be taxable
    to you as ordinary income at the time that it is paid or
    accrued, in accordance with your method of accounting for
    U.S.&#160;federal income tax purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Sale, Exchange or Other Taxable Disposition of an Exchange
    Note.</I>&#160;&#160;As a U.S.&#160;holder, you will recognize
    gain or loss on the sale, retirement, redemption or other
    taxable disposition of an exchange note in an amount equal to
    the difference between (1)&#160;the amount of cash and the fair
    market value of other property received in exchange for the
    exchange note, other than amounts for accrued but unpaid stated
    interest, which will be taxable as ordinary income to the extent
    not previously included in income, and (2)&#160;your adjusted
    tax basis in the exchange note. Any gain or loss recognized will
    generally be capital gain or loss. The capital gain or loss will
    generally be long-term capital gain or loss if you have held the
    exchange note for more than one year. Otherwise, the capital
    gain or loss will be a short-term capital gain or loss. The
    deductibility of capital losses is subject to limitations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Liquidated Damages.</I>&#160;&#160;We intend to take the
    position that any liquidated damages payable on a failure to
    meet our registration obligations will be taxable to you as
    ordinary income when received or accrued in accordance with your
    method of accounting for U.S.&#160;federal income tax purposes.
    This position is based in part on the assumption that, as of the
    date of issuance of the notes, the possibility that liquidated
    damages would have to be paid was a &#147;remote&#148; or
    &#147;incidental&#148; contingency within the meaning of
    applicable U.S.&#160;Treasury Regulations. Our determination
    that such possibility was a remote or incidental contingency is
    binding on you, unless you explicitly disclose that you are
    taking a different position to the IRS on your tax return for
    the year during which you acquire the note. The IRS, however,
    may take a different position, which could affect the timing and
    character of your income and our deduction with respect to
    payments of liquidated damages.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Optional Redemption.</I>&#160;&#160;We, at our option, are
    entitled to redeem all or a portion of the exchange notes.
    U.S.&#160;Treasury Regulations contain special rules for
    determining the yield to maturity and maturity date on a debt
    instrument in the event the debt instrument provides for a
    contingency that could result in the acceleration or deferral of
    one or more payments. We believe that under these rules the
    redemption provisions of the exchange notes should not affect
    the computation of the yield to maturity or maturity date of the
    exchange notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Backup Withholding and Information
    Reporting.</I>&#160;&#160;As a U.S.&#160;holder, you may be
    subject to information reporting and possible backup
    withholding. If applicable, backup withholding would apply to
    payments of interest on, or the proceeds of a sale, exchange,
    redemption, retirement, or other disposition of, an exchange
    note, unless you (1)&#160;are a corporation or come within other
    exempt categories and, when required, demonstrate this fact or
    (2)&#160;provide us or our agent with your taxpayer
    identification number, certify as to no loss of exemption from
    backup withholding, and otherwise comply with the backup
    withholding rules.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Backup withholding is not an additional tax but, rather, is a
    method of tax collection. You generally will be entitled to
    credit any amounts withheld under the backup withholding rules
    against your U.S.&#160;federal income tax liability provided
    that the required information is furnished to the IRS in a
    timely manner.
</DIV>
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    <BR>
    77
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Interest.</I>&#160;&#160;If you are a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder,</FONT>
    interest paid to you on the exchange notes will not be subject
    to U.S.&#160;federal withholding tax if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you do not actually or constructively own 10% or more of the
    total combined voting power of all classes of our stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are not a &#147;controlled foreign corporation&#148; for
    U.S.&#160;federal income tax purposes that is related to us,
    directly or indirectly, through stock ownership;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are not a bank that holds the exchange note on an extension
    of credit made under a loan agreement entered into in the
    ordinary course of your trade or business;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    either (1)&#160;you, as the beneficial owner of the exchange
    note, provide us or our agent with a statement, on
    U.S.&#160;Treasury
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or a suitable substitute form, signed under penalties of perjury
    that includes your name and address and certifies that you are
    not a U.S.&#160;person or (2)&#160;an exemption is otherwise
    established. If you hold your exchange notes through certain
    foreign intermediaries or certain foreign partnerships, such
    foreign intermediaries or partnerships must also satisfy the
    certification requirements of applicable U.S.&#160;Treasury
    Regulations.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If these requirements are not met, you will be subject to
    U.S.&#160;withholding tax at a rate of 30% on interest payments
    on the exchange notes unless you provide us with a properly
    executed and updated (1)&#160;U.S.&#160;Treasury
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or successor form) claiming an exemption from or reduction in
    withholding under the benefit of an applicable U.S.&#160;income
    tax treaty or (2)&#160;U.S.&#160;Treasury
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    (or successor form) stating that the interest paid on the
    exchange note is not subject to withholding tax because it is
    effectively connected with the conduct of a U.S.&#160;trade or
    business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event we are required to pay liquidated damages on the
    notes, as described above in &#147;U.S.&#160;Holders&#160;&#151;
    Liquidated Damages,&#148; the tax treatment of such payment
    should be the same as other interest payments received by a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder.</FONT>
    However, the IRS may treat such payments as other than interest,
    in which case they would be subject to U.S.&#160;withholding tax
    at a rate of 30%, unless the holder qualifies for a reduced rate
    of tax or an exemption under an applicable U.S.&#160;income tax
    treaty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are engaged in a trade or business in the U.S.&#160;and
    interest on an exchange note is effectively connected with your
    conduct of that trade or business, you will be required to pay
    U.S.&#160;federal income tax on that interest on a net income
    basis (although payments to you will be exempt from the 30%
    U.S.&#160;federal withholding tax, provided the certification
    requirements described above are satisfied) in the same manner
    as if you were a U.S.&#160;person as defined under the
    U.S.&#160;Internal Revenue Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are eligible for the benefit of a tax treaty, effectively
    connected income generally will be subject to U.S.&#160;federal
    income tax only if it is attributable to a &#147;permanent
    establishment&#148; in the U.S.&#160;In addition, if you are a
    foreign corporation, you may be required to pay a branch profits
    tax equal to 30% (or lower rate as may be prescribed under an
    applicable U.S.&#160;income tax treaty) of your earnings and
    profits for the taxable year, subject to adjustments, that are
    effectively connected with your conduct of a trade or business
    in the U.S., provided the required information is properly
    furnished to the IRS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Sale, Exchange or Other Taxable Disposition of an Exchange
    Note.</I>&#160;&#160;As a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder,</FONT>
    gain realized by you on the sale, exchange or redemption of an
    exchange note (except, in the case of redemptions, with respect
    to accrued and unpaid interest, which would be taxable as
    described above) generally will not be subject to
    U.S.&#160;federal withholding tax. However, gain will be subject
    to U.S.&#160;federal income tax if (1)&#160;the gain is
    effectively connected with your conduct of a trade or business
    in the U.S., (2)&#160;you are an individual who is present in
    the U.S.&#160;for a total of 183&#160;days or more during the
    taxable year in which the gain is realized and other conditions
    are satisfied, or (3)&#160;you are subject to tax under
    U.S.&#160;tax laws that apply to certain U.S.&#160;expatriates.
    If you are described in clause&#160;(1) above, you generally
    will be required to pay U.S.&#160;federal income tax on the net
    gain derived from the sale. If you are a corporation, then you
    may be required to pay a branch profits tax at a 30% rate (or
    such lower rate as may be prescribed under an applicable
    U.S.&#160;income tax treaty) on any such effectively connected
    gain. If you are described in clause&#160;(2) above, you will be
    subject to a flat 30% United States federal income tax on the
    gain derived
</DIV>
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    78
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    from the sale, which may be offset by United States source
    capital losses, even though you are not considered a resident of
    the United States. If you are a holder described in
    clause&#160;(3) above, you should consult your tax advisor to
    determine the U.S.&#160;federal, state, local and other tax
    consequences that may be relevant to you.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Backup Withholding and Information
    Reporting.</I>&#160;&#160;The amount of any interest paid to,
    and the tax withheld with respect to, a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder,</FONT>
    must generally be reported annually to the IRS and to such
    <FONT style="white-space: nowrap">non-U.S.&#160;holder,</FONT>
    regardless of whether any tax was actually withheld.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payments on the exchange notes made by us or our paying agent to
    noncorporate
    <FONT style="white-space: nowrap">non-U.S.&#160;holders</FONT>
    may be subject to information reporting and possibly to backup
    withholding. Information reporting and backup withholding
    generally do not apply, however, to payments made by us or our
    paying agent on an exchange note if we (1)&#160;have received
    from you the U.S.&#160;Treasury
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or a suitable substitute form as described above under
    <FONT style="white-space: nowrap">&#147;Non-U.S.&#160;Holders&#160;&#151;</FONT>
    Interest,<I>&#148; </I>or otherwise establish an exemption and
    (2)&#160;do not have actual knowledge or have reason to know
    that you are a U.S.&#160;holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payment of proceeds from a sale of an exchange note to or
    through the U.S.&#160;office of a broker is subject to
    information reporting and backup withholding unless you certify
    as to your
    <FONT style="white-space: nowrap">non-U.S.&#160;status</FONT>
    or otherwise establish an exemption from information reporting
    and backup withholding and the broker does not have actual
    knowledge or have reason to know that you are a
    U.S.&#160;holder. Payment outside the U.S.&#160;of the proceeds
    of the sale of an exchange note to or through a foreign office
    of a &#147;broker,&#148; as defined in the applicable
    U.S.&#160;Treasury Regulations, should not be subject to
    information reporting or backup withholding. However,
    U.S.&#160;information reporting, but not backup withholding,
    generally will apply to a payment made outside the U.S.&#160;of
    the proceeds of a sale of an exchange note through an office
    outside the U.S.&#160;of a broker if the broker:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    is a U.S.&#160;person;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    is a foreign person who derives 50% or more of its gross income
    from the conduct of a U.S.&#160;trade or business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    is a &#147;controlled foreign corporation&#148; for
    U.S.&#160;federal income tax purposes;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    is a foreign partnership, if at any time during its taxable
    year, one or more of its partners are U.S.&#160;persons, as
    defined in U.S.&#160;Treasury Regulations, who in the aggregate
    hold more than 50% of the income or capital interest in the
    partnership or if, at any time during its taxable year, the
    foreign partnership is engaged in a U.S.&#160;trade or business.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, information reporting will not apply if (1)&#160;you
    certify as to your
    <FONT style="white-space: nowrap">non-U.S.&#160;status</FONT>
    or the broker has documentary evidence in its records that you
    are a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder,</FONT>
    and certain other conditions are met or (2)&#160;an exemption is
    otherwise established.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any amounts withheld from a payment to you under the backup
    withholding rules of the U.S.&#160;Treasury Regulations will be
    allowed as a refund or credit against your U.S.&#160;federal
    income tax liability, provided that you follow the requisite
    procedures.
</DIV>

<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each broker-dealer that receives exchange notes for its own
    account in connection with the exchange offer must acknowledge
    that it will deliver a prospectus in connection with any resale
    of those exchange notes. A broker-dealer may use this
    prospectus, as amended or supplemented from time to time, in
    connection with resales of exchange notes received in exchange
    for outstanding notes where the broker-dealer acquired
    outstanding notes as a result of market-making activities or
    other trading activities. We have agreed that we will make
    available this prospectus, as amended or supplemented, to any
    broker-dealer for use in connection with resales for a period
    ending on the earlier of 180&#160;days after the date on which
    the registration statement is declared effective and the date on
    which broker-dealers are no longer required to deliver a
    prospectus in connection with market making or other trading
    activities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are conducting the exchange offer to satisfy our obligations
    under the registration rights agreement entered into in
    connection with the private placement of the outstanding notes,
    and we will not receive any proceeds from the issuance of the
    exchange notes pursuant to the terms of the exchange offer, or
    from the subsequent sale of the
</DIV>
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    <BR>
    79
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    exchange notes by any holder thereof. Broker-dealers may sell
    exchange notes received by them for their own account pursuant
    to the exchange offer from time to time in one or more
    transactions in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market, in negotiated transactions, through the writing of
    options on the exchange notes or a combination of those methods
    of resale, at market prices prevailing at the time of resale, at
    prices related to those prevailing market prices or negotiated
    prices. Any such resale may be made directly to purchasers or to
    or through brokers or dealers who may receive compensation in
    the form of commissions or concessions from any broker-dealer or
    the purchasers of any exchange notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any broker-dealer that resells exchange notes that were received
    by it for its own account pursuant to the exchange offer and any
    broker or dealer that participates in a distribution of such
    exchange notes may be deemed to be an underwriter within the
    meaning of the Securities Act. A profit on any such resale of
    exchange notes and any commissions or concessions received by
    any such persons may be deemed to be underwriting compensation
    under the Securities Act. The letter of transmittal states that
    by acknowledging it will deliver and by delivering a prospectus,
    a broker-dealer will not be deemed to admit that it is an
    underwriter within the meaning of the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have agreed to pay all expenses incident to the exchange
    offer, other than commissions or concessions of any brokers or
    dealers. We will also indemnify the holders of the outstanding
    notes, including any broker-dealers, against specified
    liabilities, including certain liabilities under the Securities
    Act.
</DIV>

<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The validity of the issuance of the exchange notes will be
    passed upon for us by Bodman LLP, Detroit, Michigan.
</DIV>

<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The financial statements and management&#146;s assessment of the
    effectiveness of internal control over financial reporting
    (which is included in Management&#146;s Report on Internal
    Control over Financial Reporting) incorporated in this
    prospectus by reference to Titan International, Inc.&#146;s
    Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated November&#160;2, 2010 and the financial statement schedule
    incorporated in this prospectus by reference to the Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of Titan International, Inc. for the year ended
    December&#160;31, 2009 have been so incorporated in reliance on
    the report of PricewaterhouseCoopers LLP, an independent
    registered public accounting firm, given on the authority of
    said firm as experts in auditing and accounting.
</DIV>
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    <BR>
    80
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    NOT REQUIRED IN PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;20.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Registrants Titan International, Inc., Titan Wheel Corporation
    of Illinois, Titan Tire Corporation, and Titan Tire Corporation
    of Freeport (collectively, the &#147;Illinois Registrants&#148;)
    are each incorporated under the laws of the State of Illinois.
    Titan Tire Corporation of Bryan (the &#147;Ohio
    Registrant&#148;) is incorporated under the laws of the State of
    Ohio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Section&#160;8.75 of the Illinois Business Corporation Act of
    1983, as amended (the &#147;IBCA&#148;) and the Illinois
    Registrants&#146; By-Laws provide for indemnification of our
    directors and officers and certain other persons, and
    Article&#160;Five of the Articles of Incorporation of Titan
    International, Inc. provides for a limitation of director
    liability. Under Section&#160;8.75 of the IBCA, directors and
    officers of the Illinois Registrants may be indemnified by the
    applicable corporation against all expenses incurred in
    connection with actions (including, under certain circumstances,
    derivative actions) brought against such director or officer by
    reason of his or her status as our representative, or by reason
    of the fact that such director or officer serves or served as a
    representative of another entity at our request, so long as the
    director or officer acted in good faith and in a manner he or
    she reasonably believed to be in, or not opposed to, our best
    interests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As permitted under Section&#160;8.75 of the IBCA, the By-Laws of
    each of the Illinois Registrants provide that the applicable
    corporation shall indemnify directors and officers against all
    expenses incurred in connection with actions (including
    derivative actions) brought against such director or officer by
    reason of the fact that he or she is or was our director or
    officer, or by reason of the fact that such director or officer
    serves or served as an employee or agent of any entity at our
    request, unless in the case of a derivative action the act or
    failure to act on the part of the director or officer giving
    rise to the claim for indemnification is determined by a court
    in a final, binding adjudication to have constituted misconduct.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Articles of Incorporation of Titan International, Inc. limit
    the liability of a director to it or its stockholders for
    monetary damages for breach of fiduciary duty as a director,
    provided, however, that the Articles do not eliminate or limit
    director liability for any breach of the director&#146;s duty of
    loyalty to it or its stockholders, for acts or omissions not in
    good faith or that involve intentional misconduct or a knowing
    violation of law, under Section&#160;8.65 of the IBCA (relating
    to unlawful distributions), or for any transaction from which
    the director derived an improper personal benefit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Section&#160;1701.13(E) of the Ohio General Corporation Law, as
    amended (the &#147;OGCL&#148;) and the
    Ohio&#160;Registrant&#146;s By-Laws provide for indemnification
    of our directors and officers and certain other persons. Under
    Section&#160;1701.13(E) of the OGCL, directors and officers of
    the Ohio Registrant may be indemnified by the corporation
    against all expenses incurred in connection with actions
    (including, under certain circumstances, derivative actions)
    brought against such director or officer by reason of his or her
    status as our representative, or by reason of the fact that such
    director or officer serves or served as a representative of
    another entity at our request, so long as the director or
    officer acted in good faith and in a manner he or she reasonably
    believed to be in, or not opposed to, our best interests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As permitted under Section&#160;1701.13(E) of the OGCL, the
    By-Laws of the Ohio Registrant provide that it shall indemnify
    directors and officers against all expenses incurred in
    connection with actions (including derivative actions) brought
    against such director or officer by reason of the fact that he
    or she is or was our director or officer, or by reason of the
    fact that such director or officer serves or served as an
    employee or agent of any entity at our request, unless in the
    case of a derivative action the act or failure to act on the
    part of the director or officer giving rise to the claim for
    indemnification is determined by a court in a final, binding
    adjudication to have constituted misconduct.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Insurance is maintained on a regular basis against liabilities
    arising on the part of our directors and officers out of their
    performance in such capacities or arising on our part out of the
    foregoing indemnification provisions, subject to certain
    exclusions and to the policy limits.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;21.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits
    and Financial Statement Schedules</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;The following exhibits are filed as part of this
    registration statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Incorporated by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Reference to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>File No.</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Articles of Incorporation of Titan
    International, Inc., as amended
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3 to Form 10-Q filed<BR>
    on October&#160;28, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    001-12936
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Titan International, Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.2 to Form S-4 <BR>
    filed on<BR>
    September 22, 1993
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    33-69228
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Titan Wheel Corporation of Illinois
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.5 to Form S-4 <BR>
    filed on <BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Titan Wheel Corporation of Illinois
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.6 to Form S-4 <BR>
    filed on filed on<BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Titan Tire Corporation
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.15 to Form S-4<BR>
    filed on filed on<BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Titan Tire Corporation
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.16 to Form S-4<BR>
    filed on filed on <BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Titan Tire Corporation of Bryan
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.17 to Form S-4<BR>
    filed on filed on <BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Titan Tire Corporation of Bryan
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.18 to Form S-4<BR>
    filed on filed on<BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Titan Tire Corporation of Freeport
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.19 to Form S-4 <BR>
    filed on filed on<BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Titan Tire Corporation of Freeport
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.20 to Form S-4 <BR>
    filed on filed on<BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture dated as of October&#160;1, 2010 among Titan
    International, Inc., the Guarantors party thereto, and U.S. Bank
    National Association, as Trustee and Collateral Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    4.1 to Form 8-K <BR>
    filed on <BR>
    October 5, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    001-12936
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Exchange and Registration Rights Agreement dated as of
    October&#160;1, 2010 by and among Titan International, Inc., the
    Guarantors party thereto, and Goldman, Sachs&#160;&#038; Co., as
    representative of the Initial Purchasers identified therein
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of 7.875%&#160;Senior Secured Notes due 2017
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    (included as Exhibit <BR>
    A to Exhibit 4.1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Guarantee relating to 7.875%&#160;Senior Secured Notes
    due 2017
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    (included as Exhibit D<BR>
    to Exhibit 4.1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Bodman LLP
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Schmiedeskamp, Robertson, Neu&#160;&#038; Mitchell LLP
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Incorporated by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Reference to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>File No.</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    8
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Tax Opinion of Bodman LLP
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Computation of Ratio of Earnings to Fixed Charges
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subsidiaries of Titan International, Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    21 to Form 10-K <BR>
    filed on <BR>
    February 25, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    001-12936
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of PricewaterhouseCoopers LLP, independent auditors for
    the Registrant
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Bodman LLP
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    (contained in<BR>
    Exhibit 5.1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Schmiedeskamp, Robertson, Neu&#160;&#038; Mitchell LLP
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    (contained in<BR>
    Exhibit 5.2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    (included on <BR>
    signature pages)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement of Eligibility and Qualification under the
    Trust&#160;Indenture Act of 1939 of U.S. Bank National
    Association, as Trustee, on
    <FONT style="white-space: nowrap">Form&#160;T-1,</FONT>
    relating to the 7.875%&#160;Senior Secured Notes due 2017
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter of Transmittal and Consent
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Brokers, Dealers, Commercial Banks,
    Trust&#160;Companies and other Nominees
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Clients
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;22.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;The undersigned registrants hereby undertake:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;To include any prospectus required by
    Section&#160;10(a)(3) of the Securities Act;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration
    statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iii)&#160;To include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;That, for the purpose of determining any liability
    under the Securities Act, each such post-effective amendment
    shall be deemed to be a new registration statement relating to
    the securities offered therein, and the offering of such
    securities at that time shall be deemed to be the initial bona
    fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;To remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;That, for the purpose of determining liability under
    the Securities Act to any purchaser, each prospectus filed
    pursuant to Rule&#160;424(b) as part of a registration statement
    relating to an offering, other than registration statements
    relying on Rule&#160;430B or other than prospectuses filed in
    reliance on Rule&#160;430A, shall be deemed to be part of and
    included in the registration statement as of the date it is
    first used after effectiveness.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    II-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Provided, however, that no statement made in a registration
    statement or prospectus that is part of the registration
    statement or made in a document incorporated or deemed
    incorporated by reference into the registration statement or
    prospectus that is part of the registration statement will, as
    to a purchaser with a time of contract of sale prior to such
    first use, supersede or modify any statement that was made in
    the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such date of first use.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;That, for the purpose of determining liability of the
    registrants under the Securities Act of 1933 to any purchaser in
    the initial distribution of the securities, each of the
    undersigned registrants undertakes that in a primary offering of
    securities of the undersigned registrants pursuant to this
    registration statement, regardless of the underwriting method
    used to sell the securities to the purchaser, if the securities
    are offered or sold to such purchaser by means of any of the
    following communications, the undersigned registrants will be a
    seller to the purchaser and will be considered to offer or sell
    such securities to such purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;Any preliminary prospectus or prospectus of the
    undersigned registrants relating to the offering required to be
    filed pursuant to Rule&#160;424;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;Any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrants or used
    or referred to by the undersigned registrants;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iii)&#160;The portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned registrants or its securities provided by or on
    behalf of the undersigned registrants;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iv)&#160;Any other communication that is an offer in the
    offering made by the undersigned registrants to the purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;Each of the undersigned Registrants hereby undertakes
    that, for purposes of determining any liability under the
    Securities Act, each filing of the Registrant&#146;s annual
    report pursuant to Section&#160;13(a) or Section&#160;15(d) of
    the Exchange Act (and, where applicable, each filing of an
    employee benefit plan&#146;s annual report pursuant to
    Section&#160;15(d) of the Exchange Act) that is incorporated by
    reference in the registration statement shall be deemed to be a
    new registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;Insofar as indemnification for liabilities arising
    under the Securities Act may be permitted to directors, officers
    and controlling persons of the registrants pursuant to the
    foregoing provisions, or otherwise, the undersigned registrant
    has been advised that in the opinion of the Securities and
    Exchange Commission such indemnification is against public
    policy as expressed in the Securities Act and is, therefore,
    unenforceable. In the event that a claim for indemnification
    against such liabilities (other than the payment by the
    registrant of expenses incurred or paid by a director, officer
    or controlling person of the registrant in the successful
    defense of any action, suit or proceeding) is asserted by such
    director, officer or controlling person in connection with the
    securities being registered, the registrant will, unless in the
    opinion of its counsel the matter has been settled by
    controlling precedent, submit to a court of appropriate
    jurisdiction the question whether such indemnification by it is
    against public policy as expressed in the Securities Act and
    will be governed by the final adjudication of such issue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;The undersigned registrants hereby undertake:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;To respond to requests for information that is
    incorporated by reference into the prospectus pursuant to
    Item&#160;4, 10(b), 11 or 13 of this Form, within one business
    day of receipt of such request, and to send the incorporated
    documents by first class mail or other equally prompt means.
    This includes information contained in the documents filed
    subsequent to the effective date of the registration statement
    through the date of responding to the request.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;To supply by means of a post-effective amendment all
    information concerning a transaction, and the company being
    acquired involved therein, that was not the subject of and
    included in the registration statement when it became effective.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [The remainder of this page is intentionally left blank.]
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-4
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this Registration Statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in Quincy, Illinois, on November&#160;2, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    TITAN INTERNATIONAL, INC.
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Maurice
    M. Taylor Jr.</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Maurice M. Taylor Jr.
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chairman and Chief Executive Officer
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Principal Executive Officer)
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned directors
    <FONT style="white-space: nowrap">and/or</FONT>
    officers of Titan International, Inc., an Illinois corporation
    (the &#147;Registrant&#148;), do hereby make, constitute and
    appoint Cheri T. Holley and Paul G. Reitz, and each of them, the
    undersigned&#146;s true and lawful attorneys-in-fact, with full
    power of substitution, for the undersigned and in the
    undersigned&#146;s name, place and stead, to sign and affix the
    undersigned&#146;s name as such director
    <FONT style="white-space: nowrap">and/or</FONT>
    officer of the Registrant to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4,</FONT>
    or any other appropriate form, for the purpose of registering,
    pursuant to the Securities Act of 1933, its securities, and to
    sign any and all amendments or any and all post-effective
    amendments to such Registration Statement, and to file the same,
    with all exhibits thereto, and other documents in connection
    therewith, with the Securities and Exchange Commission, and any
    other regulatory body pertaining to the Registration Statement
    or the securities covered thereby, granting unto said
    attorneys-in-fact, and each of them, full power and authority to
    do and perform any and all acts necessary or incidental to the
    performance and execution of the powers herein expressly granted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    Registration Statement has been signed on November&#160;2, 2010
    by the following persons in the capacities indicated.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Maurice
    M. Taylor Jr.</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Maurice M. Taylor Jr.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chairman and Chief Executive Officer
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Paul
    G. Reitz</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Paul G. Reitz
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Financial Officer (Principal Financial Officer and
    Principal Accounting Officer)
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;J.
    Michael A. Akers</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    J. Michael A. Akers, Director
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Erwin
    H. Billig</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Erwin H. Billig, Director
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-5
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Richard
    M. Cashin, Jr.</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Richard M. Cashin, Jr., Director
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Albert
    J. Febbo</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Albert J. Febbo, Director
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Mitchell
    I. Quain</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mitchell I. Quain, Director
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Anthony
    L. Soave</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Anthony L. Soave, Director
</DIV>
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    <BR>
    II-6
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this Registration Statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in Quincy, Illinois, on November&#160;2, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    TITAN TIRE CORPORATION
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Maurice
    M. Taylor Jr.</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Maurice M. Taylor Jr.
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Executive Officer
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Principal Executive Officer)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    Registration Statement has been signed on November&#160;2, 2010
    by the following persons in the capacities indicated.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Maurice
    M. Taylor Jr.</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Maurice M. Taylor Jr.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Executive Officer and Director
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Principal Executive Officer)
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this Registration Statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in Quincy, Illinois, on November&#160;2, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    TITAN WHEEL CORPORATION OF ILLINOIS
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Maurice
    M. Taylor Jr.</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Maurice M. Taylor Jr.
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Executive Officer
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Principal Executive Officer)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    Registration Statement has been signed on November&#160;2, 2010
    by the following persons in the capacities indicated.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Maurice
    M. Taylor Jr.</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Maurice M. Taylor Jr.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Executive Officer and Director
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Principal Executive Officer)
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this Registration Statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in Quincy, Illinois, on November&#160;2, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    TITAN TIRE CORPORATION OF BRYAN
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Maurice
    M. Taylor Jr.</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Maurice M. Taylor Jr.
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Executive Officer
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Principal Executive Officer)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    Registration Statement has been signed on November&#160;2, 2010
    by the following persons in the capacities indicated.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Maurice
    M. Taylor Jr.</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Maurice M. Taylor Jr.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Executive Officer and Director
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Principal Executive Officer)
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this Registration Statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in Quincy, Illinois, on November&#160;2, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    TITAN TIRE CORPORATION OF FREEPORT
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Maurice
    M. Taylor Jr.</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Maurice M. Taylor Jr.
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Executive Officer
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Principal Executive Officer)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    Registration Statement has been signed on November&#160;2, 2010
    by the following persons in the capacities indicated.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Maurice
    M. Taylor Jr.</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Maurice M. Taylor Jr.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Executive Officer and Director
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Principal Executive Officer)
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="58%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Incorporated by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Reference to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>File No.</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Articles of Incorporation of Titan
    International, Inc., as amended
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3 to Form 10-Q <BR>
    filed on <BR>
    October 28, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    001-12936
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Titan International, Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.2 to Form S-4 <BR>
    filed on <BR>
    September&#160;22, 1993
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    33-69228
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Titan Wheel Corporation of Illinois
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.5 to Form S-4 <BR>
    filed on <BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Titan Wheel Corporation of Illinois
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.6 to Form S-4<BR>
    filed on filed on <BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Titan Tire Corporation
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.15 to Form S-4<BR>
    filed on filed on <BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Titan Tire Corporation
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.16 to Form S-4 <BR>
    filed on filed on <BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Titan Tire Corporation of Bryan
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.17 to Form S-4 <BR>
    filed on filed on <BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Titan Tire Corporation of Bryan
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.18 to Form S-4 <BR>
    filed on filed on <BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Titan Tire Corporation of Freeport
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.19 to Form S-4<BR>
    filed on filed on <BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Titan Tire Corporation of Freeport
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    3.20 to Form S-4<BR>
    filed on filed on <BR>
    April 4, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    333-141865
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture dated as of October&#160;1, 2010 among Titan
    International, Inc., the Guarantors party thereto, and U.S. Bank
    National Association, as Trustee and Collateral Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    4.1 to Form 8-K <BR>
    filed on <BR>
    October 5, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    001-12936
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Exchange and Registration Rights Agreement dated as of
    October&#160;1, 2010 by and among Titan International, Inc., the
    Guarantors party thereto, and Goldman, Sachs&#160;&#038; Co., as
    representative of the Initial Purchasers identified therein
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of 7.875%&#160;Senior Secured Notes due 2017
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    (included as Exhibit <BR>
    A to Exhibit 4.1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Guarantee relating to 7.875%&#160;Senior Secured Notes
    due 2017
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    (included as Exhibit<BR>
    D to Exhibit 4.1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Bodman LLP
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Schmiedeskamp, Robertson, Neu&#160;&#038; Mitchell LLP
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    8
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Tax Opinion of Bodman LLP
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Computation of Ratio of Earnings to Fixed Charges
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subsidiaries of Titan International, Inc.&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    21 to Form 10-K<BR>
    filed on <BR>
    February&#160;25, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    001-12936
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of PricewaterhouseCoopers LLP, independent auditors for
    the Registrant
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="58%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Incorporated by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Reference to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>File No.</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Bodman LLP
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    (contained in<BR>
    Exhibit 5.1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Schmiedeskamp, Robertson, Neu&#160;&#038; Mitchell LLP
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    (contained in<BR>
    Exhibit 5.2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    (included on <BR>
    signature pages)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement of Eligibility and Qualification under the
    Trust&#160;Indenture Act of 1939 of U.S. Bank National
    Association, as Trustee, on
    <FONT style="white-space: nowrap">Form&#160;T-1,</FONT>
    relating to the 7.875%&#160;Senior Secured Notes due 2017
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter of Transmittal and Consent
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Brokers, Dealers, Commercial Banks,
    Trust&#160;Companies and other Nominees
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Clients
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith</TD>
</TR>

</TABLE>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>k49669exv4w2.htm
<DESCRIPTION>EX-4.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TITAN INTERNATIONAL, INC.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">$200,000,000<BR>
7.875% Senior Secured Notes due 2017
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">unconditionally guaranteed as to the<BR>
payment of principal, premium,<BR>
if any, and interest by<BR>
the guarantors signatory hereto
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>EXCHANGE AND REGISTRATION RIGHTS AGREEMENT</U>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">October&nbsp;1, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Goldman, Sachs &#038; Co.<BR>
200 West Street<BR>
New York, New York 10282-2198

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As representative of the several Initial Purchasers
named in Annex A hereto

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan International, Inc., an Illinois corporation (the &#147;Company&#148;), proposes to issue and sell
to the Initial Purchasers (as defined herein) upon the terms set forth in the Purchase Agreement
(as defined herein) its $200,000,000 aggregate principal amount of 7.875% Senior Secured Notes due
2017 (the &#147;Senior Secured Notes&#148;), which are guaranteed by the Guarantors (as defined herein). As
an inducement to the Initial Purchasers to enter into the Purchase Agreement and in satisfaction of
a condition to the obligations of the Initial Purchasers thereunder, the Company and each of the
Guarantors, jointly and severally, agree with the Initial Purchasers for the benefit of holders (as
defined herein) from time to time of the Registrable Securities (as defined herein) as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <I>Certain Definitions</I>. For purposes of this Exchange and Registration Rights Agreement, the
following terms shall have the following respective meanings:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Base Interest</I>&#148; shall mean the interest that would otherwise accrue on the Securities
under the terms thereof and the Indenture, without giving effect to the provisions of this
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;<I>broker-dealer</I>&#148; shall mean any broker or dealer registered with the
Commission under the Exchange Act.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Closing Date</I>&#148; shall mean the date on which the Securities are initially issued.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Commission</I>&#148; shall mean the United States Securities and Exchange Commission, or any
other federal agency at the time administering the Exchange Act or the Securities Act,
whichever is the relevant statute for the particular purpose.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Effective Time,</I>&#148; in the case of (i)&nbsp;an Exchange Registration, shall mean the time and
date as of which the Commission declares the Exchange Registration Statement effective or
as of which the Exchange Registration Statement otherwise becomes effective and (ii)&nbsp;a
Shelf Registration, shall mean the time and date as of which the Commission declares the
Shelf Registration Statement effective or as of which the Shelf Registration Statement
otherwise becomes effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Electing Holder</I>&#148; shall mean any holder of Registrable Securities that has returned a
completed and signed Notice and Questionnaire to the Company in accordance with Section
3(d)(ii) or 3(d)(iii) hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Act</I>&#148; shall mean the Securities Exchange Act of 1934, or any successor
thereto, as the same shall be amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Offer</I>&#148; shall have the meaning assigned thereto in Section 2(a) hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Registration</I>&#148; shall have the meaning assigned thereto in Section 3(c)
hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Registration Statement</I>&#148; shall have the meaning assigned thereto in Section
2(a) hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Securities</I>&#148; shall have the meaning assigned thereto in Section 2(a) hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantor</I>&#148; shall have the meaning assigned thereto in the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;<I>holder</I>&#148; shall mean the Initial Purchasers and each of the other persons who
acquire Registrable Securities from time to time (including any successors or assigns), in
each case for so long as such person owns any Registrable Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indenture</I>&#148; shall mean the Indenture, dated as of October&nbsp;1, 2010, among the Company,
the Guarantors and U.S. Bank National Association, as Trustee and Collateral Trustee, as
the same shall be amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Initial Purchasers</I>&#148; shall mean the initial purchasers named in Annex A to the
Purchase Agreement.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Notice and Questionnaire</I>&#148; means a Notice of Registration Statement and Selling
Securityholder Questionnaire substantially in the form of Exhibit&nbsp;A hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;<I>person</I>&#148; shall mean a corporation, association, partnership, organization,
business, individual, government or political subdivision thereof or governmental agency.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Purchase Agreement</I>&#148; shall mean the Purchase Agreement, dated September&nbsp;22, 2010,
among the Representative, as representative of the Initial Purchasers, the Guarantors and
the Company relating to the Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Registrable Securities</I>&#148; shall mean the Securities; <I>provided, however, </I>that a Security
shall cease to be a Registrable Security when (i)&nbsp;in the circumstances contemplated by
Section 2(a) hereof, the Security has been exchanged for an Exchange Security in an
Exchange Offer as contemplated in Section 2(a) hereof (<I>provided </I>that any Exchange Security
that, pursuant to the last two sentences of Section&nbsp;2(a), is included in a prospectus for
use in connection with resales by broker-dealers shall be deemed to be a Registrable
Security with respect to Sections&nbsp;5, 6 and 9 until resale of such Registrable Security has
been effected within the 180-day period referred to in Section&nbsp;2(a)); (ii)&nbsp;in the
circumstances contemplated by Section 2(b) hereof, a Shelf Registration Statement
registering such Security under the Securities Act has been declared or becomes effective
and such Security has been sold or otherwise transferred by the holder thereof pursuant to
and in a manner contemplated by such effective Shelf Registration Statement; (iii)&nbsp;such
Security is sold pursuant to Rule&nbsp;144 under circumstances in which any legend borne by such
Security relating to restrictions on transferability thereof, under the Securities Act or
otherwise, is removed by the Company or pursuant to the Indenture; or (iv)&nbsp;such Security
shall cease to be outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Registration Default</I>&#148; shall have the meaning assigned thereto in Section 2(c) hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Registration Expenses</I>&#148; shall have the meaning assigned thereto in Section&nbsp;4 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Resale Period</I>&#148; shall have the meaning assigned thereto in Section 2(a) hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Restricted Holder</I>&#148; shall mean (i)&nbsp;a holder that is an affiliate of the Company within
the meaning of Rule&nbsp;405, (ii)&nbsp;a holder who acquires Exchange Securities outside the
ordinary course of such holder&#146;s business, (iii)&nbsp;a holder who has arrangements or
understandings with any person to participate in the Exchange Offer for the purpose of
distributing Exchange Securities and (iv)&nbsp;a holder that is a broker-dealer, but only with
respect to Exchange Securities received by such broker-dealer pursuant to an Exchange Offer
in exchange for Registrable Securities acquired by the broker-dealer directly from the
Company.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Rule&nbsp;144,</I>&#148; &#147;<I>Rule&nbsp;405</I>&#148; <I>and </I>&#147;<I>Rule&nbsp;415</I>&#148; shall mean, in each case, such rule promulgated
under the Securities Act (or any successor provision), as the same shall be amended from
time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Securities</I>&#148; shall mean, collectively, the Senior Secured Notes of the Company to be
issued and sold to the Initial Purchasers, and securities issued in exchange therefor or in
lieu thereof pursuant to the Indenture. Each Security is entitled to the benefit of the
guarantee provided for in the Indenture (the &#147;Guarantees&#148;) and, unless the context
otherwise requires, any reference herein to a &#147;Security,&#148; an &#147;Exchange Security&#148; or a
&#147;Registrable Security&#148; shall include a reference to the related Guarantees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Securities Act</I>&#148; shall mean the Securities Act of 1933, or any successor thereto, as
the same shall be amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Shelf Registration</I>&#148; shall have the meaning assigned thereto in Section 2(b) hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Shelf Registration Statement</I>&#148; shall have the meaning assigned thereto in Section 2(b)
hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Special Interest</I>&#148; shall have the meaning assigned thereto in Section 2(c) hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trust Indenture Act</I>&#148; shall mean the Trust Indenture Act of 1939, or any successor
thereto, and the rules, regulations and forms promulgated thereunder, all as the same shall
be amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the context otherwise requires, any reference herein to a &#147;Section&#148; or &#147;clause&#148; refers
to a Section or clause, as the case may be, of this Exchange and Registration Rights Agreement, and
the words &#147;herein,&#148; &#147;hereof&#148; and &#147;hereunder&#148; and other words of similar import refer to this
Exchange and Registration Rights Agreement as a whole and not to any particular Section or other
subdivision.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <I>Registration Under the Securities Act</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as set forth in Section 2(b) below, the Company agrees to use commercially
reasonable efforts to file under the Securities Act a registration statement relating to an offer
to exchange (such registration statement, the &#147;Exchange Registration Statement&#148;, and such offer,
the &#147;Exchange Offer&#148;) any and all of the Securities for a like aggregate principal amount of debt
securities issued by the Company and guaranteed by the Guarantors, which debt securities and
guarantees are substantially identical to the Securities and the related Guarantees, respectively
(and are entitled to the benefits of a trust indenture which is substantially identical to the
Indenture or is the Indenture and which has been qualified under the Trust Indenture Act), except
that they have been registered pursuant to an effective registration statement under the Securities
Act and do not contain provisions for the additional interest contemplated in Section 2(c) below
(such new debt securities hereinafter called &#147;Exchange Securities&#148;). The
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company agrees to use commercially reasonable efforts to cause the Exchange Registration
Statement to become effective under the Securities Act. The Exchange Offer will be registered
under the Securities Act on the appropriate form and will comply with all applicable tender offer
rules and regulations under the Exchange Act. The Company further agrees to use commercially
reasonable efforts to complete the Exchange Offer no later than 60&nbsp;days after its commencement,
hold the Exchange Offer open for at least 20&nbsp;days and exchange Exchange Securities for all
Registrable Securities that have been properly tendered and not withdrawn on or prior to the
expiration of the Exchange Offer. The Exchange Offer will be deemed to have been &#147;completed&#148; only
if the debt securities and related guarantees received by holders other than Restricted Holders in
the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder
without restriction under the Securities Act and the Exchange Act and without material restrictions
under the blue sky or securities laws of a substantial majority of the States of the United States
of America. The Exchange Offer shall be deemed to have been completed upon the earlier to occur of
(i)&nbsp;the Company having exchanged the Exchange Securities for all outstanding Registrable Securities
pursuant to the Exchange Offer and (ii)&nbsp;the Company having exchanged, pursuant to the Exchange
Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not
withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20
days following the commencement of the Exchange Offer. The Company agrees (x)&nbsp;to include in the
Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange
Securities that is a broker-dealer and (y)&nbsp;to keep such Exchange Registration Statement effective
for a period (the &#147;Resale Period&#148;) beginning when Exchange Securities are first issued in the
Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange
Offer has been completed or such time as such broker-dealers no longer own any Registrable
Securities. With respect to such Exchange Registration Statement, such holders shall have the
benefit of the rights of indemnification and contribution set forth in Sections&nbsp;6(a), (c), (d)&nbsp;and
(e)&nbsp;hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If (i)&nbsp;on or prior to the time the Exchange Offer is completed existing Commission
interpretations are changed such that the debt securities or the related guarantees received by
holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or
would not be, upon receipt, transferable by each such holder without restriction under the
Securities Act, (ii)&nbsp;the Exchange Offer has not been completed within 270&nbsp;days following the
Closing Date or (iii)&nbsp;the Exchange Offer is not available to any holder of the Securities, the
Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange
Offer contemplated by Section&nbsp;2(a), use commercially reasonable efforts to file under the
Securities Act a &#147;shelf&#148; registration statement providing for the registration of, and the sale on
a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to
Rule&nbsp;415 or any similar rule that may be adopted by the Commission (such filing, the &#147;Shelf
Registration&#148; and such registration statement, the &#147;Shelf Registration Statement&#148;). The Company
agrees to use commercially reasonable efforts (x)&nbsp;to cause the Shelf Registration Statement to
become or be declared effective no later than 180&nbsp;days after such Shelf Registration Statement is
filed and to keep such Shelf Registration Statement continuously effective for a period ending on
the earlier of the second anniversary of the
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Closing Date or such time as there are no longer any Registrable Securities outstanding,
<I>provided</I>, <I>however</I>, that no holder shall be entitled to be named as a selling securityholder in the
Shelf Registration Statement or to use the prospectus forming a part thereof for resales of
Registrable Securities unless such holder is an Electing Holder, and (y)&nbsp;after the Effective Time
of the Shelf Registration Statement, promptly upon the written request of any holder of Registrable
Securities that is not then an Electing Holder, to take any action reasonably necessary to enable
such holder to use the prospectus forming a part thereof for resales of Registrable Securities,
including, without limitation, any action necessary to identify such holder as a selling
securityholder in the Shelf Registration Statement, <I>provided </I>that the Company shall not be required
to file more than one post-effective amendment to the Shelf Registration Statement during any
90-day period; <I>provided further, however, </I>that nothing in this Clause (y)&nbsp;shall relieve any such
holder of the obligation to return a completed and signed Notice and Questionnaire to the Company
in accordance with Section&nbsp;3(d)(iii) hereof. The Company further agrees to supplement or make
amendments to the Shelf Registration Statement, as and when required by the rules, regulations or
instructions applicable to the registration form used by the Company for such Shelf Registration
Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and
the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment
prior to its being used or promptly following its filing with the Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In the event that (i)&nbsp;the Exchange Offer is not completed (or, if required pursuant to
Section&nbsp;2(b), the Shelf Registration Statement is not declared effective) on or before the date
that is 270&nbsp;days after the Closing Date or (ii)&nbsp;any Exchange Registration Statement or Shelf
Registration Statement required by Section 2(a) or 2(b) hereof is filed and declared effective but
shall thereafter either be withdrawn by the Company or shall become subject to an effective stop
order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such
registration statement (except as specifically permitted herein), in each case for a period in
excess of 45&nbsp;days (whether or not consecutive) in any 12-month period (each such event referred to
in clauses (i)&nbsp;and (ii), a &#147;Registration Default&#148; and each period during which a Registration
Default has occurred and is continuing, a &#147;Registration Default Period&#148;), then, as liquidated
damages for such Registration Default, subject to the provisions of Section&nbsp;9(b), special interest
(&#147;Special Interest&#148;), in addition to the Base Interest, shall accrue at a per annum rate of 0.25%
for the first 90&nbsp;days of the Registration Default Period, at a per annum rate of 0.50% for the
second 90&nbsp;days of the Registration Default Period, at a per annum rate of 0.75% for the third 90
days of the Registration Default Period and at a per annum rate of 1.00% thereafter for the
remaining portion of the Registration Default Period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Company shall take, and shall cause the Guarantors to take, all actions necessary or
advisable to be taken by it to ensure that the transactions contemplated herein are effected as so
contemplated, including all actions necessary or desirable to register the Guarantees under the
registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Any reference herein to a registration statement as of any time shall be deemed to include
any document incorporated, or deemed to be incorporated, therein by reference as of such time and
any reference herein to any post-effective amendment to a registration statement as of any time
shall be deemed to include any document incorporated, or deemed to be incorporated, therein by
reference as of such time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <I>Registration Procedures</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company files a registration statement pursuant to Section 2(a) or Section&nbsp;2(b), the
following provisions shall apply:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At or before the Effective Time of the Exchange Offer or the Shelf Registration,
as the case may be, the Company shall qualify the Indenture under the Trust Indenture Act
of 1939.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that such qualification would require the appointment of a new
trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant to
the applicable provisions of the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with the Company&#146;s obligations with respect to the registration of
Exchange Securities as contemplated by Section 2(a) (the &#147;Exchange Registration&#148;), if
applicable, the Company shall:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepare and file with the Commission an Exchange Registration Statement on
any form which may be utilized by the Company and which shall permit the Exchange
Offer and resales of Exchange Securities by broker-dealers during the Resale Period
to be effected as contemplated by Section&nbsp;2(a), and use commercially reasonable
efforts to cause such Exchange Registration Statement to become effective as soon
as practicable thereafter;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prepare and file with the Commission such amendments and supplements to
such Exchange Registration Statement and the prospectus included therein as may be
necessary to effect and maintain the effectiveness of such Exchange Registration
Statement for the periods and purposes contemplated in Section 2(a) hereof and as
may be required by the applicable rules and regulations of the Commission and the
instructions applicable to the form of such Exchange Registration Statement, and
promptly provide each broker-dealer that has notified the Company in writing that
it holds Exchange Securities with such number of copies of the prospectus included
therein (as then amended or supplemented), in conformity in all material respects
with the requirements of the Securities Act and the Trust Indenture Act and the
rules and regulations of the Commission thereunder, as such broker-dealer
reasonably may request in writing prior to the expiration of the Resale Period, for
use in connection with resales of Exchange Securities;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) promptly notify each broker-dealer that has requested in writing or
received copies of the prospectus included in such registration statement, and
confirm such advice in writing, (A)&nbsp;when such Exchange Registration Statement or
the prospectus included therein or any prospectus amendment or supplement or
post-effective amendment has been filed, and, with respect to such Exchange
Registration Statement or any post-effective amendment, when the same has become
effective, (B)&nbsp;of any comments by the Commission and by the blue sky or securities
commissioner or regulator of any state with respect thereto or any request by the
Commission for amendments or supplements to such Exchange Registration Statement or
prospectus or for additional information, (C)&nbsp;of the issuance by the Commission of
any stop order suspending the effectiveness of such Exchange Registration Statement
or the initiation or threatening of any proceedings for that purpose, (D)&nbsp;if at any
time the representations and warranties of the Company contemplated by Section&nbsp;5
cease to be true and correct in all material respects, (E)&nbsp;of the receipt by the
Company of any notification with respect to the suspension of the qualification of
the Exchange Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose, or (F)&nbsp;at any time during the
Resale Period when a prospectus is required to be delivered under the Securities
Act, that such Exchange Registration Statement, prospectus, prospectus amendment or
supplement or post-effective amendment does not conform in all material respects to
the applicable requirements of the Securities Act and the Trust Indenture Act and
the rules and regulations of the Commission thereunder or contains an untrue
statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the event that the Company would be required, pursuant to Section
3(e)(iii)(F) above, to notify any broker-dealers that have notified the Company in
writing that they hold Exchange Securities, without delay prepare and furnish to
each such holder a reasonable number of copies of a prospectus supplemented or
amended so that, as thereafter delivered to purchasers of such Exchange Securities
during the Resale Period, such prospectus shall conform in all material respects to
the applicable requirements of the Securities Act and the Trust Indenture Act and
the rules and regulations of the Commission thereunder and shall not contain an
untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) use its best efforts to obtain the withdrawal of any order suspending the
effectiveness of such Exchange Registration Statement or any post-effective
amendment thereto at the earliest practicable date;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) use its best efforts to (A)&nbsp;register or qualify the Exchange Securities
under the securities laws or blue sky laws of such jurisdictions as are
contemplated by Section 2(a) no later than the commencement of the Exchange Offer,
(B)&nbsp;keep such registrations or qualifications in effect and comply with such laws
so as to permit the continuance of offers, sales and dealings therein in such
jurisdictions until the expiration of the Resale Period and (C)&nbsp;take any and all
other actions as may be reasonably necessary or advisable to enable each
broker-dealer holding Exchange Securities to consummate the disposition thereof in
such jurisdictions; <I>provided, however, </I>that neither the Company nor the Guarantors
shall be required for any such purpose to (1)&nbsp;qualify as a foreign corporation in
any jurisdiction wherein it would not otherwise be required to qualify but for the
requirements of this Section&nbsp;3(c)(vi), (2)&nbsp;consent to general service of process in
any such jurisdiction or (3)&nbsp;make any changes to its certificate of incorporation
or by-laws or any agreement between it and its stockholders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) use its best efforts to obtain the consent or approval of each
governmental agency or authority, whether federal, state or local, which may be
required to effect the Exchange Registration, the Exchange Offer and the offering
and sale of Exchange Securities by broker-dealers during the Resale Period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) provide a CUSIP number for all Exchange Securities, not later than the
applicable Effective Time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) comply with all applicable rules and regulations of the Commission, and
make generally available to its securityholders as soon as practicable but no later
than eighteen months after the effective date of such Exchange Registration
Statement, an earning statement of the Company and its subsidiaries complying with
Section 11(a) of the Securities Act (including, at the option of the Company, Rule
158 thereunder).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with the Company&#146;s obligations with respect to the Shelf
Registration, if applicable, the Company shall:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepare and file with the Commission a Shelf Registration Statement on any
form which may be utilized by the Company and which shall register all of the
Registrable Securities for resale by the holders thereof in accordance with such
method or methods of disposition as may be specified by such of the holders as,
from time to time, may be Electing Holders and use commercially reasonable efforts
to cause such Shelf Registration Statement to become effective as soon as
practicable but in any case within the time periods specified in Section&nbsp;2(b);
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not less than 30 calendar days prior to the Effective Time of the Shelf
Registration Statement, mail the Notice and Questionnaire to the holders of
Registrable Securities; no holder shall be entitled to be named as a selling
securityholder in the Shelf Registration Statement as of the Effective Time, and no
holder shall be entitled to use the prospectus forming a part thereof for resales
of Registrable Securities at any time, unless such holder has returned a completed
and signed Notice and Questionnaire to the Company by the deadline for response set
forth therein; <I>provided, however</I>, holders of Registrable Securities shall have at
least 28 calendar days from the date on which the Notice and Questionnaire is first
mailed to such holders to return a completed and signed Notice and Questionnaire to
the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) after the Effective Time of the Shelf Registration Statement, upon the
written request of any holder of Registrable Securities that is not then an
Electing Holder, promptly send a Notice and Questionnaire to such holder; <I>provided</I>
that the Company shall not be required to take any action to name such holder as a
selling securityholder in the Shelf Registration Statement or to enable such holder
to use the prospectus forming a part thereof for resales of Registrable Securities
until such holder has returned a completed and signed Notice and Questionnaire to
the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) prepare and file with the Commission such amendments and supplements to
such Shelf Registration Statement and the prospectus included therein as may be
necessary to effect and maintain the effectiveness of such Shelf Registration
Statement for the period specified in Section 2(b) hereof and as may be required by
the applicable rules and regulations of the Commission and the instructions
applicable to the form of such Shelf Registration Statement, and furnish to the
Electing Holders a copy of any such supplement or amendment;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) comply with the provisions of the Securities Act with respect to the
disposition of all of the Registrable Securities covered by such Shelf Registration
Statement in accordance with the intended methods of disposition by the Electing
Holders provided for in such Shelf Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide (A)&nbsp;the Electing Holders, (B)&nbsp;the underwriters (which term, for
purposes of this Exchange and Registration Rights Agreement, shall include a person
deemed to be an underwriter within the meaning of Section&nbsp;2(a)(11) of the
Securities Act), if any, thereof, (C)&nbsp;any sales or placement agent therefor, (D)
counsel for any such underwriter or agent and (E)&nbsp;not more than one counsel for all
the Electing Holders the opportunity to participate in the preparation of such
Shelf Registration Statement, each prospectus included therein or filed with the
Commission and each amendment or supplement thereto;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) for a reasonable period prior to the filing of such Shelf Registration
Statement, and throughout the period specified in Section&nbsp;2(b), make available at
reasonable times at the Company&#146;s principal place of business or such other
reasonable place for inspection by the persons referred to in Section&nbsp;3(d)(vi) who
shall certify to the Company that they have a current intention to sell the
Registrable Securities pursuant to the Shelf Registration such financial and other
information and books and records of the Company, and cause the officers,
employees, counsel and independent certified public accountants of the Company to
respond to such inquiries, as shall be reasonably necessary, in the judgment of the
respective counsel referred to in such Section, to conduct a reasonable
investigation within the meaning of Section&nbsp;11 of the Securities Act; <I>provided,
however, </I>that each such party shall first agree in writing with the Company that
any information that is reasonably designated by the Company in writing as
confidential at the time of delivery of such information shall be kept confidential
by such persons and shall be used solely for the purposes of exercising rights
under this agreement, until such time as (A)&nbsp;such information becomes a matter of
public record (whether by virtue of its inclusion in such registration statement or
otherwise), or (B)&nbsp;such person shall be required so to disclose such information
pursuant to a subpoena or order of any court or other governmental agency or body
having jurisdiction over the matter (subject to the requirements of such order, and
only after such person shall have given the Company prompt prior written notice of
such requirement), or (C)&nbsp;such information is required to be set forth in such
Shelf Registration Statement or the prospectus included therein or in an amendment
to such Shelf Registration Statement or an amendment or supplement to such
prospectus in order that such Shelf Registration Statement, prospectus, amendment
or supplement, as the case may be, complies with applicable requirements of the
federal securities laws and the rules and regulations of the Commission and does
not contain an untrue statement of a material fact or omit to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) promptly notify each of the Electing Holders, any sales or placement
agent therefor and any underwriter thereof (which notification may be made through
any managing underwriter that is a representative of such underwriter for such
purpose) and confirm such advice in writing, (A)&nbsp;when such Shelf Registration
Statement or the prospectus included therein or any prospectus amendment or
supplement or post-effective amendment has been filed, and, with respect to such
Shelf Registration Statement or any post-effective amendment, when the same has
become effective, (B)&nbsp;of any comments by the Commission and by the blue sky or
securities commissioner or regulator of any state with respect thereto or any
request by the Commission for amendments or supplements to such Shelf Registration
Statement or prospectus or for additional information,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(C)&nbsp;of the issuance by the Commission of any stop order suspending the
effectiveness of such Shelf Registration Statement or the initiation or threatening
of any proceedings for that purpose, (D)&nbsp;if at any time the representations and
warranties of the Company contemplated by Section&nbsp;3(d)(xvii) or Section&nbsp;5 cease to
be true and correct in all material respects, (E)&nbsp;of the receipt by the Company of
any notification with respect to the suspension of the qualification of the
Registrable Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose, or (F)&nbsp;if at any time when a
prospectus is required to be delivered under the Securities Act, that such Shelf
Registration Statement, prospectus, prospectus amendment or supplement or
post-effective amendment does not conform in all material respects to the
applicable requirements of the Securities Act and the Trust Indenture Act and the
rules and regulations of the Commission thereunder or contains an untrue statement
of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein not misleading in light of the
circumstances then existing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) use its best efforts to obtain the withdrawal of any order suspending the
effectiveness of such registration statement or any post-effective amendment
thereto at the earliest practicable date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if requested in writing by any managing underwriter or underwriters, any
placement or sales agent or any Electing Holder, promptly incorporate in a
prospectus supplement or post-effective amendment such information as is required
by the applicable rules and regulations of the Commission and as such managing
underwriter or underwriters, such agent or such Electing Holder specifies should be
included therein relating to the terms of the sale of such Registrable Securities,
including information with respect to the principal amount of Registrable
Securities being sold by such Electing Holder or agent or to any underwriters, the
name and description of such Electing Holder, agent or underwriter, the offering
price of such Registrable Securities and any discount, commission or other
compensation payable in respect thereof, the purchase price being paid therefor by
such underwriters and with respect to any other terms of the offering of the
Registrable Securities to be sold by such Electing Holder or agent or to such
underwriters; and make all required filings of such prospectus supplement or
post-effective amendment promptly after notification of the matters to be
incorporated in such prospectus supplement or post-effective amendment;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) furnish to each Electing Holder, each placement or sales agent, if any,
therefor, each underwriter, if any, thereof and the respective counsel referred to
in Section&nbsp;3(d)(vi), an executed copy (or, in the case of an Electing Holder, a
conformed copy) of such Shelf Registration Statement, each such amendment and
supplement thereto (in each case including all exhibits thereto (in the case of an
Electing Holder of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Registrable Securities, upon request) and documents incorporated by reference
therein) and such number of copies of such Shelf Registration Statement (excluding
exhibits thereto and documents incorporated by reference therein unless
specifically so requested by such Electing Holder, agent or underwriter, as the
case may be), <I>provided </I>that the Company has agreed to do so in any underwriting
agreement; and furnish to each Electing Holder, each placement or sales agent, if
any, therefor, each underwriter, if any, thereof and the respective counsel
referred to in Section&nbsp;3(d)(vi), a copy of the prospectus included in such Shelf
Registration Statement (including each preliminary prospectus and any summary
prospectus), in conformity in all material respects with the applicable
requirements of the Securities Act and the Trust Indenture Act and the rules and
regulations of the Commission thereunder, and such other documents, as such
Electing Holder, agent, if any, and underwriter, if any, may reasonably request in
writing in order to facilitate the offering and disposition of the Registrable
Securities owned by such Electing Holder, offered or sold by such agent or
underwritten by such underwriter and to permit such Electing Holder, agent and
underwriter to satisfy the prospectus delivery requirements of the Securities Act;
and the Company hereby consents to the use of such prospectus (including such
preliminary and summary prospectus) and any amendment or supplement thereto by each
such Electing Holder and by any such agent and underwriter, in each case in the
form most recently provided to such person by the Company, in connection with the
offering and sale of the Registrable Securities covered by the prospectus
(including such preliminary and summary prospectus) or any supplement or amendment
thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) use best efforts to (A)&nbsp;register or qualify the Registrable Securities
to be included in such Shelf Registration Statement under such securities laws or
blue sky laws of such jurisdictions as any Electing Holder and each placement or
sales agent, if any, therefor and underwriter, if any, thereof shall reasonably
request in writing, (B)&nbsp;keep such registrations or qualifications in effect and
comply with such laws so as to permit the continuance of offers, sales and dealings
therein in such jurisdictions during the period the Shelf Registration is required
to remain effective under Section 2(b) above and for so long as may be necessary to
enable any such Electing Holder, agent or underwriter to complete its distribution
of Securities pursuant to such Shelf Registration Statement, but not to extend the
required period of effectiveness of such Shelf Registration Statement and (C)&nbsp;take
any and all other actions as may be reasonably necessary or advisable to enable
each such Electing Holder, agent, if any, and underwriter, if any, to consummate
the disposition in such jurisdictions of such Registrable Securities; <I>provided,
however, </I>that neither the Company nor the Guarantors shall be required for any such
purpose to (1)&nbsp;qualify as a foreign corporation in any jurisdiction wherein it
would not otherwise be required to qualify but for the requirements of this Section
3(d)(xii), (2)&nbsp;consent to general service of process in any such
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">jurisdiction or (3)&nbsp;make any changes to its certificate of incorporation or
by-laws or any agreement between it and its stockholders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) use its best efforts to obtain the consent or approval of each
governmental agency or authority, whether federal, state or local, which may be
required to effect the Shelf Registration or the offering or sale in connection
therewith or to enable the selling holder or holders to offer, or to consummate the
disposition of, their Registrable Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) unless any Registrable Securities shall be in book-entry only form,
cooperate with the Electing Holders and the managing underwriters, if any, to
facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold, which certificates, if so required by any
securities exchange upon which any Registrable Securities are listed, shall be
penned, lithographed or engraved, or produced by any combination of such methods,
on steel engraved borders, and which certificates shall not bear any restrictive
legends; and, in the case of an underwritten offering, enable such Registrable
Securities to be in such denominations and registered in such names as the managing
underwriters may request in writing at least two business days prior to any sale of
the Registrable Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) provide a CUSIP number for all Registrable Securities, not later than the
applicable Effective Time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) enter into one or more underwriting agreements, engagement letters,
agency agreements, &#147;best efforts&#148; underwriting agreements or similar agreements, as
appropriate, including customary provisions relating to indemnification and
contribution, and take such other actions in connection therewith as any Electing
Holders aggregating at least 20% in aggregate principal amount of the Registrable
Securities at the time outstanding shall request in writing in order to expedite or
facilitate the disposition of such Registrable Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) whether or not an agreement of the type referred to in Section
3(d)(xvi) hereof is entered into and whether or not any portion of the offering
contemplated by the Shelf Registration is an underwritten offering or is made
through a placement or sales agent or any other entity, (A)&nbsp;make such
representations and warranties to the Electing Holders and the placement or sales
agent, if any, therefor and the underwriters, if any, thereof in form, substance
and scope as are customarily made in connection with an offering of debt securities
pursuant to any appropriate agreement or to a registration statement filed on the
form applicable to the Shelf Registration; (B)&nbsp;obtain an opinion of counsel to the
Company in customary form and covering such matters, of the type customarily
covered by such an opinion, as the managing underwriters, if any, or as any
Electing Holders of at least 20% in aggregate principal amount of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Registrable Securities at the time outstanding may reasonably request in
writing, addressed to such Electing Holder or Electing Holders and the placement or
sales agent, if any, therefor and the underwriters, if any, thereof and dated the
effective date of such Shelf Registration Statement (and if such Shelf Registration
Statement contemplates an underwritten offering of a part or all of the Registrable
Securities, dated the date of the closing under the underwriting agreement relating
thereto) (it being agreed that the matters to be covered by such opinion shall
include the due incorporation and good standing of the Company and its
subsidiaries; the qualification of the Company and its subsidiaries to transact
business as foreign corporations; the due authorization, execution and delivery of
the relevant agreement of the type referred to in Section&nbsp;3(d)(xvi) hereof; the due
authorization, execution, authentication and issuance, and the validity and
enforceability, of the Securities; the absence of material legal or governmental
proceedings involving the Company; the absence of a breach by the Company or any of
its subsidiaries of, or a default under, material agreements binding upon the
Company or any subsidiary of the Company; the absence of governmental approvals
required to be obtained in connection with the Shelf Registration, the offering and
sale of the Registrable Securities, this Exchange and Registration Rights Agreement
or any agreement of the type referred to in Section&nbsp;3(d)(xvi) hereof, except such
approvals as may be required under state securities or blue sky laws; the material
compliance as to form of such Shelf Registration Statement and any documents
incorporated by reference therein and of the Indenture with the requirements of the
Securities Act and the Trust Indenture Act and the rules and regulations of the
Commission thereunder, respectively; and, as of the date of the opinion and of the
Shelf Registration Statement or most recent post-effective amendment thereto, as
the case may be, the absence from such Shelf Registration Statement and the
prospectus included therein, as then amended or supplemented, and from the
documents incorporated by reference therein (in each case other than the financial
statements and other financial information contained therein) of an untrue
statement of a material fact or the omission to state therein a material fact
necessary to make the statements therein not misleading (in the case of such
documents, in the light of the circumstances existing at the time that such
documents were filed with the Commission under the Exchange Act)); (C)&nbsp;obtain a
&#147;cold comfort&#148; letter or letters from the independent certified public accountants
of the Company addressed to the selling Electing Holders, the placement or sales
agent, if any, therefor or the underwriters, if any, thereof, dated (i)&nbsp;the
effective date of such Shelf Registration Statement and (ii)&nbsp;the effective date of
any prospectus supplement to the prospectus included in such Shelf Registration
Statement or post-effective amendment to such Shelf Registration Statement which
includes unaudited or audited financial statements as of a date or for a period
subsequent to that of the latest such statements included in such prospectus (and,
if such Shelf Registration Statement
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">contemplates an underwritten offering pursuant to any prospectus supplement to
the prospectus included in such Shelf Registration Statement or post-effective
amendment to such Shelf Registration Statement which includes unaudited or audited
financial statements as of a date or for a period subsequent to that of the latest
such statements included in such prospectus, dated the date of the closing under
the underwriting agreement relating thereto), such letter or letters to be in
customary form and covering such matters of the type customarily covered by letters
of such type; (D)&nbsp;deliver such documents and certificates, including officers&#146;
certificates, as may be reasonably requested in writing by any Electing Holders of
at least 20% in aggregate principal amount of the Registrable Securities at the
time outstanding or the placement or sales agent, if any, therefor and the managing
underwriters, if any, thereof to evidence the accuracy of the representations and
warranties made pursuant to clause (A)&nbsp;above or those contained in Section 5(a)
hereof and the compliance with or satisfaction of any agreements or conditions
contained in the underwriting agreement or other agreement entered into by the
Company or the Guarantors; and (E)&nbsp;undertake such obligations relating to expense
reimbursement, indemnification and contribution as are provided in Section&nbsp;6
hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) notify in writing each holder of Registrable Securities of any
proposal by the Company to amend or waive any provision of this Exchange and
Registration Rights Agreement pursuant to Section 9(h) hereof and of any amendment
or waiver effected pursuant thereto, each of which notices shall contain the text
of the amendment or waiver proposed or effected, as the case may be;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) in the event that any broker-dealer registered under the Exchange Act
shall underwrite any Registrable Securities or participate as a member of an
underwriting syndicate or selling group or &#147;assist in the distribution&#148; (within the
meaning of the Conduct Rules (the &#147;Conduct Rules) of the Financial Industry
Regulatory Authority, Inc. (&#147;FINRA&#148;) or any successor thereto, as amended from time
to time) thereof, whether as a holder of such Registrable Securities or as an
underwriter, a placement or sales agent or a broker or dealer in respect thereof,
or otherwise, assist such broker-dealer in complying with the requirements of such
Conduct Rules, including by (A)&nbsp;if such Conduct Rules shall so require, engaging a
&#147;qualified independent underwriter&#148; (as defined in such Conduct Rules) to
participate in the preparation of the Shelf Registration Statement relating to such
Registrable Securities, to exercise usual standards of due diligence in respect
thereto and, if any portion of the offering contemplated by such Shelf Registration
Statement is an underwritten offering or is made through a placement or sales
agent, to recommend the yield of such Registrable Securities, (B)&nbsp;indemnifying any
such qualified independent underwriter to the extent of the indemnification of
underwriters provided in Section&nbsp;6 hereof (or to such other customary extent as may
be requested
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">in writing by such underwriter), and (C)&nbsp;providing such information to such
broker-dealer as may be required in order for such broker-dealer to comply with the
requirements of the Conduct Rules, <I>provided </I>that the Company will not be
responsible for any fees to be paid to such qualified independent underwriter; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) comply with all applicable rules and regulations of the Commission, and
make generally available to its securityholders as soon as practicable but in any
event not later than eighteen months after the effective date of such Shelf
Registration Statement, an earning statement of the Company and its subsidiaries
complying with Section 11(a) of the Securities Act (including, at the option of the
Company, Rule&nbsp;158 thereunder).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that the Company would be required, pursuant to Section&nbsp;3(d)(viii)(F)
above, to notify the Electing Holders, the placement or sales agent, if any, therefor and
the managing underwriters, if any, thereof, the Company shall without delay prepare and
furnish to each of the Electing Holders, to each placement or sales agent, if any, and to
each such underwriter, if any, a reasonable number of copies of a prospectus supplemented
or amended so that, as thereafter delivered to purchasers of Registrable Securities, such
prospectus shall conform in all material respects to the applicable requirements of the
Securities Act and the Trust Indenture Act and the rules and regulations of the Commission
thereunder and shall not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing. Each Electing Holder agrees that
upon receipt of any notice from the Company pursuant to Section&nbsp;3(d)(viii)(F) hereof, such
Electing Holder shall forthwith discontinue the disposition of Registrable Securities
pursuant to the Shelf Registration Statement applicable to such Registrable Securities
until such Electing Holder shall have received copies of such amended or supplemented
prospectus, and if so directed by the Company, such Electing Holder shall deliver to the
Company (at the Company&#146;s expense) all copies, other than permanent file copies, then in
such Electing Holder&#146;s possession of the prospectus covering such Registrable Securities at
the time of receipt of such notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event of a Shelf Registration, in addition to the information required to
be provided by each Electing Holder in its Notice Questionnaire, the Company may require
such Electing Holder to furnish to the Company such additional information regarding such
Electing Holder and such Electing Holder&#146;s intended method of distribution of Registrable
Securities as may be required in order to comply with the Securities Act. Each such
Electing Holder agrees to notify the Company as promptly as practicable of any inaccuracy
or change in information previously furnished by such Electing Holder to the Company or of
the occurrence of any event in either case as a result of which any prospectus relating to
such Shelf Registration contains or would contain an untrue statement of a material fact
regarding such Electing Holder or such Electing Holder&#146;s
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">intended method of disposition of such Registrable Securities or omits to state any
material fact regarding such Electing Holder or such Electing Holder&#146;s intended method of
disposition of such Registrable Securities required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then existing, and
promptly to furnish to the Company any additional information required to correct and
update any previously furnished information or required so that such prospectus shall not
contain, with respect to such Electing Holder or the disposition of such Registrable
Securities, an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing, <I>provided </I>that the expenses incurred by the
Company solely as a result of an Electing Holder&#146;s inaccuracy, change in information or
omission will be paid by such Electing Holder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Until the expiration of two years after the Closing Date, the Company will not,
and will not permit any of its &#147;affiliates&#148; (as defined in Rule&nbsp;144) to, resell any of the
Securities that have been reacquired by any of them except pursuant to an effective
registration statement under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <I>Registration Expenses</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to bear and to pay or cause to be paid promptly all expenses incident to
the Company&#146;s performance of or compliance with this Exchange and Registration Rights Agreement,
including (a)&nbsp;all Commission and any FINRA registration, filing and review fees and expenses
including fees and disbursements of counsel for the placement or sales agent or underwriters in
connection with such registration, filing and review, (b)&nbsp;all fees and expenses in connection with
the qualification of the Securities for offering and sale under the State securities and blue sky
laws referred to in Section&nbsp;3(d)(xii) hereof, (c)&nbsp;all expenses relating to the preparation,
printing, production, distribution and reproduction of each registration statement required to be
filed hereunder, each prospectus included therein or prepared for distribution pursuant hereto,
each amendment or supplement to the foregoing, the expenses of preparing the Securities for
delivery and the expenses of printing or producing any underwriting agreements, agreements among
underwriters, selling agreements and blue sky memoranda and all other documents in connection with
the offering, sale or delivery of Securities to be disposed of (including certificates representing
the Securities), (d)&nbsp;messenger, telephone and delivery expenses relating to the offering, sale or
delivery of Securities and the preparation of documents referred in clause (c)&nbsp;above, (e)&nbsp;fees and
expenses of the Trustee under the Indenture, any agent of the Trustee and any counsel for the
Trustee and of any collateral agent or custodian, (f)&nbsp;internal expenses (including all salaries and
expenses of the Company&#146;s officers and employees performing legal or accounting duties), (g)&nbsp;fees,
disbursements and expenses of counsel and independent certified public accountants of the Company
(including the expenses of any opinions or &#147;cold comfort&#148; letters required by or incident to such
performance and compliance), (h)&nbsp;fees, disbursements and expenses of any &#147;qualified independent
underwriter&#148; engaged pursuant to Section&nbsp;3(d)(xix) hereof, (i)&nbsp;any fees charged by securities
rating services for rating the Securities, and (j)&nbsp;fees, expenses and disbursements of any other
persons,
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">including special experts, retained by the Company in connection with such registration
(collectively, the &#147;Registration Expenses&#148;). To the extent that any Registration Expenses are
reasonably incurred, assumed or paid by any holder of Registrable Securities or any placement or
sales agent therefor or underwriter thereof, the Company shall reimburse such person for the full
amount of the Registration Expenses so incurred, assumed or paid promptly after receipt of a
request in writing therefor. Notwithstanding the foregoing, the holders of the Registrable
Securities being registered shall pay all agency fees and commissions and underwriting discounts
and commissions attributable to the sale of such Registrable Securities and the fees and
disbursements of any counsel or other advisors or experts retained by such holders (severally or
jointly), other than the counsel and experts specifically referred to above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <I>Representations and Warranties</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and each Guarantor, jointly and severally, represent and warrant to, and agree
with, the Initial Purchasers and each of the holders from time to time of Registrable Securities
that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each registration statement covering Registrable Securities and each prospectus
(including any preliminary or summary prospectus) contained therein or furnished pursuant
to Section 3(d) or Section 3(c) hereof and any further amendments or supplements to any
such registration statement or prospectus, when it becomes effective or is filed with the
Commission, as the case may be, and, in the case of an underwritten offering of Registrable
Securities, at the time of the closing under the underwriting agreement relating thereto,
will conform in all material respects to the requirements of the Securities Act and the
Trust Indenture Act and the rules and regulations of the Commission thereunder and will not
contain an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading; and at all
times subsequent to the Effective Time when a prospectus would be required to be delivered
under the Securities Act, other than from (i)&nbsp;such time as a notice has been given to
holders of Registrable Securities pursuant to Section&nbsp;3(d)(viii)(F) or Section&nbsp;3(c)(iii)(F)
hereof until (ii)&nbsp;such time as the Company furnishes an amended or supplemented prospectus
pursuant to Section 3(e) or Section&nbsp;3(c)(iv) hereof, each such registration statement, and
each prospectus (including any summary prospectus) contained therein or furnished pursuant
to Section 3(d) or Section 3(c) hereof, as then amended or supplemented, will conform in
all material respects to the requirements of the Securities Act and the Trust Indenture Act
and the rules and regulations of the Commission thereunder and will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the
circumstances then existing; <I>provided, however, </I>that this representation and warranty shall
not apply to any statements or omissions made in reliance upon and in conformity with
information furnished in writing to the Company by a holder of Registrable Securities or
sales or placement agent or underwriter expressly for use therein.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any documents incorporated by reference in any prospectus referred to in Section
5(a) hereof, when they become or became effective or are or were filed with the Commission,
as the case may be, will conform or conformed in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, and none of such documents will
contain or contained an untrue statement of a material fact or will omit or omitted to
state a material fact required to be stated therein or necessary to make the statements
therein not misleading; <I>provided, however, </I>that this representation and warranty shall not
apply to any statements or omissions made in reliance upon and in conformity with
information furnished in writing to the Company by a holder of Registrable Securities or
sales or placement agent or underwriter expressly for use therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The compliance by the Company with all of the provisions of this Exchange and
Registration Rights Agreement and the consummation of the transactions herein contemplated
will not conflict with or result in a breach of any of the terms or provisions of, or
constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which the Company or any subsidiary of the Company is a party or
by which the Company or any subsidiary of the Company is bound or to which any of the
property or assets of the Company or any subsidiary of the Company is subject, nor will
such action result in any violation of the provisions of the certificate of incorporation,
as amended, or the by-laws of the Company or the Guarantors or any statute or any order,
rule or regulation of any court or governmental agency or body having jurisdiction over the
Company or any subsidiary of the Company or any of their properties; and no consent,
approval, authorization, order, registration or qualification of or with any such court or
governmental agency or body is required for the consummation by the Company and the
Guarantors of the transactions contemplated by this Exchange and Registration Rights
Agreement, except the registration under the Securities Act of the Securities,
qualification of the Indenture under the Trust Indenture Act and such consents, approvals,
authorizations, registrations or qualifications as may be required under State securities
or blue sky laws in connection with the offering and distribution of the Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Exchange and Registration Rights Agreement has been duly authorized, executed
and delivered by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <I>Indemnification</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
<I>Indemnification by the Company and the Guarantors</I>. The Company and the Guarantors,
jointly and severally, will indemnify and hold harmless each of the holders of Registrable
Securities included in an Exchange Registration Statement, each of the Electing Holders of
Registrable Securities included in a Shelf Registration Statement and each person who participates
as a placement or sales agent or as an underwriter in any offering or sale of such Registrable
Securities against any losses, claims, damages or liabilities, joint or several, to which such
holder, agent or underwriter may become subject under the Securities Act or otherwise, insofar as
such losses, claims,
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">damages or liabilities (or actions in respect thereof) arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in any Exchange
Registration Statement or Shelf Registration Statement, as the case may be, under which such
Registrable Securities were registered under the Securities Act, or any preliminary, final or
summary prospectus contained therein or furnished by the Company to any such holder, Electing
Holder, agent or underwriter, or any amendment or supplement thereto, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, and will reimburse such holder,
such Electing Holder, such agent and such underwriter for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such action or claim as such
expenses are incurred; <I>provided, however, </I>that neither the Company nor any of the Guarantors shall
be liable to any such person in any such case to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue statement or
omission or alleged omission made in such registration statement, or preliminary, final or summary
prospectus, or amendment or supplement thereto, in reliance upon and in conformity with written
information furnished to the Company by such person expressly for use therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
<I>Indemnification by the Holders and any Agents and Underwriters</I>. The Company may require,
as a condition to including any Registrable Securities in any registration statement filed pursuant
to Section 2(b) hereof and to entering into any underwriting agreement with respect thereto, that
the Company shall have received an undertaking reasonably satisfactory to it from the Electing
Holder of such Registrable Securities and from each underwriter named in any such underwriting
agreement or from any sales or placement agent, severally and not jointly, to (i)&nbsp;indemnify and
hold harmless the Company, the Guarantors, and all other holders of Registrable Securities, against
any losses, claims, damages or liabilities to which the Company, the Guarantors or such other
holders of Registrable Securities may become subject, under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of
or are based upon an untrue statement or alleged untrue statement of a material fact contained in
such registration statement, or any preliminary, final or summary prospectus contained therein or
furnished by the Company to any such Electing Holder, agent or underwriter, or any amendment or
supplement thereto, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, in each case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to the Company by such Electing Holder or sales or
placement agent or underwriter expressly for use therein, and (ii)&nbsp;reimburse the Company and the
Guarantors for any legal or other expenses reasonably incurred by the Company and the Guarantors in
connection with investigating or defending any such action or claim as such expenses are incurred;
<I>provided, however, </I>that no such Electing Holder shall be required to undertake liability to any
person under this Section 6(b) for any amounts in excess of the dollar amount of the proceeds to be
received by such Electing Holder from the sale of such Electing Holder&#146;s Registrable Securities
pursuant to such registration.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
<I>Notices of Claims, Etc</I>. Promptly after receipt by an indemnified party under subsection
(a)&nbsp;or (b)&nbsp;above of written notice of the commencement of any action, such indemnified party shall,
if a claim in respect thereof is to be made against an indemnifying party pursuant to the
indemnification provisions of or contemplated by this Section&nbsp;6, notify such indemnifying party in
writing of the commencement of such action; but the omission so to notify the indemnifying party
shall not relieve it from any liability which it may have to any indemnified party otherwise than
under the indemnification provisions of or contemplated by Section 6(a) or 6(b) hereof. In case
any such action shall be brought against any indemnified party and it shall notify an indemnifying
party of the commencement thereof, such indemnifying party shall be entitled to participate therein
and, to the extent that it shall wish, jointly with any other indemnifying party similarly
notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified
party (who shall not, except with the consent of the indemnified party, be counsel to the
indemnifying party), and, after notice from the indemnifying party to such indemnified party of its
election so to assume the defense thereof, such indemnifying party shall not be liable to such
indemnified party for any legal expenses of other counsel or any other expenses, in each case
subsequently incurred by such indemnified party, in connection with the defense thereof other than
reasonable costs of investigation. No indemnifying party shall, without the written consent of the
indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment
with respect to, any pending or threatened action or claim in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified party is an actual or
potential party to such action or claim) unless such settlement, compromise or judgment (i)
includes an unconditional release of the indemnified party from all liability arising out of such
action or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability
or a failure to act by or on behalf of any indemnified party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
<I>Contribution</I>. If for any reason the indemnification provisions contemplated by Section
6(a) or Section 6(b) are unavailable to or insufficient to hold harmless an indemnified party in
respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to
therein, then each indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect
thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party in connection with the statements or omissions which resulted in
such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other
relevant equitable considerations. The relative fault of such indemnifying party and indemnified
party shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to
information supplied by such indemnifying party or by such indemnified party, and the parties&#146;
relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The parties hereto agree that it would not be just and equitable if
contributions pursuant to this Section 6(d) were determined by pro rata allocation (even if the
holders or any agents or underwriters or all of them were treated as one entity for such purpose)
or by any other method of allocation which does not take account of the equitable considerations
referred to in this Section 6(d).
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amount paid or payable by an indemnified party as a result of the losses, claims,
damages, or liabilities (or actions in respect thereof) referred to above shall be deemed to
include any legal or other fees or expenses reasonably incurred by such indemnified party in
connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section&nbsp;6(d), no holder shall be required to contribute any amount in excess of
the amount by which the dollar amount of the proceeds received by such holder from the sale of any
Registrable Securities (after deducting any fees, discounts and commissions applicable thereto)
exceeds the amount of any damages which such holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission, and no agent or
underwriter shall be required to contribute any amount in excess of the amount by which the total
price at which the Registrable Securities underwritten by it and distributed to the public were
offered to the public exceeds the amount of any damages which such underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The holders&#146; and any agents&#146; or underwriters&#146; obligations in this
Section 6(d) to contribute shall be several in proportion to the principal amount of Registrable
Securities registered or underwritten, as the case may be, by them and not joint.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The obligations of the Company and the Guarantors under this Section&nbsp;6 shall be in
addition to any liability which the Company or the Guarantors may otherwise have and shall extend,
upon the same terms and conditions, to each officer, director and partner of each holder, agent and
underwriter and each person, if any, who controls any holder, agent or underwriter within the
meaning of the Securities Act; and the obligations of the holders and any agents or underwriters
contemplated by this Section&nbsp;6 shall be in addition to any liability which the respective holder,
agent or underwriter may otherwise have and shall extend, upon the same terms and conditions, to
each officer and director of the Company or the Guarantors (including any person who, with his
consent, is named in any registration statement as about to become a director of the Company or the
Guarantors) and to each person, if any, who controls the Company within the meaning of the
Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <I>Underwritten Offerings</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
<I>Selection of Underwriters</I>. If any of the Registrable Securities covered by the Shelf
Registration are to be sold pursuant to an underwritten offering, the managing underwriter or
underwriters thereof shall be designated by Electing Holders holding at least a majority in
aggregate principal amount of the Registrable Securities to be included in such offering, provided
that such designated managing underwriter or underwriters is or are reasonably acceptable to the
Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
<I>Participation by Holders</I>. Each holder of Registrable Securities hereby agrees with each
other such holder that no such holder may participate in any underwritten offering hereunder unless
such holder (i)&nbsp;agrees to sell such holder&#146;s
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registrable Securities on the basis provided in any underwriting arrangements approved by the
persons entitled hereunder to approve such arrangements and (ii)&nbsp;completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
reasonably required under the terms of such underwriting arrangements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <I>Rule&nbsp;144</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants to the holders of Registrable Securities that to the extent it shall be
required to do so under the Exchange Act, the Company shall timely file the reports required to be
filed by it under the Exchange Act or the Securities Act (including the reports under Section&nbsp;13
and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule&nbsp;144 adopted by the
Commission under the Securities Act) and the rules and regulations adopted by the Commission
thereunder, and shall take such further action as any holder of Registrable Securities may
reasonably request in writing, all to the extent required from time to time to enable such holder
to sell Registrable Securities without registration under the Securities Act within the limitations
of the exemption provided by Rule&nbsp;144 under the Securities Act, as such Rule may be amended from
time to time, or any similar or successor rule or regulation hereafter adopted by the Commission.
Upon the written request of any holder of Registrable Securities in connection with that holder&#146;s
sale pursuant to Rule&nbsp;144, the Company shall deliver to such holder a written statement as to
whether it has complied with such requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <I>Miscellaneous</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
<I>No Inconsistent Agreements</I>. The Company represents, warrants, covenants and agrees that
it has not granted, and shall not grant, registration rights with respect to Registrable Securities
or any other securities which would be inconsistent with the terms contained in this Exchange and
Registration Rights Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
<I>Specific Performance</I>. The parties hereto acknowledge that there would be no adequate
remedy at law if the Company fails to perform any of its obligations hereunder and that the Initial
Purchasers and the holders from time to time of the Registrable Securities may be irreparably
harmed by any such failure, and accordingly agree that the Initial Purchasers and such holders, in
addition to any other remedy to which they may be entitled at law or in equity, shall be entitled
to compel specific performance of the obligations of the Company under this Exchange and
Registration Rights Agreement in accordance with the terms and conditions of this Exchange and
Registration Rights Agreement, in any court of the United States or any State thereof having
jurisdiction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
<I>Notices</I>. All notices, requests, claims, demands, waivers and other communications
hereunder shall be in writing and shall be deemed to have been duly given when delivered by hand,
if delivered personally or by courier, or three days after being deposited in the mail (registered
or certified mail, postage prepaid, return receipt requested) as follows: If to the Company, to it
at Titan International, Inc., 2701 Spruce Street, Quincy, Illinois 62301, Attention: Cheri T.
Holley, Vice President, Secretary and
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">General Counsel, and if to a holder, to the address of such holder set forth in the security
register or other records of the Company, or to such other address as the Company or any such
holder may have furnished to the other in writing in accordance herewith, except that notices of
change of address shall be effective only upon receipt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<I>&nbsp;Parties in Interest</I>. All the terms and provisions of this Exchange and Registration
Rights Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by
the parties hereto and the holders from time to time of the Registrable Securities and the
respective successors and assigns of the parties hereto and such holders. In the event that any
transferee of any holder of Registrable Securities shall acquire Registrable Securities, in any
manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall,
without any further writing or action of any kind, be deemed a beneficiary hereof for all purposes
and such Registrable Securities shall be held subject to all of the terms of this Exchange and
Registration Rights Agreement, and by taking and holding such Registrable Securities such
transferee shall be entitled to receive the benefits of, and be conclusively deemed to have agreed
to be bound by all of the applicable terms and provisions of this Exchange and Registration Rights
Agreement. If the Company shall so request, any such successor, assign or transferee shall agree
in writing to acquire and hold the Registrable Securities subject to all of the applicable terms
hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<I>&nbsp;Survival</I>. The respective indemnities, agreements, representations, warranties and each
other provision set forth in this Exchange and Registration Rights Agreement or made pursuant
hereto shall remain in full force and effect regardless of any investigation (or statement as to
the results thereof) made by or on behalf of any holder of Registrable Securities, any director,
officer or partner of such holder, any agent or underwriter or any director, officer or partner
thereof, or any controlling person of any of the foregoing, and shall survive delivery of and
payment for the Registrable Securities pursuant to the Purchase Agreement and the transfer and
registration of Registrable Securities by such holder and the consummation of an Exchange Offer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <B><I>Governing Law</I></B><B>. This Exchange and Registration Rights Agreement shall be governed by and
construed in accordance with the laws of the State of New York.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<I>&nbsp;Headings</I>. The descriptive headings of the several Sections and paragraphs of this
Exchange and Registration Rights Agreement are inserted for convenience only, do not constitute a
part of this Exchange and Registration Rights Agreement and shall not affect in any way the meaning
or interpretation of this Exchange and Registration Rights Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<I>&nbsp;Entire Agreement; Amendments</I>. This Exchange and Registration Rights Agreement and the
other writings referred to herein (including the Indenture and the form of Securities) or delivered
pursuant hereto which form a part hereof contain the entire understanding of the parties with
respect to its subject matter. This Exchange and Registration Rights Agreement supersedes all
prior agreements and understandings between the parties with respect to its subject matter. This
Exchange and Registration
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rights Agreement may be amended and the observance of any term of this Exchange and
Registration Rights Agreement may be waived (either generally or in a particular instance and
either retroactively or prospectively) only by a written instrument duly executed by the Company
and the holders of at least a majority in aggregate principal amount of the Registrable Securities
at the time outstanding. Each holder of any Registrable Securities at the time or thereafter
outstanding shall be bound by any amendment or waiver effected pursuant to this Section&nbsp;9(h),
whether or not any notice, writing or marking indicating such amendment or waiver appears on such
Registrable Securities or is delivered to such holder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<I>&nbsp;Inspection</I>. For so long as this Exchange and Registration Rights Agreement shall be in
effect, this Exchange and Registration Rights Agreement and a complete list of the names and
addresses of all the holders of Registrable Securities shall be made available for inspection and
copying on any business day upon written notice to the Company by any holder of Registrable
Securities for proper purposes only (which shall mean any purpose related to the rights of the
holders of Registrable Securities under the Securities, the Indenture and this Agreement) at the
offices of the Company at the address thereof set forth in Section 9(c) above and at the office of
the Trustee under the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<I>&nbsp;Counterparts</I>. This agreement may be executed by the parties in counterparts, each of
which shall be deemed to be an original, but all such respective counterparts shall together
constitute one and the same instrument.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing is in accordance with your understanding of our agreement, please sign
and return to the Company a counterpart hereof, whereupon this instrument, along with all
counterparts, will become a binding agreement between the Initial Purchasers, the Guarantors and
the Company in accordance with its terms.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Very truly yours,</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">TITAN INTERNATIONAL, INC.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Maurice M. Taylor Jr.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Maurice M. Taylor Jr.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">GUARANTORS:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">TITAN WHEEL CORPORATION OF ILLINOIS</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">TITAN TIRE CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">TITAN TIRE CORPORATION OF BRYAN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">TITAN TIRE CORPORATION OF FREEPORT</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Maurice M. Taylor Jr.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Maurice M. Taylor Jr.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Registration Rights Agreement
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">CONFIRMED AND ACCEPTED,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as of the date first above written:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">GOLDMAN, SACHS &#038; CO.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Goldman, Sachs &#038; Co.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Goldman, Sachs &#038; Co.)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On behalf of each of the Initial Purchasers</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;A
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Titan International, Inc.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>INSTRUCTION TO DTC PARTICIPANTS</U>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><I>(Date of Mailing)</I>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>URGENT &#151; IMMEDIATE ATTENTION REQUESTED</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B><I>DEADLINE FOR RESPONSE: &#091;DATE&#093;</I></B></U> <B>*</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Depository Trust Company (&#147;DTC&#148;) has identified you as a DTC Participant through which
beneficial interests in the Titan International, Inc. (the &#147;Company&#148;) 7.875% Senior Secured Notes
due 2017 (the &#147;Securities&#148;) are held.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company is in the process of registering the Securities under the Securities Act of 1933 for
resale by the beneficial owners thereof. In order to have their Securities included in the
registration statement, beneficial owners must complete and return the enclosed Notice of
Registration Statement and Selling Securityholder Questionnaire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>It is important that beneficial owners of the Securities receive a copy of the enclosed
materials as soon as possible</U> as their rights to have the Securities included in the
registration statement depend upon their returning the Notice and Questionnaire by <B>&#091;Deadline For
Response&#093;. </B>Please forward a copy of the enclosed documents to each beneficial owner that holds
interests in the Securities through you. If you require more copies of the enclosed materials or
have any questions pertaining to this matter, please contact Titan International, Inc., 2701 Spruce
Street, Quincy, Illinois 62301, (212)&nbsp;228-6011, Attention: &#091;<B>&#149;</B>&#093;.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Not less than 28 calendar days from date of mailing.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Titan International, Inc.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Notice of Registration Statement<BR>
and<BR>
<U>Selling Securityholder Questionnaire</U>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(Date)
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is hereby made to the Exchange and Registration Rights Agreement (the &#147;Exchange and
Registration Rights Agreement&#148;) between Titan International, Inc. (the &#147;Company&#148;) and the Initial
Purchaser named therein. Pursuant to the Exchange and Registration Rights Agreement, the Company
has filed with the United States Securities and Exchange Commission (the &#147;Commission&#148;) a
registration statement on Form <B>&#091;&#95;&#95;&#093; </B>(the &#147;Shelf Registration Statement&#148;) for the registration and
resale under Rule&nbsp;415 of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), of the
Company&#146;s 7.875% Senior Secured Notes due 2017 (the &#147;Securities&#148;). A copy of the Exchange and
Registration Rights Agreement is attached hereto. All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Exchange and Registration Rights Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each beneficial owner of Registrable Securities (as defined below) is entitled to have the
Registrable Securities beneficially owned by it included in the Shelf Registration Statement. In
order to have Registrable Securities included in the Shelf Registration Statement, this Notice of
Registration Statement and Selling Securityholder Questionnaire (&#147;Notice and Questionnaire&#148;) must
be completed, executed and delivered to the Company&#146;s counsel at the address set forth herein for
receipt ON OR BEFORE <B>&#091;Deadline for Response&#093;. </B>Beneficial owners of Registrable Securities who do
not complete, execute and return this Notice and Questionnaire by such date (i)&nbsp;will not be named
as selling securityholders in the Shelf Registration Statement and (ii)&nbsp;may not use the Prospectus
forming a part thereof for resales of Registrable Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain legal consequences arise from being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus. Accordingly, holders and beneficial owners of
Registrable Securities are advised to consult their own securities law counsel regarding the
consequences of being named or not being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The term &#147;<U>Registrable Securities</U>&#148; is defined in the Exchange and Registration Rights
Agreement.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-2<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ELECTION
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned holder (the &#147;Selling Securityholder&#148;) of Registrable Securities hereby elects to
include in the Shelf Registration Statement the Registrable Securities beneficially owned by it and
listed below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire,
agrees to be bound with respect to such Registrable Securities by the terms and conditions of this
Notice and Questionnaire and the Exchange and Registration Rights Agreement, including, without
limitation, Section&nbsp;6 of the Exchange and Registration Rights Agreement, as if the undersigned
Selling Securityholder were an original party thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon any sale of Registrable Securities pursuant to the Shelf Registration Statement, the Selling
Securityholder will be required to deliver to the Company and Trustee the Notice of Transfer set
forth in Appendix&nbsp;A to the Prospectus and as Exhibit&nbsp;B to the Exchange and Registration Rights
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Selling Securityholder hereby provides the following information to the Company and represents
and warrants that such information is accurate and complete:
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->A-3<!-- /Folio -->
</DIV>




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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">QUESTIONNAIRE
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(a)&nbsp;&nbsp;&nbsp;&nbsp;Full Legal Name of Selling Securityholder:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Full Legal Name of Registered Holder (if not the same as in (a)&nbsp;above) of
Registrable Securities Listed in Item (3)&nbsp;below:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Full Legal Name of DTC Participant (if applicable and if not the same as (b)
above) Through Which Registrable Securities Listed in Item (3)&nbsp;below are Held:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Address for Notices to Selling Securityholder:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<tr style="font-size: 1pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Contact Person:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Beneficial Ownership of Securities:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Except as set forth below in this Item (3), the undersigned does not beneficially own any
Securities.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Principal amount of Registrable Securities beneficially
owned: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CUSIP No(s). of such Registrable Securities:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Principal amount of Securities other than Registrable Securities beneficially
owned:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CUSIP No(s). of such other Securities:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Principal amount of Registrable Securities which the undersigned wishes to be
included in the Shelf Registration Statement:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration
Statement:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Beneficial Ownership of Other Securities of the Company:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Except as set forth below in this Item (4), the undersigned Selling Securityholder is not
the beneficial or registered owner of any other securities of the Company, other than the
Securities listed above in Item (3).</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>State any exceptions here:</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Relationships with the Company:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Except as set forth below, neither the Selling Securityholder nor any of its affiliates,
officers, directors or principal equity holders (5% or more) has held any position or office
or has had any other material relationship with the Company (or its predecessors or
affiliates) during the past three years.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>State any exceptions here:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Plan of Distribution:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Except as set forth below, the undersigned Selling Securityholder intends to distribute the
Registrable Securities listed above in Item (3)&nbsp;only as follows (if at all): Such
Registrable Securities may be sold from time to time directly by the undersigned Selling
Securityholder or, alternatively, through underwriters, broker-dealers or agents. Such
Registrable Securities may be sold in one or more transactions at fixed prices, at
prevailing market prices at the time of sale, at varying prices determined at the time of
sale, or at negotiated prices. Such sales may be effected in transactions (which may
involve crosses or block transactions) (i)&nbsp;on any national securities exchange or quotation
service on which the Registered Securities may be listed or quoted at the time of sale, (ii)
in the over-the-counter market, (iii)&nbsp;in transactions otherwise than on such exchanges or
services or in the over-the-counter market, or (iv)&nbsp;through the writing of options. In
connection with sales of the Registrable Securities or otherwise, the Selling Securityholder
may enter into hedging transactions with broker-dealers, which may in turn engage in short
sales of the Registrable Securities in the course of hedging the positions they assume. The
Selling Securityholder may also sell Registrable Securities short and deliver Registrable
Securities to close out such short positions, or loan or pledge Registrable Securities to
broker-dealers that in turn may sell such securities.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>State any exceptions here:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By signing below, the Selling Securityholder acknowledges that it understands its obligation to
comply, and agrees that it will comply, with the provisions of the Exchange Act and the rules and
regulations thereunder, particularly Regulation&nbsp;M.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that the Selling Securityholder transfers all or any portion of the Registrable
Securities listed in Item (3)&nbsp;above after the date on which such information is provided to the
Company, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer
of its rights and obligations under this Notice and Questionnaire and the Exchange and Registration
Rights Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By signing below, the Selling Securityholder consents to the disclosure of the information
contained herein in its answers to Items (1)&nbsp;through (6)&nbsp;above and the inclusion of such
information in the Shelf Registration Statement and related Prospectus. The Selling
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->A-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securityholder understands that such information will be relied upon by the Company in connection
with the preparation of the Shelf Registration Statement and related Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with the Selling Securityholder&#146;s obligation under Section 3(d) of the Exchange and
Registration Rights Agreement to provide such information as may be required by law for inclusion
in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the
Company of any inaccuracies or changes in the information provided herein which may occur
subsequent to the date hereof at any time while the Shelf Registration Statement remains in effect.
All notices hereunder and pursuant to the Exchange and Registration Rights Agreement shall be made
in writing, by hand-delivery, first-class mail, or air courier guaranteeing overnight delivery as
follows:
</DIV>

<DIV align="left" style="margin-left: 3%">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="97%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>To the Company:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(ii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">With a copy to:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Once this Notice and Questionnaire is executed by the Selling Securityholder and received by the
Company&#146;s counsel, the terms of this Notice and Questionnaire, and the representations and
warranties contained herein, shall be binding on, shall inure to the benefit of and shall be
enforceable by the respective successors, heirs, personal representatives, and assigns of the
Company and the Selling Securityholder (with respect to the Registrable Securities beneficially
owned by such Selling Securityholder and listed in Item (3)&nbsp;above). This Agreement shall be
governed in all respects by the laws of the State of New York.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->A-6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and
Questionnaire to be executed and delivered either in person or by its duly authorized agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Selling Securityholder</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">(Print/type full legal name of beneficial owner of Registrable Securities)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE
<B>&#091;DEADLINE FOR RESPONSE&#093; </B>TO THE COMPANY&#146;S COUNSEL AT:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;B
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;U.S. Bank National Association<BR>
Corporate Trust Services<BR>
10 West Market Street<BR>
Suite&nbsp;1150<BR>
Indianapolis, Indiana
46204&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">a</SUP>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attention: Trust Officer

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Re: Titan International, Inc. (the &#147;Company&#148;)</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% Senior Secured Notes due 2017</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please be advised that &#95;&#95;&#95;&#95;&#95;&#95;&#95; has transferred
$&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; aggregate principal amount of the above-referenced
Notes pursuant to an effective Registration Statement on Form <B>&#091;</B>&#95;&#95;&#95;&#95;<B>&#093;</B>
(File No.&nbsp;333-&#95;&#95;&#95;&#95;&#95;&#95;) filed by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933,
as amended, have been satisfied and that the above-named beneficial owner of the Notes is named as
a &#147;Selling Holder&#148; in the Prospectus dated <B>&#091;DATE&#093; </B>or in supplements thereto, and that the aggregate
principal amount of the Notes transferred are the Notes listed in such Prospectus opposite such
owner&#146;s name.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Very truly yours,</TD>
</TR>
<tr style="font-size:2pt"><td>&nbsp;</td></tr>
<tr><td>&nbsp;</td></tr>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Name)</TD>
</TR>
<tr style="font-sze:12pt"><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Authorized Signature)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">a</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Trustee to confirm address.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->B-1<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>k49669exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 5.1</B>
</DIV>

<P><DIV style="position: relative; float: left; width: 25%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;<BR>
BODMAN LLP<BR>
6TH FLOOR AT FORD FIELD<BR>
1901 ST. ANTOINE STREET<BR>
DETROIT, MICHIGAN 48226<BR>
313-393-7579 FAX<BR>
313-259-7777

</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 70%">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">November&nbsp;2, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Titan International, Inc.<BR>
2701 Spruce Street<BR>
Quincy, Illinois 62301

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are acting as special counsel for Titan International, Inc., an Illinois corporation (the
&#147;Company&#148;), in connection with its filing with the Securities and Exchange Commission of a
Registration Statement on Form S-4 (the &#147;Registration Statement&#148;) with respect to the registration
under the Securities Act of 1933 (the &#147;Act&#148;) of the offer and exchange by the Company (the
&#147;Exchange Offer&#148;) of up to $200,000,000 aggregate principal amount of the Company&#146;s 7.875% Senior
Secured Notes due 2017 to be registered under the Act (the &#147;Exchange Notes&#148;), which Exchange Notes
will be guaranteed by each of the guarantors named in Schedule&nbsp;I hereto (the &#147;Guarantors&#148;), for a
like principal amount of the Company&#146;s outstanding 7.875% Senior Secured Notes due 2017 (the
&#147;Outstanding Notes&#148;), which Outstanding Notes have also been guaranteed by the Guarantors. The
Outstanding Notes were issued pursuant to an Indenture, dated October&nbsp;1, 2010 (the &#147;Indenture&#148;),
between the Company and U.S. Bank National Association, as trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with rendering this opinion, we have examined such corporate records, certificates
and other documents as we have considered necessary for the purposes of this opinion. In such
examination, we have assumed the genuineness of all signatures, the authenticity of all documents
submitted to us as originals, the conformity to the original documents of all documents submitted
to us as copies and the authenticity of the originals of such latter documents. As to any facts
material to our opinion, we have, when relevant facts were not independently established, relied
upon the aforesaid records, certificates and documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As special counsel to the Company and based upon and subject to the foregoing, we advise you as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Exchange Notes have been duly authorized, and when the Exchange Notes have been duly executed,
authenticated and delivered in exchange for the Outstanding Notes in accordance with the Indenture
and the Exchange Offer, the Exchange Notes will be legally valid and binding obligations of the
Company, enforceable against the Company in accordance with their terms, except as may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting
creditors&#146; rights generally (including, without limitation, fraudulent conveyance laws) and by
general principles of equity (including, without
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DETROIT&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TROY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;ANN ARBOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;CHEBOYGAN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LANSING
</DIV>

</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P><DIV style="position: relative; float: left; width: 25%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 70%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Titan International, Inc.<BR>
November&nbsp;2, 2010<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">limitation, concepts of materiality, reasonableness, good faith and fair dealing and the possible
unavailability of specific performance or injunctive relief, regardless of whether considered in a
proceeding in equity or at law).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The opinions expressed herein apply solely to the laws of the State of Michigan (the &#147;State&#148;) as
applied by courts located in the State, without regard to choice of law, and the federal laws of
the United States of America, and we express no opinion whatsoever with respect to the laws of any
other jurisdiction (including, without limitation, conflict of laws and choice of law issues). We
assume for purposes of the opinions expressed in the preceding paragraph that the Indenture is
governed by and construed in accordance with the law of the State. Insofar as this opinion relates
to matters of law and legal conclusions governed by the laws of the State of Illinois, we base it
on the opinion of Schmiedeskamp, Robertson, Neu &#038; Mitchell, as evidenced by the opinion of such
firm filed as Exhibit&nbsp;5.2 to the Registration Statement and the consent in such opinion to
statements made in the Registration Statement in regard to such firm. Our opinions as to such
matters are based on assumptions and subject to the qualifications and limitation set forth in such
opinion letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the filing of this opinion as Exhibit&nbsp;5.1 to the Registration Statement filed
by the Company to register the Exchange Notes under the Act and to the reference to our Firm under
the caption &#147;Legal Matters&#148; in the prospectus constituting a part of such Registration Statement.
In giving such consent, we do not hereby admit that we are included in the category of persons
whose consent is required under Section&nbsp;7 of the Act or the rules and regulations of the Securities
and Exchange Commission promulgated thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BODMAN LLP

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Barbara A. Bowman
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
By: Barbara A. Bowman, a partner
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P><DIV style="position: relative; float: left; width: 25%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 70%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Titan International, Inc.<BR>
November&nbsp;2, 2010<BR>
Page 3

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE I TO OPINION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Guarantors</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name of Subsidiary</B><B></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Ownership</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Wheel Corporation of Illinois</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Tire Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Tire Corporation of Bryan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Ohio</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Tire Corporation of Freeport</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>k49669exv5w2.htm
<DESCRIPTION>EX-5.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<BR clear="all"><BR>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 5.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">November&nbsp;2, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Titan International, Inc.<BR>
2701 Spruce Street<BR>
Quincy, Illinois 62301

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are acting as special counsel for Titan International, Inc., an Illinois corporation (the
&#147;Company&#148;), in connection with its filing with the Securities and Exchange Commission of a
Registration Statement on Form S-4 (the &#147;Registration Statement&#148;) with respect to the registration
under the Securities Act of 1933 (the &#147;Act&#148;) of the offer and exchange by the Company (the
&#147;Exchange Offer&#148;) of up to $200,000,000 aggregate principal amount of the Company&#146;s 7.875% Senior
Secured Notes due 2017 to be registered under the Act (the &#147;Exchange Notes&#148;), which Exchange Notes
will be guaranteed by each of the guarantors named in Schedule&nbsp;I hereto (the &#147;Guarantors&#148;), for a
like principal amount of the Company&#146;s outstanding 7.875% Senior Secured Notes due 2017 (the
&#147;Outstanding Notes&#148;), which Outstanding Notes have also been guaranteed by the Guarantors. The
Outstanding Notes were issued pursuant to an Indenture, dated October&nbsp;1, 2010 (the &#147;Indenture&#148;),
between the Company and U.S. Bank National Association, as trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with rendering this opinion, we have examined such corporate records,
certificates and other documents as we have considered necessary for the purposes of this opinion.
In such examination, we have assumed the genuineness of all signatures, the authenticity of all
documents submitted to us as originals, the conformity to the original documents of all documents
submitted to us as copies and the authenticity of the originals of such latter documents. As to
any facts material to our opinion, we have, when relevant facts were not independently established,
relied upon the aforesaid records, certificates and documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As special Illinois counsel for the Company, we are of the opinion that:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Exchange Notes have been duly authorized, and when the Exchange Notes have been duly
executed, authenticated and delivered in exchange for the Outstanding Notes in accordance with the
Indenture and the Exchange Offer, the Exchange Notes will be legally valid and binding obligations
of the Company, enforceable against the Company in accordance with their terms, except as may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or
affecting creditors&#146; rights generally (including, without limitation, fraudulent conveyance laws)
and by general principles of equity (including, without limitation, concepts of materiality,
reasonableness, good faith and fair dealing and the possible unavailability of specific performance
or injunctive relief, regardless of whether considered in a proceeding in equity or at law).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;When the Exchange Notes have been duly executed, authenticated and delivered in exchange
for the Outstanding Notes in accordance with the Indenture and the Exchange Offer, the provisions
of the Indenture applicable to the Guarantors (including the guarantee of the Exchange Notes
pursuant to the Indenture) will be the legally valid and binding obligations of the Guarantors,
enforceable against the Guarantors in accordance with their terms, except as may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting
creditors&#146; rights generally (including, without limitation, fraudulent conveyance laws) and by
general principles of equity (including, without limitation, concepts of materiality,
reasonableness, good faith and fair dealing and the possible unavailability of specific performance
or injunctive relief, regardless of whether considered in a proceeding in equity or at law).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are members of the Bar of the State of Illinois and our opinions herein are limited to
matters of the laws of the State of Illinois and the federal law of the United States, and we
express no opinions regarding federal securities law or the law of other state jurisdictions. With
respect to matters involving Guarantors incorporated outside the State of Illinois, we have assumed
for purposes of this opinion that the laws of the State of Illinois were applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as Exhibit&nbsp;5.2 to the Registration Statement
filed by the Company to register the Exchange Notes under the Act and to the reference to our Firm
under the caption &#147;Legal Matters&#148; in the prospectus constituting a part of such Registration
Statement. In giving such consent, we do not hereby admit that we are included in the category of
persons whose consent is required under Section&nbsp;7 of the Act or the rules and regulations of the
Securities and Exchange Commission promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of this opinion may be delivered to Bodman LLP in connection with its opinion filed as
Exhibit&nbsp;5.1 to the Registration Statement and Bodman LLP may rely on this opinion as if it were
addressed and had been delivered by us to it on the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Schmiedeskamp, Robertson, Neu &#038; Mitchell LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ William M. McCleery, Jr.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">William M. McCleery, Jr.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE I TO OPINION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Guarantors</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name of Subsidiary</B><B></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Ownership</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Wheel Corporation of Illinois</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Tire Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Tire Corporation of Bryan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Ohio</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Tire Corporation of Freeport</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>k49669exv8w1.htm
<DESCRIPTION>EX-8.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv8w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 8.1</B>
</DIV>

<P><DIV style="position: relative; float: left; width: 25%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;<BR>
BODMAN LLP<BR>
6TH FLOOR AT FORD FIELD<BR>
1901 ST. ANTOINE STREET<BR>
DETROIT, MICHIGAN 48226<BR>
313-393-7579 FAX<BR>
313-259-7777

</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 70%">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">November&nbsp;2, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Titan International, Inc.<BR>
2701 Spruce Street<BR>
Quincy, IL 62301

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are acting as special counsel for Titan International, Inc., an Illinois corporation
(the &#147;Company&#148;), in connection with its filing with the Securities and Exchange Commission of a
Registration Statement on Form S-4 (the &#147;Registration Statement&#148;) with respect to the registration
under the Securities Act of 1933 (the &#147;Act&#148;) of the offer and exchange by the Company (the
&#147;Exchange Offer&#148;) of up to $200,000,000 aggregate principal amount of the Company&#146;s 7.875% Senior
Secured Notes due 2017 to be registered under the Act (the &#147;Exchange Notes&#148;), which Exchange Notes
will be guaranteed by each of the guarantors named in Schedule&nbsp;I hereto (the &#147;Guarantors&#148;), for a
like principal amount of the Company&#146;s outstanding 7.875% Senior Secured Notes due 2017 (the
&#147;Outstanding Notes&#148;), which Outstanding Notes have also been guaranteed by the Guarantors. The
Outstanding Notes were issued pursuant to an Indenture, dated October&nbsp;1, 2010 (the &#147;Indenture&#148;),
between the Company and U.S. Bank National Association, as trustee. Unless otherwise indicated,
capitalized terms not defined herein have the meanings set forth in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with our opinion, we have reviewed (without any independent verification of the
matters set forth therein) the Registration Statement, including the exhibits thereto, the
Indenture and such other documents, records and instruments that we have deemed necessary or
appropriate for purposes of this opinion. We have relied upon the truth and accuracy at all
relevant times of the facts and statements contained in the Registration Statement and the
Indenture, and have assumed that the Exchange Offer will be consummated in accordance with all the
terms set forth therein and without any waiver of any material provision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based upon the foregoing, and subject to the assumptions, exceptions, limitations and
qualifications set forth herein and set forth in the discussion in the Registration Statement under
the heading &#147;Material United States Federal Income Tax Considerations,&#148; we hereby confirm that the
opinion stated in the Registration Statement, under the heading &#147;Material United States Federal
Income Tax Considerations,&#148; constitutes our opinion as to the material U.S. federal income tax
consequences of the Exchange Offer relevant to holders of the Outstanding Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This opinion represents our best judgment regarding the application of federal income tax laws
under the Internal Revenue Code of 1986, as amended, existing
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DETROIT&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TROY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;ANN ARBOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;CHEBOYGAN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LANSING
</DIV>

</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P><DIV style="position: relative; float: left; width: 25%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 70%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Titan International, Inc.<BR>
November&nbsp;2, 2010<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">judicial decisions, administrative
regulations and published rulings and procedures. Our opinion is not binding upon the Internal
Revenue Service or the courts, and there is no assurance that the Internal Revenue Service will not
successfully assert a contrary position. This opinion is being delivered prior to the consummation
of the proposed transaction and therefore is prospective and dependent on future events. No
assurance can be given that future legislative, judicial or
administrative changes, on either a prospective or retroactive basis, or future factual
developments, would not adversely affect the accuracy of the conclusion stated herein. We
undertake no responsibility to advise you of any new developments in the facts or in the
application or interpretation of the federal income tax laws. Furthermore, in the event any one of
the facts or statements or assumptions upon which we have relied to issue this opinion is
incorrect, our opinion might be adversely affected and may not be relied upon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This opinion addresses only the matters described above, and does not address any other
federal, state, local or foreign tax consequences that may result from the Exchange Offer, or any
other transaction (including any transaction undertaken in connection with the foregoing).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the filing of this opinion as Exhibit&nbsp;8.1 to the Registration Statement
filed by the Company to register the Exchange Notes under the Act and to the reference to us in the
prospectus and any prospectus supplements contained therein under the caption &#147;Material United
States Federal Income Tax Considerations.&#148; In giving such consent, we do not hereby admit that we
are included in the category of persons whose consent is required under Section&nbsp;7 of the Act or the
rules and regulations of the Securities and Exchange Commission promulgated thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BODMAN LLP

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Barbara A. Bowman
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
By: Barbara A. Bowman, a partner
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P><DIV style="position: relative; float: left; width: 25%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 70%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Titan International, Inc.<BR>
November&nbsp;2, 2010<BR>
Page 3

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE I TO OPINION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Guarantors</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name of Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B> Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Ownership</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Wheel Corporation of Illinois</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Tire Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Tire Corporation of Bryan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Ohio</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Titan Tire Corporation of Freeport</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>6
<FILENAME>k49669exv12w1.htm
<DESCRIPTION>EX-12.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv12w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;12.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TITAN INTERNATIONAL, INC.<BR>
COMPUTATION OF EARNINGS TO FIXED CHARGES<BR>
(Amounts in thousands)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Nine months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000">Year ended December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">September 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-15px">Earnings (loss)&nbsp;before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,885</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3,884</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(32,002</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,479</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Add:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,853</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:45px; text-indent:-15px">Amortization of capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">460</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:45px; text-indent:-15px">Distributed income of equity investees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deduct:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Earnings of equity investees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings available for fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(14,649</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,067</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fixed charges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,713</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-15px">Interest component of rental expense (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">415</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,853</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of earnings to fixed charges (b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.89</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>The interest component of rental expense was estimated to be one-fourth of lease rental
expense.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>Earnings were insufficient to cover fixed charges for the year ended December&nbsp;31, 2005,
2007 and 2009, by $4.9&nbsp;million, $4.3&nbsp;million, and $33.5&nbsp;million, respectively.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>7
<FILENAME>k49669exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby
consent to the incorporation by reference in this Registration
Statement on Form&nbsp;S-4 of Titan International, Inc.  of our report
dated February&nbsp;25, 2010, except with respect to our opinion on the
consolidated financial statements insofar as it relates to the
condensed consolidating financial information discussed in Note&nbsp;31
which is as of November&nbsp;2, 2010 relating to the financial statements,
financial statement schedule and the effectiveness of internal
control over financial reporting, which appears in Titan
International, Inc.&#146;s Current Report on Form&nbsp;8-K dated November&nbsp;2,
2010.  We also consent to the reference to us under the heading
&#147;Experts&#148; in such Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ PricewaterhouseCoopers LLP</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
Saint Louis, Missouri<BR>
November 2, 2010
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>8
<FILENAME>k49669exv25w1.htm
<DESCRIPTION>EX-25.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv25w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;25.1</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 3px double #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">
<B>SECURITIES AND EXCHANGE COMMISSION</B><BR>
<b>Washington, D.C. 20549</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORM T-1</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>STATEMENT OF ELIGIBILITY UNDER<BR>
THE TRUST INDENTURE ACT OF 1939 OF A<BR>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</B><BR>
Check if an Application to Determine Eligibility of<BR>
a Trustee Pursuant to Section&nbsp;305(b)(2)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>U.S. BANK NATIONAL ASSOCIATION</B><BR>
(Exact name of Trustee as specified in its charter)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>31-0841368</B><BR>
I.R.S. Employer Identification No.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">800 Nicollet Mall</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Minneapolis, Minnesota
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">55402</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Ann M. Forey<BR>
U.S. Bank National Association<BR>
10 West Market Street<BR>
Suite&nbsp;1150<BR>
Indianapolis, IN 46204<BR>
(317)&nbsp;264-2500<BR>
(Name, address and telephone number of agent for service)
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Titan International, Inc.</B><BR>
(Issuer with respect to the Securities)
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-3228472</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">2701 Spruce Street</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Quincy, IL
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">62301</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>7.875% Senior Secured Notes due 2017<BR>
(Title of the Indenture Securities)</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>FORM T-1</B></U>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>GENERAL INFORMATION</B><B><I>. </I></B>Furnish the following information as to the Trustee.</TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Name and address of each examining or supervising authority to which it
is subject.</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 12%; margin-top: 6pt">Comptroller of the Currency<BR>
Washington, D.C.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Whether it is authorized to exercise corporate trust powers.</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 12%; margin-top: 6pt">Yes
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>AFFILIATIONS WITH OBLIGOR. </B><I>If the obligor is an affiliate of the Trustee, describe
each such affiliation.</I></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">None
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Items 3-15</B></TD>
    <TD>&nbsp;</TD>
    <TD><I>Items 3-15 are not applicable because to the best of the Trustee&#146;s knowledge, the
obligor is not in default under any Indenture for which the Trustee acts as Trustee.</I></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;16.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>LIST OF EXHIBITS: </B><I>List below all exhibits filed as a part of this statement of
eligibility and qualification.</I></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the Articles of Association of the Trustee.*</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the certificate of authority of the Trustee to commence business.**</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the certificate of authority of the Trustee to exercise
corporate trust powers.**</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the existing bylaws of the Trustee.**</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of each Indenture referred to in Item&nbsp;4. Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consent of the Trustee required by Section 321(b) of the Trust
Indenture Act of 1939, attached as Exhibit&nbsp;6.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Report of Condition of the Trustee as of June&nbsp;30, 2010 published
pursuant to law or the requirements of its supervising or examining authority,
attached as Exhibit&nbsp;7.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;25.1 to Amendment No.&nbsp;2 to registration statement on
S-4, Registration Number 333-128217 filed on November&nbsp;15, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;25.1 to registration statement on S-4, Registration
Number 333-166527 filed on May&nbsp;5, 2010.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S.
BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of
the United States of America, has duly caused this statement of eligibility and qualification to be
signed on its behalf by the undersigned, thereunto duly authorized, all in the City of
Indianapolis, State of Indiana on the 29<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> of October, 2010.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">     /s/ Ann M. Forey
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Ann M. Forey&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Exhibit&nbsp;6</B></U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONSENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Section 321(b) of the Trust Indenture Act of 1939, the undersigned,
U.S. BANK NATIONAL ASSOCIATION hereby consents that reports of examination of the undersigned by
Federal, State, Territorial or District authorities may be furnished by such authorities to the
Securities and Exchange Commission upon its request therefor.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated: October&nbsp;29, 2010
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">     /s/ Ann M. Forey
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Ann M. Forey&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit 7<BR>
U.S. Bank National Association<BR>
Statement of Financial Condition<BR>
Exhibit&nbsp;7<BR>
As of 6/30/2010</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>U.S. Bank National Association</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">FFIEC 031</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Legal Title of Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page RC-1</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Cincinnati</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>14</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">City</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>OH</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>45202</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">State
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Zip Code</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">FDIC Certificate Number: 06548</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Consolidated Report of Condition for Insured Commercial and State-Chartered Savings Banks for
June&nbsp;30, 2010</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All schedules are to be reported in thousands of dollars. Unless otherwise indicated, report the
amount outstanding as of the last business day of the quarter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Schedule&nbsp;RC&#151;Balance Sheet</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="4%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="4%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"  colspan="5" STYLE="BORDER-BOTTOM: 1PX SOLID #000000">Dollar Amounts in Thousands</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">RCFD</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tril | Bil | Mil | Thou</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ASSETS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1. Cash and balances due from depository institutions (from Schedule&nbsp;RC-A):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">a. Noninterest-bearing balances and currency and coin (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,543,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">1.a</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">b. Interest-bearing balances (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">477,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">1.b</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2. Securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">a. Held-to-maturity securities (from Schedule&nbsp;RC-B, column A)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">2.a</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">b. Available-for-sale securities (from Schedule&nbsp;RC-B, column D)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,161,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">2.b</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3. Federal funds sold and securities purchased under agreements to resell:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">RCON</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">a. Federal Funds sold in domestic offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">B987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,344,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">3.a</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">RCFD</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">b. Securities purchased under agreements to resell (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">B989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">3.b</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4. Loans and lease financing receivables (from Schedule&nbsp;RC-C):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">a. Loans and leases held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,912,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">4.a</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">b. Loans and leases, net of unearned income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">B528</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182,407,235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">4.b</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">c. LESS: Allowance for loan and lease losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3123</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,082,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">4.c</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">d. Loans and leases, net of unearned income and allowance (item 4.b minus 4.c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">B529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>177,325,117</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">4.d</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5. Trading assets (from Schedule&nbsp;RC-D)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,415,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">5&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6. Premises and fixed assets (including capitalized leases)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,231,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">6&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7. Other real estate owned (from Schedule&nbsp;RC-M)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,729,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">7&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">8. Investments in unconsolidated subsidiaries and associated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,797</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">8&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9. Direct and indirect investments in real estate ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">9&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10. Intangible assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">a. Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,990,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">10.a</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">b. Other intangible assets (from Schedule&nbsp;RC-M)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,016,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">10.b</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11. Other assets (from Schedule&nbsp;RC-F)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,662,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">11&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12. Total assets (sum of items 1 through 11)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>278,464,643</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">12&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes cash items in process of collection and unposted debits.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes time certificates of deposit not held for trading.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes all securities resale agreements in domestic and foreign offices, regardless of
maturity.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>U.S. Bank National Association</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">FFIEC 031</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Legal Title of Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page RC-2</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">FDIC Certificate Number: 06548
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>15</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Schedule&nbsp;RC&#151;Continued</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->


<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="4%">&nbsp;&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="4%">&nbsp;&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"  colspan="3" STYLE="BORDER-BOTTOM: 1PX SOLID #000000">Dollar Amounts in Thousands</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tril | Bil | Mil | Thou</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">LIABILITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">13. Deposits:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">RCON</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">a. In
domestic offices (sum of totals of columns A and C from Schedule&nbsp;RC-E, part I)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169,153,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">13.a</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(1)&nbsp;Noninterest-bearing (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6631</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,160,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">13.a.1</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(2)&nbsp;Interest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6636</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,992,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">13.a.2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">b. In foreign offices, Edge and Agreement subsidiaries, and IBFs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">RCFN</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(from Schedule&nbsp;RC-F, part II)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,880,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">13.b</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(1)&nbsp;Noninterest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6631</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">13.b.1</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(2)&nbsp;Interest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6636</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,880,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">13.b.2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">14. Federal funds purchased and securities sold under agreements to repurchase:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">RCON</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">a. Federal funds purchased in domestic offices (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">B993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,399,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">14.a</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">RCFD</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">b. Securities sold under agreements to repurchase (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">B995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,679,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">14.b</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">15. Trading liabilities (from Schedule&nbsp;RC-D)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">437,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">15&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">16. Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) (from Schedule&nbsp;RC-M)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,340,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">16&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">17. and 18. Not applicable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">19. Subordinated notes and debentures (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,129,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">19&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">20. Other liabilities (from Schedule&nbsp;RC-G)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,450,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">20&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">21. Total liabilities (sum of items 13 through 20)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>250,471,481</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">21&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">22. Not applicable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EQUITY CAPITAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank Equity Captal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">23. Perpetual preferred stock and related surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">23&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">24. Common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">24&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25. Surplus (excludes all surplus related to preferred stock)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,636,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">25&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">26. a. Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3632</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,476,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">26.a</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">b. Accumulated other comprehensive income (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">B530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(842,534</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">26.b</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">c. Other equity capital components (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">A130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">26.c</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">27. a. Total bank equity capital (sum of items 23 through 26.c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,288,608</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">27.a</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">b.
Noncontrolling (minority) interests in consolidated subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,704,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">27.b</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">28. Total equity capital (sum of items 27.a and 27.b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">G105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27,993,162</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">28&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">29. Total liabilities and equity capital (sum of items 21 and 28)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>278,464,643</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">29&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR style="font-size: 6pt">
<td>&nbsp;</td>
</TR>


<TR style="font-size: 10pt">
<td colspan="17">Memoranda</td>
</TR>
<TR style="font-size: 12pt">
<td>&nbsp;</td>
</TR>


<TR style="font-size: 10pt">
<td colspan="17"><B>To be reported with the March Report of Condition.</B></td>
</TR>




<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="4%">&nbsp;&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="4%">&nbsp;&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>







<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="1" style="border-bottom: 1px solid #000000">RCFD</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="1" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="4"><DIV style="margin-left:15px; text-indent:-15px">1. Indicate in the box at the right the number
of the statement below that best describes the
most comprehensive level of auditing work
performed for the bank by independent external
auditors as of any date during 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">M.1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1</TD>
    <TD width="2%">=</TD>
    <TD> Independent audit of the bank conducted in accordance with generally accepted auditing
standards by a certified public accounting firm which submits a report on the bank</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2</TD>
    <TD width="2%">=</TD>
    <TD>Independent audit of the bank&#146;s parent holding company conducted in accordance with generally
accepted auditing standards by a certified public accounting firm which submits a report on the
consolidated holding company (but not on the  bank separately)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3</TD>
    <TD width="2%">=</TD>
    <TD>Attestation on bank management&#146;s assertion on the effectiveness of the bank&#146;s internal control
over financial reporting by a certified public accounting firm.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4</TD>
    <TD width="2%">=</TD>
    <TD>Directors&#146; examination of the bank conducted in accordance with generally accepted auditing
standards by a certified public accounting firm (may be required by state chartering
authority)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5</TD>
    <TD width="2%">=</TD>
    <TD>Directors&#146; examination of the bank performed by other external auditors (may be required by
state chartering authority)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6</TD>
    <TD width="2%">=</TD>
    <TD>Review of the bank&#146;s financial statements by external auditors</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7</TD>
    <TD width="2%">=</TD>
    <TD>Compilation of the bank&#146;s financial statements by external auditors</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8</TD>
    <TD width="2%">=</TD>
    <TD>Other audit procedures (excluding tax preparation work)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9</TD>
    <TD width="2%">=</TD>
    <TD>No external audit work</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>To be reported with the March Report of Condition.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="4%">&nbsp;&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="2%">&nbsp;&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>



<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">RCON</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>MM / DD</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2. Bank&#146;s fiscal year-end date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">M.2</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes total demand deposits and noninterest-bearing time and savings deposits.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Report overnight Federal Home Loan Bank advances In Schedule RC, item 16, &#147;Other borrowed
money.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes all securities repurchase agreements in domestic and foreign offices, regardless of
maturity.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes limited-life preferred stock and related surplus.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes net unrealized holding gains (losses)&nbsp;on available-for-sale securities, accumulated
net gains (losses)&nbsp;on cash how hedges, cumulative foreign currency translation adjustments,
and minimum pension liability adjustments.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes treasury stock and unearned Employee Stock Ownership
Plan shares.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>9
<FILENAME>k49669exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.1</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LETTER OF
    TRANSMITTAL<BR>
    <FONT style="font-size: 16pt">TITAN INTERNATIONAL,
    INC.</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Offer to Exchange $200,000,000
    of 7.875% Senior Secured Notes due 2017</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Registered under the Securities
    Act of 1933 for</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">An Equal Amount of Outstanding
    7.875% Senior Secured Notes due 2017</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Pursuant to the Prospectus
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">THE EXCHANGE OFFER WILL EXPIRE
    AT 5:00&#160;P.M., EASTERN TIME,
    ON&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, UNLESS EXTENDED (SUCH DATE AND TIME, AS IT MAY BE
    EXTENDED, THE &#147;EXPIRATION DATE&#148;). TENDERS MAY BE
    WITHDRAWN PRIOR TO 5:00&#160;P.M., EASTERN TIME, ON THE
    EXPIRATION DATE.</FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The Exchange Agent for the Exchange Offer is:<BR>
    </I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">U.S. Bank National
    Association<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Attn: Specialized Finance<BR>
    60 Livingston Ave.<BR>
    St. Paul, MN 55107<BR>
    phone:
    <FONT style="white-space: nowrap">800-934-6802</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER
    THAN AS SET FORTH ABOVE, OR TRANSMISSION OF
    INSTRUCTIONS&#160;VIA FACSIMILE OTHER THAN AS SET FORTH ABOVE,
    WILL NOT CONSTITUTE A VALID DELIVERY. YOU SHOULD READ THE
    INSTRUCTIONS&#160;ACCOMPANYING THIS LETTER OF TRANSMITTAL BEFORE
    COMPLETING IT.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned acknowledges that he or she has received the
    prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (the &#147;Prospectus&#148;), of Titan International, Inc.,
    an Illinois corporation (the &#147;Company&#148;), and this
    letter of transmittal (this &#147;Letter of Transmittal&#148;),
    which together constitute the Company&#146;s offer (the
    &#147;Exchange Offer&#148;) to exchange an aggregate principal
    amount of up to $200,000,000 of its 7.875% Senior Secured Notes
    due 2017 and the associated guarantees (together, the
    &#147;Exchange Notes&#148;), which have been registered under
    the Securities Act of 1933, as amended (the &#147;Securities
    Act&#148;), for a like principal amount of the Company&#146;s
    outstanding 7.875% Senior Secured Notes due 2017 and the
    associated guarantees (together, the &#147;Outstanding
    Notes&#148;) issued on October&#160;1, 2010, which have not been
    registered under the Securities Act. Capitalized terms used but
    not defined herein shall have the same meanings given them in
    the Prospectus. The Exchange Offer is subject to all of the
    terms and conditions set forth in the Prospectus, including,
    without limitation, the right of the Company to waive, subject
    to applicable laws, conditions. In the event of any conflict
    between this Letter of Transmittal and the Prospectus, the
    Prospectus shall govern.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The terms of the Exchange Notes are identical in all respects to
    the terms of the Outstanding Notes for which they may be
    exchanged pursuant to the Exchange Offer, except that the
    transfer restrictions, registration rights and provisions for
    additional interest relating to the Outstanding Notes do not
    apply to the Exchange Notes. For each Outstanding Note accepted
    for exchange, the holder of such Outstanding Note will receive a
    Exchange Note having a principal amount equal to that of the
    surrendered Outstanding Note. The Exchange Notes will bear
    interest from the last interest payment date of the Outstanding
    Notes for which interest was paid prior to the issue date of the
    Exchange Notes. Interest on the Exchange Notes will accrue at
    the rate of 7.875% per annum and will be payable semi-annually
    on each April 1 and October 1 to holders of record. The Exchange
    Notes will mature on October&#160;1, 2017.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company reserves the right, at any time or from time to
    time, to extend the Exchange Offer at its discretion, in which
    event the term &#147;Expiration Date&#148; shall mean the latest
    date to which the Exchange Offer is extended. The Company will
    notify the Exchange Agent and the registered holders of the
    Outstanding Notes of any such extension by oral or written
    notice thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PLEASE READ THIS ENTIRE LETTER OF TRANSMITTAL AND THE
    PROSPECTUS CAREFULLY BEFORE CHECKING ANY BOX BELOW. THE
    INSTRUCTIONS&#160;INCLUDED IN THIS LETTER OF TRANSMITTAL MUST BE
    FOLLOWED. QUESTIONS AND REQUESTS FOR ASSISTANCE OR FOR
    ADDITIONAL COPIES OF THE PROSPECTUS, THIS LETTER OF TRANSMITTAL
    MAY BE DIRECTED TO THE EXCHANGE AGENT. SEE
    INSTRUCTION&#160;11.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned has completed, executed and delivered this
    Letter of Transmittal to indicate the action the undersigned
    desires to take with respect to the Exchange Offer.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    List below the Outstanding Notes to which this Letter of
    Transmittal relates. If the space provided below is inadequate,
    list the certificate numbers and principal amount of Outstanding
    Notes on a separate signed schedule and affix the schedule to
    this Letter of Transmittal. Tenders of Notes will be accepted
    only in principal amounts equal to $2,000 and integral multiples
    of $1,000. No alternative, conditional or contingent tenders
    will be accepted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="42%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="10" align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>DESCRIPTION OF OUTSTANDING NOTES</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>Name(s) and Address(es) of Holder(s) or Name of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>DTC Participant and Participant&#146;s DTC Account<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Principal<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Number in which the Outstanding Notes are Held<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Certificate<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Principal<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Amount<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>(Please fill in, if blank)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Numbers*</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount Represented**</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Tendered **</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    Total Principal Amount of Notes
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="10" align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -15pt; margin-left: 15pt">
    &#160;*&#160;Need not be completed by Holders tendering by book
    entry transfer (see below).
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="10" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -13pt; margin-left: 13pt">
    **&#160;Unless otherwise indicated in the column labeled
    &#147;Principal Amount Tendered&#148; and subject to the terms
    and conditions set forth in the Prospectus, a Holder will be
    deemed to have tendered the entire aggregate principal amount
    represented by the Outstanding Notes indicated in the column
    labeled &#147;Aggregate Principal Amount Represented&#148;. See
    Instruction&#160;2.
</DIV>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If not already printed above, the name(s) and address(es) of the
    registered Holder(s) should be printed exactly as they appear on
    the certificate(s) representing Outstanding Notes tendered
    hereby or, if tendered by a participant in DTC, exactly as such
    participant&#146;s name appears on a security position listing
    as the owner of the Outstanding Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <B><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;</B></TD>
    <TD align="left">
    <B>CHECK HERE IF TENDERED OUTSTANDING NOTES&#160;ARE BEING
    DELIVERED BY BOOK-ENTRY TRANSFER MADE TO THE ACCOUNT MAINTAINED
    BY THE EXCHANGE AGENT WITH THE DEPOSITORY TRUST&#160;COMPANY
    (&#147;DTC&#148;) AND COMPLETE THE FOLLOWING:</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="23%"></TD>
    <TD width="77%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Name&#160;of&#160;Tendering&#160;Institution:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="21%"></TD>
    <TD width="79%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="white-space: nowrap">DTC&#160;Book-Entry&#160;Account:&#160;</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="21%"></TD>
    <TD width="79%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Transaction&#160;Code&#160;Number:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;</TD>
    <TD align="left">
    <B>CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
    ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY
    AMENDMENTS OR SUPPLEMENTS THERETO.</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Name:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Address:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLEASE
    READ THE ACCOMPANYING INSTRUCTIONS&#160;CAREFULLY</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon the terms and subject to the conditions of the Exchange
    Offer, the undersigned hereby tenders to the Company the
    aggregate principal amount of Outstanding Notes indicated above.
    Subject to, and effective upon, the acceptance for exchange of
    the Outstanding Notes tendered hereby, the undersigned hereby
    sells, assigns and transfers to, or upon the order of, the
    Company all right, title and interest in and to such Outstanding
    Notes as are being tendered hereby.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned hereby represents and warrants that the
    undersigned has full power and authority to tender, sell, assign
    and transfer the Outstanding Notes tendered hereby and that the
    Company will acquire good and unencumbered title thereto, free
    and clear of all liens, restrictions, charges and encumbrances
    and not subject to any adverse claim when the same are accepted
    by the Company. The undersigned further represents that
    (i)&#160;it will acquire the Exchange Notes in the ordinary
    course of its business; (ii)&#160;it has no arrangements or
    understandings with any person to participate in a distribution
    of the Exchange Notes; and (iii)&#160;it is not an
    &#147;affiliate&#148; of the Company within the meaning of
    Rule&#160;405 under the Securities Act.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned also acknowledges that this Exchange Offer is
    being made by the Company based upon the Company&#146;s
    understanding of an interpretation by the staff of the
    Securities and Exchange Commission (the &#147;Commission&#148;)
    as set forth in no-action letters issued to third parties, that
    the Exchange Notes issued in exchange for the Outstanding Notes
    pursuant to the Exchange Offer may be offered for resale, resold
    and otherwise transferred by holders thereof (other than any
    such holder that is an &#147;affiliate&#148; of the Company
    within the meaning of Rule&#160;405 under the Securities Act),
    without compliance with the registration and prospectus delivery
    provisions of the Securities Act, provided that: (i)&#160;such
    holders are not affiliates of the Company within the meaning of
    Rule&#160;405 under the Securities Act; (ii)&#160;such Exchange
    Notes are acquired in the ordinary course of such holder&#146;s
    business; and (iii)&#160;such holders are not engaged in, and do
    not intend to engage in, a distribution of the Exchange Notes
    and have no arrangement or understanding with any person to
    participate in the distribution of the Exchange Notes. However,
    the staff of the Commission has not considered the Exchange
    Offer in the context of a request for a no-action letter, and
    there can be no assurance that the staff of the Commission would
    make a similar determination with respect to the Exchange Offer
    as it has in other circumstances.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any broker-dealer and any holder who has an arrangement or
    understanding with any person to participate in the distribution
    of Exchange Notes may not rely on the applicable interpretations
    of the staff of the Commission. Consequently, these holders must
    comply with the registration and prospectus delivery
    requirements of the Securities Act in connection with any
    secondary resale transaction. If the undersigned is a
    broker-dealer, it acknowledges that the staff of the Commission
    considers broker-dealers that acquired Outstanding Notes
    directly from the Company, but not as a result of market-making
    activities or other trading activities, to be making a
    distribution of the Exchange Notes.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the undersigned is a broker-dealer that will receive Exchange
    Notes for its own account in exchange for Outstanding Notes
    acquired by such broker-dealer as a result of market-making
    activities or other trading activities, it acknowledges that it
    will deliver a prospectus in connection with any resale of such
    Exchange Notes; however, by so acknowledging and by delivering a
    prospectus, the undersigned will not be deemed to admit that it
    is an &#147;underwriter&#148; within the meaning of the
    Securities Act.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned will, upon request, execute and deliver any
    additional documents deemed by the Company to be necessary or
    desirable to complete the sale, assignment and transfer of the
    Outstanding Notes tendered hereby. All authority conferred or
    agreed to be conferred in this Letter of Transmittal and every
    obligation of the undersigned hereunder shall be binding upon
    the successors, assigns, heirs, personal representatives,
    executors, administrators, trustees in bankruptcy and other
    legal representatives of the undersigned and shall not be
    affected by, and shall survive, the death or incapacity of the
    undersigned. This tender may be withdrawn only in accordance
    with the procedures set forth in &#147;The Exchange
    Offer&#160;&#151; Withdrawal Rights&#148; section of the
    Prospectus.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise indicated herein in the box entitled
    &#147;Special Issuance Instructions&#148; below, please issue
    the Exchange Notes in the name of the undersigned or, in the
    case of a book-entry delivery of Outstanding Notes, please
    credit the book-entry account indicated above maintained at DTC.
    Similarly, unless otherwise indicated under the box entitled
    &#147;Special Delivery Instructions&#148; below, please send the
    Exchange Notes (and, if applicable, substitute certificates
    representing Outstanding Notes for any Outstanding Notes not
    exchanged) to the undersigned at the address shown above in the
    box entitled &#147;Description of Outstanding Notes.&#148;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THE UNDERSIGNED, BY COMPLETING THE BOX ENTITLED
    &#147;DESCRIPTION OF OUTSTANDING NOTES&#148; ABOVE AND SIGNING
    THIS LETTER OF TRANSMITTAL, WILL BE DEEMED TO HAVE TENDERED THE
    OUTSTANDING NOTES&#160;AS SET FORTH IN SUCH BOX ABOVE.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    ISSUANCE INSTRUCTIONS<BR>
    (See Instructions&#160;3, 4, 5 and 7)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To be completed ONLY if certificates for Outstanding Notes not
    tendered
    <FONT style="white-space: nowrap">and/or</FONT>
    Exchange Notes are to be issued in the name of and sent to
    someone other than the person(s) whose signature(s) appear(s) on
    this Letter of Transmittal above or if Outstanding Notes
    delivered by book-entry transfer that are not accepted for
    exchange are to be returned by credit to an account maintained
    at DTC other than the account indicated above.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Issue: Exchange Notes
    <FONT style="white-space: nowrap">and/or</FONT>
    Outstanding Notes to:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="white-space: nowrap">Name(s):&#160;</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Please Type or
    Print)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 7%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Please Type or
    Print)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Address:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Including Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Complete accompanying</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9)</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;</TD>
    <TD align="left">
    Credit unexchanged Outstanding Notes delivered by book-entry
    transfer to the DTC account set forth below.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(DTC Account Number, if
    applicable)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>SPECIAL DELIVERY INSTRUCTIONS</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>(See Instructions&#160;3, 4, 5 and 7)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To be completed ONLY if certificates for Outstanding Notes not
    tendered
    <FONT style="white-space: nowrap">and/or</FONT>
    Exchange Notes are to be sent to someone other than the
    person(s) whose signature(s) appear(s) on this Letter of
    Transmittal above or to such person(s) at an address other than
    shown in the box entitled &#147;Description of Outstanding
    Notes&#148; on this Letter of Transmittal above.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mail Exchange Notes
    <FONT style="white-space: nowrap">and/or</FONT>
    Outstanding Notes to:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="white-space: nowrap">Name(s):&#160;</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Please Type or
    Print)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 7%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Please Type or
    Print)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Address:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Including Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>IMPORTANT: THIS LETTER OF TRANSMITTAL, OR A FACSIMILE HEREOF,
    OR AN AGENT&#146;S MESSAGE (TOGETHER WITH THE CERTIFICATES FOR
    OUTSTANDING NOTES&#160;OR A BOOK-ENTRY CONFIRMATION AND ALL
    OTHER REQUIRED DOCUMENTS) MUST BE RECEIVED BY THE EXCHANGE AGENT
    PRIOR TO 5:00&#160;P.M., EASTERN TIME, ON THE EXPIRATION
    DATE.</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLEASE
    READ THIS ENTIRE LETTER OF TRANSMITTAL<BR>
    CAREFULLY BEFORE COMPLETING ANY BOX ABOVE.</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
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    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


</DIV>
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PLEASE SIGN HERE<BR>
    (To be completed by all tendering holders of Outstanding
    Notes,<BR>
    regardless of whether Outstanding Notes are being physically
    delivered herewith)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Letter of Transmittal must be signed by the holder(s) of
    Outstanding Notes exactly as their name(s) appear(s) on
    certificate(s) for Outstanding Notes or, if delivered by a
    participant in DTC, exactly as such participant&#146;s name
    appears on a security position listing as the owner of
    Outstanding Notes, or by person(s) authorized to become
    holder(s) by endorsements and documents transmitted with this
    Letter of Transmittal. If any signature is by a trustee,
    executor, administrator, guardian, attorney-in-fact, officer of
    a corporation or other person acting in a fiduciary or
    representative capacity, such person must set forth his or her
    full title below beside &#147;Capacity&#148; and submit evidence
    satisfactory to the Company of such person&#146;s authority to
    so act. See Instruction&#160;4.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the signature appearing below is not of the record holder(s)
    of the Outstanding Notes, then the record holder(s) must sign a
    valid bond power.
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    X&#160;
</TD>
    <TD valign="bottom" align="left">    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    X&#160;
</TD>
    <TD valign="bottom" align="left">    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Signature(s) of Registered
    Holder(s) or Authorized Signatory)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Date:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Name:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Capacity:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Address:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Include Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="23%"></TD>
    <TD width="77%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Area&#160;Code&#160;and&#160;Telephone&#160;No.:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Please
    complete Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    Herein</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">MEDALLION
    SIGNATURE GUARANTEE<BR>
    (If Required by Instruction&#160;4)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name of Eligible Institution Guaranteeing Signatures
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Address (including Zip Code) and Telephone Number (including
    Area Code) of Firm
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Authorized Signature
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Printed Name
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Date
</DIV>
</DIV><!-- End box 1 -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">FORMING
    PART&#160;OF THE TERMS AND CONDITIONS OF THE OFFER TO
    EXCHANGE<BR>
    Registered 7.875% Senior Secured Notes due 2017 for<BR>
    Outstanding 7.875% Senior Secured Notes due 2017 Issued
    October&#160;1, 2010<BR>
    of Titan International, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;<I>Delivery of this Letter of Transmittal and
    Outstanding Notes.</I>&#160;&#160;A holder of Outstanding Notes
    may tender the same by (i)&#160;properly completing and signing
    this Letter of Transmittal or a facsimile thereof (all
    references in the Prospectus to the Letter of Transmittal shall
    be deemed to include a facsimile thereof) and delivering the
    same, together with the certificate or certificates, if
    applicable, representing the Outstanding Notes being tendered
    and any required signature guarantees and any other documents
    required by this Letter of Transmittal, to the Exchange Agent at
    its address set forth above on or prior to the Expiration Date
    or (ii)&#160;complying with the procedure for book-entry
    transfer described below. Outstanding Notes tendered hereby must
    be in denominations of $2,000 or any integral multiple of $1,000
    in excess thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of the Exchange Offer, the Exchange Agent will
    establish an account at DTC, with respect to the Outstanding
    Notes promptly after the date of the Prospectus. DTC
    participants may make book-entry delivery of Outstanding Notes
    by causing DTC to transfer such Outstanding Notes into the
    Exchange Agent&#146;s account at DTC in accordance with
    DTC&#146;s Automated Tender Offer Program (&#147;ATOP&#148;)
    procedures for such transfer. However, although delivery of
    Outstanding Notes may be effected through book-entry transfer at
    DTC, an Agent&#146;s Message (as defined in the next paragraph)
    in connection with a book-entry transfer and any other required
    documents, must, in any case, be transmitted to and received by
    the Exchange Agent at the address specified on the cover page of
    this Letter of Transmittal on or prior to the Expiration Date
    for a holder to have validly tendered its Outstanding Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A holder may tender Outstanding Notes that are held through DTC
    by transmitting its acceptance through DTC&#146;s ATOP, for
    which the transaction will be eligible, and DTC will then edit
    and verify the acceptance and send an Agent&#146;s Message to
    the Exchange Agent for its acceptance. The term
    &#147;Agent&#146;s Message&#148; means a message transmitted by
    DTC to, and received by, the Exchange Agent and forming part of
    the book-entry confirmation, which states that DTC has received
    an express acknowledgment from the participant tendering the
    Outstanding Notes that such participant has received the Letter
    of Transmittal and agrees to be bound by the terms of this
    Letter of Transmittal and that the Company may enforce such
    agreement against such participant. Delivery of an Agent&#146;s
    Message will also constitute an acknowledgment from the
    tendering DTC participant that the representations and
    warranties set forth in this Letter of Transmittal are true and
    correct.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>DELIVERY OF THE AGENT&#146;S MESSAGE BY DTC WILL SATISFY THE
    TERMS OF THE EXCHANGE OFFER AS TO EXECUTION AND DELIVERY OF A
    LETTER OF TRANSMITTAL BY THE PARTICIPANT IDENTIFIED IN THE
    AGENT&#146;S MESSAGE.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>THE METHOD OF DELIVERY OF THIS LETTER OF TRANSMITTAL, THE
    OUTSTANDING NOTES&#160;AND ALL OTHER REQUIRED DOCUMENTS, OR
    BOOK-ENTRY TRANSFER AND TRANSMISSION OF AN AGENT&#146;S MESSAGE
    BY A DTC PARTICIPANT, ARE AT THE ELECTION AND RISK OF THE
    TENDERING HOLDERS. INSTEAD OF DELIVERY BY MAIL, IT IS
    RECOMMENDED THAT HOLDERS USE AN OVERNIGHT OR HAND-DELIVERY
    SERVICE. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO
    ASSURE TIMELY DELIVERY TO THE EXCHANGE AGENT BEFORE THE
    EXPIRATION DATE. NO LETTER OF TRANSMITTAL OR OUTSTANDING
    NOTES&#160;SHOULD BE SENT TO THE COMPANY OR DTC. HOLDERS MAY
    REQUEST THEIR RESPECTIVE BROKERS, DEALERS, COMMERCIAL BANKS,
    TRUST&#160;COMPANIES OR NOMINEES TO EFFECT THE TENDERS FOR SUCH
    HOLDERS. SEE &#147;THE EXCHANGE OFFER&#148; SECTION&#160;OF THE
    PROSPECTUS.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;<I>Partial Tenders; Withdrawals.</I>&#160;&#160;If less
    than all of the Outstanding Notes evidenced by a submitted
    certificate are to be tendered, the tendering holder(s) should
    fill in the aggregate principal amount of Outstanding Notes
    tendered in the box entitled &#147;Description of Outstanding
    Notes&#160;&#151; Principal Amount Tendered.&#148; A newly
    issued certificate for the Outstanding Notes submitted but not
    tendered will be sent to such holder as soon as practicable
    after the Expiration Date. All Outstanding Notes delivered to
    the Exchange Agent will be deemed to have been tendered unless
    otherwise clearly indicated.
</DIV>
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    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If not yet accepted, a tender pursuant to the Exchange Offer may
    be withdrawn at any time prior to 5:00&#160;p.m., Eastern time,
    on the Expiration Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For a withdrawal to be effective:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Exchange Agent must receive a written notice, which may be
    by facsimile transmission or letter, of withdrawal at the
    address set forth above, or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for DTC participants, holders must comply with DTC&#146;s
    standard operating procedures for electronic tenders and the
    Exchange Agent must receive an electronic notice of withdrawal
    from DTC.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any notice of withdrawal must:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    specify the name of the person who deposited the Outstanding
    Notes to be withdrawn,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    identify the Outstanding Notes to be withdrawn, including the
    certificate number or numbers and principal amount of the
    Outstanding Notes to be withdrawn,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    be signed by the person who tendered the Outstanding Notes in
    the same manner as the original signature on this Letter of
    Transmittal, including any required signature guarantees, and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    specify the name in which any Outstanding Notes are to be
    re-registered, if different from that of the withdrawing holder.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Exchange Agent will return the properly withdrawn
    Outstanding Notes without cost to the holder promptly following
    receipt of the notice of withdrawal. If Outstanding Notes have
    been tendered pursuant to the procedure for book-entry transfer,
    any notice of withdrawal must specify the name and number of the
    account at the book-entry transfer facility to be credited with
    the withdrawn Outstanding Notes or otherwise comply with the
    book-entry transfer facility&#146;s procedures. All questions as
    to the validity, form and eligibility, including time of
    receipt, of any notice of withdrawal will be determined by the
    Company, in its sole discretion, and such determination will be
    final and binding on all parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;<I>Tender by Holder.</I>&#160;&#160;Except in limited
    circumstances, only a DTC participant listed on a DTC securities
    position listing may tender Outstanding Notes in the Exchange
    Offer. Any beneficial owner of Outstanding Notes who is not the
    registered holder and is not a DTC participant and who wishes to
    tender should arrange with such registered holder to execute and
    deliver this Letter of Transmittal on such beneficial
    owner&#146;s behalf or must, prior to completing and executing
    this Letter of Transmittal and delivering his, her or its
    Outstanding Notes, either make appropriate arrangements to
    register ownership of the Outstanding Notes in such beneficial
    owner&#146;s name or obtain a properly completed bond power from
    the registered holder or properly endorsed certificates
    representing such Outstanding Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;<I>Signatures on this Letter of Transmittal, Bond Powers
    and Endorsements; Guarantee of Signatures.</I>&#160;&#160;If
    this Letter of Transmittal is signed by the registered holder of
    the Outstanding Notes tendered hereby, the signature must
    correspond exactly with the name as written on the face of the
    certificates without alteration, enlargement or any change
    whatsoever.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any tendered Outstanding Notes are owned of record by two or
    more joint owners, all such owners must sign this Letter of
    Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any tendered Outstanding Notes are registered in different
    names on several certificates, it will be necessary to complete,
    sign and submit as many separate copies of this Letter of
    Transmittal as there are different registrations of certificates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When this Letter of Transmittal is signed by the registered
    holder (including any participant in DTC whose name appears on a
    security position listing as the owner of the Outstanding Notes)
    of the Outstanding Notes specified herein and tendered hereby,
    no endorsements of certificates or separate bond powers are
    required. If, however, the Exchange Notes are to be issued to a
    person other than the registered holder, then endorsements of
    any certificates transmitted hereby or separate bond powers are
    required. Signatures on such certificate(s) must be guaranteed
    by an Eligible Institution (as defined below).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If this Letter of Transmittal is signed by a person other than
    the registered holder or holders of any Outstanding Notes
    specified therein, such certificate(s) must be endorsed by such
    registered holder(s) or accompanied by separate written
</DIV>
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    <BR>
    7
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    instruments of transfer or endorsed in blank by such registered
    holder(s) exchange in form satisfactory to the Company and duly
    executed by the registered holder, in either case signed exactly
    as such registered holder(s) name(s) appear(s) on the
    Outstanding Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If this Letter of Transmittal or any certificates of Outstanding
    Notes or separate written instruments of transfer or exchange
    are signed or endorsed by trustees, executors, administrators,
    guardians, attorneys-in-fact, officers of corporations or others
    acting in a fiduciary or representative capacity, such persons
    should so indicate when signing and, unless waived by the
    Company, evidence satisfactory to the Company of their authority
    to so act must be submitted with this Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Signature on a Letter of Transmittal or a notice of withdrawal,
    as the case may be, must be guaranteed by an Eligible
    Institution unless the Outstanding Notes tendered pursuant
    thereto are tendered (i)&#160;by a registered holder (including
    any participant in DTC whose name appears on a security position
    listing as the owner of the Outstanding Notes) who has not
    completed the box entitled &#147;Special Issuance
    Instructions&#148; or &#147;Special Delivery Instructions&#148;
    on this Letter of Transmittal or (ii)&#160;for the account of an
    Eligible Institution. In the event that signatures on this
    Letter of Transmittal or a notice of withdrawal, as the case may
    be, are required to be guaranteed, such guarantee must be by a
    member firm of a registered national securities exchange or of
    the Financial Industry Regulatory Authority, a commercial bank
    or trust company having an office or correspondent in the United
    States or an &#147;eligible guarantor institution&#148; within
    the meaning of
    <FONT style="white-space: nowrap">Rule&#160;17Ad-15</FONT>
    under the Securities Exchange Act of 1934, as amended (each of
    the foregoing an &#147;Eligible Institution&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;<I>Special Issuance and Delivery
    Instructions.</I>&#160;&#160;Tendering holders of Outstanding
    Notes should indicate in the applicable box the name and address
    to which Exchange Notes issued pursuant to the Exchange Offer
    are to be issued or sent, if different from the name or address
    of the person signing this Letter of Transmittal. In the case of
    issuance in a different name, the employer identification or
    social security number of the person named must also be
    indicated. Holders tendering Outstanding Notes by book-entry
    transfer may request that Outstanding Notes not exchanged be
    credited to such account maintained at DTC as such holder may
    designate hereon. If no such instructions are given, such
    Outstanding Notes not exchanged will be returned to the name or
    address of the person signing this Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.&#160;<I>Taxpayer Identification Number.</I>&#160;&#160;Under
    United States federal income tax law, a tendering holder whose
    Outstanding Notes are accepted for exchange may be subject to
    backup withholding (currently at a 28% rate) on payments that
    may be made by the Company on account of Exchange Notes issued
    pursuant to the Exchange Offer. To prevent backup withholding,
    each tendering holder of Outstanding Notes must provide to the
    Exchange Agent such holder&#146;s correct taxpayer
    identification number (&#147;TIN&#148;) by completing the
    Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    below, certifying that the holder is a United States person
    (including a United States resident alien), that the TIN
    provided is correct (or that the holder is awaiting a TIN), and
    that (i)&#160;the holder is exempt from backup withholding,
    (ii)&#160;the holder has not been notified by the Internal
    Revenue Service that the holder is subject to backup withholding
    as a result of a failure to report all interest or dividends, or
    (iii)&#160;the Internal Revenue Service has notified the holder
    that the holder is no longer subject to backup withholding. If
    the Exchange Agent is not provided with the correct TIN, the
    tendering holder may be subject to a $50 penalty imposed by the
    Internal Revenue Service (the &#147;IRS&#148;). In addition, the
    holder of Exchange Notes may be subject to backup withholding on
    all reportable payments made after the exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the tendering holder is an individual, the TIN is his or her
    social security number. If the tendering holder is a nonresident
    alien or a foreign entity not subject to backup withholding, the
    holder must provide to the Exchange Agent the appropriate
    completed
    <FONT style="white-space: nowrap">Form&#160;W-8</FONT>
    rather than a Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9.</FONT>
    These forms may be obtained from the Exchange Agent. See the
    accompanying Guidelines for Certification of Taxpayer
    Identification Number on Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    (the
    <FONT style="white-space: nowrap">&#147;W-9</FONT>
    Guidelines&#148;) for additional instructions. If the
    Outstanding Notes are in more than one name or are not in the
    name of the actual owner, the tendering holder should consult
    the <FONT style="white-space: nowrap">W-9</FONT>
    Guidelines for information regarding which TIN to report.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the tendering holder does not have a TIN or does not know its
    TIN, the holder should check the box in Part&#160;IV of the
    Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9,</FONT>
    write &#147;Applied For&#148; in lieu of its TIN in Part&#160;I,
    sign and date the form and provide it to the Exchange Agent. In
    addition, such tendering holder also must sign and date the
    Certificate of Awaiting Taxpayer Identification Number. A
    tendering holder that does not have a TIN should consult the
    <FONT style="white-space: nowrap">W-9</FONT>
    Guidelines for instructions on applying for a TIN. Note:
    Checking the box in Part&#160;IV of the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    and writing &#147;Applied For&#148; in Part&#160;I means that
    the tendering holder has already applied for a TIN or that the
    holder intends to apply for one in the near future. If a
    tendering holder checks the box in Part&#160;IV and writes
    &#147;Applied For&#148; in Part&#160;I, backup withholding at
    the applicable rate will
</DIV>
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    <BR>
    8
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    nevertheless apply to all reportable payments made to such
    holder. If such a holder furnishes its properly certified TIN to
    the Exchange Agent within 60&#160;days of the Exchange
    Agent&#146;s receipt of the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9,</FONT>
    however, any amounts so withheld shall be refunded to such
    holder. If, however, the tendering holder has not provided the
    Exchange Agent with its TIN within such
    <FONT style="white-space: nowrap">60-day</FONT>
    period, such previously retained amounts will be remitted to the
    IRS as backup withholding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Backup withholding is not an additional federal income tax.
    Rather, the federal income tax liability of persons subject to
    backup withholding will be reduced by the amount of tax
    withheld. If withholding results in overpayment of taxes, a
    refund may be obtained from the IRS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    7.&#160;<I>Transfer Taxes.</I>&#160;&#160;Holders who tender
    their Outstanding Notes for exchange will not be obligated to
    pay any transfer taxes in connection therewith. If, however,
    Exchange Notes are to be delivered to, or are to be issued in
    the name of, any person other than the registered holder of the
    Outstanding Notes tendered hereby, or if tendered Outstanding
    Notes are registered in the name of any person other than the
    person signing this Letter of Transmittal, or if a transfer tax
    is imposed for any reason other than the exchange of Outstanding
    Notes in connection with the Exchange Offer, the amount of any
    such transfer taxes (whether imposed on the registered holder or
    any other persons) will be payable by the tendering holder. If
    satisfactory evidence of payment of such taxes or exemption
    therefrom is not submitted herewith, the amount of such transfer
    taxes will be billed directly to such tendering holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as provided in this Instruction&#160;7, it will not be
    necessary for transfer tax stamps to be affixed to the
    Outstanding Notes specified in this Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.&#160;<I>Waiver of Conditions.</I>&#160;&#160;The Company
    reserves the right to waive satisfaction of any or all
    conditions enumerated in the Prospectus at any time and from
    time to time prior to the Expiration Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.&#160;<I>No Conditional Tenders.</I>&#160;&#160;No
    alternative, conditional, irregular or contingent tenders will
    be accepted. All tendering holders of Outstanding Notes, by
    execution of this Letter of Transmittal or, in lieu thereof, in
    accordance with DTC&#146;s ATOP procedures, shall waive any
    right to receive notice of the acceptance of their Outstanding
    Notes for exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the Company, the Exchange Agent nor any other person is
    obligated to give notice of any defect or irregularity with
    respect to any tender of Outstanding Notes nor shall any of them
    incur any liability for failure to give any such notice.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.&#160;<I>Mutilated, Lost, Stolen or Destroyed Outstanding
    Notes.</I>&#160;&#160;Any holder whose Outstanding Notes have
    been mutilated, lost, stolen or destroyed should contact the
    Exchange Agent at the address and telephone number indicated
    above for further instructions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    11.&#160;<I>Requests for Assistance or Additional
    Copies.</I>&#160;&#160;Questions relating to the procedure for
    tendering, as well as requests for additional copies of the
    Prospectus and this Letter of Transmittal, should be directed to
    the Exchange Agent, at the address and telephone number
    indicated above.
</DIV>
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    <BR>
    9
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">GUIDELINES
    FOR CERTIFICATION OF TAXPAYER IDENTIFICATION<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NUMBER ON
    SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>GUIDELINES FOR DETERMINING THE PROPER IDENTIFICATION NUMBER
    TO GIVE THE PAYER. </B>Social security numbers have nine digits
    separated by two hyphens: i.e.,
    <FONT style="white-space: nowrap">000-00-0000.</FONT>
    Employer identification numbers have nine digits separated by
    only one hyphen: i.e.,
    <FONT style="white-space: nowrap">00-0000000.</FONT>
    The table below will help determine the number to give the
    payer. All section references, unless otherwise indicated, are
    to the Internal Revenue Code of 1986, as amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="44%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="45%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="4" align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    <B>Give the SOCIAL<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>SECURITY number<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="4" align="left" valign="bottom">
    <B>For this type of account</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>of&#160;&#151;</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    &#160;1.
</DIV>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    Individual
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    The individual
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    &#160;2.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Two or more individuals (joint account)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The actual owner of the account or, if combined funds, the first
    individual on the account(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    &#160;3.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Custodian account of a minor (Uniform Gift to Minors Act)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The minor(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    &#160;4.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    a.&#160;The usual Revocable Savings trust (grantor is also
    trustee)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The grantor-trustee(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    b.&#160;So-called trust account that is not a legal or valid
    trust under State law
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The actual owner(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    &#160;5.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Sole proprietorship or disregarded entity owned by an individual
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The owner(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="44%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="45%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="4" align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    <B>Give the EMPLOYER<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>IDENTIFICATION number<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="4" align="left" valign="bottom">
    <B>For this type of account</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>of&#160;&#151;</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    &#160;6.
</DIV>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    A valid trust, estate, or pension trust
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    The legal entity(4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    &#160;7.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Corporation or LLC electing corporate status on IRS
    Form&#160;8832
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The corporation
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    &#160;8.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Association, club, religious, charitable, educational, or other
    tax-exempt organization
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The organization
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    &#160;9.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partnership or multimember LLC
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The partnership
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    10.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    A broker or registered nominee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The broker or nominee
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    11.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Account with the Department of Agriculture in the name of a
    public entity (such as a State or local government, school
    district, or prison) that receives agricultural program payments
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The public entity
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">List first and circle the name of
    the person whose number you furnish. If only one person on a
    joint account has a social security number, that person&#146;s
    number must be furnished.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Circle the minor&#146;s name and
    furnish the minor&#146;s social security number.
    </FONT></TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">If you are an individual, you must
    show your individual name, but you may also enter your business
    or &#147;doing business as&#148; name. You may use either your
    social security number or employer identification number (if you
    have one).
    </FONT></TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">List first and circle the name of
    the legal trust, estate, or pension trust. (Do not furnish the
    taxpayer identification number of the personal representative or
    trustee unless the legal entity itself is not designated in the
    account title.)
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <B>NOTE:&#160;&#160;</B></TD>
    <TD align="left">
    If no name is circled when there is more than one name, the
    number will be considered to be that of the first name listed.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">GUIDELINES
    FOR CERTIFICATION OF TAXPAYER IDENTIFICATION<BR>
    NUMBER ON SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9</FONT><BR>
    <BR>
    PAGE&#160;2</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Obtaining
    a Number</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you do not have a taxpayer identification number or you do
    not know your number, obtain
    <FONT style="white-space: nowrap">Form&#160;SS-5,</FONT>
    Application for a Social Security Card (for individuals),
    <FONT style="white-space: nowrap">Form&#160;SS-4,</FONT>
    Application for Employer Identification Number (for business and
    all other entities), or
    <FONT style="white-space: nowrap">Form&#160;W-7,</FONT>
    Application for IRS Individual Taxpayer Identification Number
    (for alien individuals required to file U.S. tax returns) and
    apply for a number. You may obtain these forms at an office of
    the Social Security Administration or from the Internal Revenue
    Service or &#147;IRS&#148; (web site at www.irs.gov).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you do not have a taxpayer identification number, write
    &#147;Applied For&#148; in the space for the taxpayer
    identification number in Part&#160;I, check the box in
    Part&#160;IV, sign and date the form, and give it to the payer.
    For interest and dividend payments, and certain payments made
    with respect to readily tradable instruments, generally you will
    have 60&#160;days to get a taxpayer identification number and
    give it to the payer before you are subject to backup
    withholding on payments. The
    <FONT style="white-space: nowrap">60-day</FONT> rule
    does not apply to other types of payments. You will be subject
    to backup withholding on all such payments until you provide
    your taxpayer identification number to the taxpayer
    identification number.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Note:</I>&#160;&#160;Entering &#147;Applied For&#148; means
    that you have already applied for a taxpayer identification
    number or that you intend to apply for one soon.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>CAUTION:</I>&#160;&#160;A disregarded domestic entity that
    has a foreign owner must use the appropriate
    <FONT style="white-space: nowrap">Form&#160;W-8.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Payees
    Exempt from Backup Withholding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payees specifically exempted from backup withholding on ALL
    payments include the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    An organization exempt from tax under section&#160;501(a), or an
    IRA, or a custodial account under section&#160;403(b)(7) if the
    account satisfies the requirements of section&#160;401(f)(2).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The United States or any agency or instrumentality thereof.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A state, the District of Columbia, a possession of the United
    States, or any subdivision or instrumentality thereof.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A foreign government, a political subdivision of a foreign
    government, or any agency or instrumentality thereof.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    An international organization or any agency or instrumentality
    thereof.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payees that may be exempt from backup withholding include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A financial institution.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A corporation.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A dealer in securities or commodities required to register in
    the Unites States, the District of Columbia, or a possession of
    the Unites States.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A real estate investment trust.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A common trust fund operated by a bank under section&#160;584(a).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    An entity registered at all times during the tax year under the
    Investment Company Act of 1940.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A foreign central bank of issue.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A futures commission merchant registered with the Commodity
    Futures Trading Commission.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A middleman known in the investment community as a nominee or
    custodian.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A trust exempt from tax under section&#160;664 or described in
    section&#160;4947.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, payments that are not subject to information
    reporting are not subject to backup withholding. For details,
    see sections&#160;6041, 6041A, 6042, 6044, 6045, 6049, 6050A,
    and 6050N, and their regulations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Exempt payees described above should file a Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    to avoid possible erroneous backup withholding. FILE THIS
    FORM&#160;WITH THE PAYER, FURNISH YOUR TAXPAYER IDENTIFICATION
    NUMBER, WRITE &#147;EXEMPT&#148; ON THE FACE OF THE FORM, SIGN
    AND DATE THE FORM, AND RETURN IT TO THE PAYER.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are a nonresident alien or a foreign entity not subject
    to backup withholding, please complete, sign and return an
    appropriate
    <FONT style="white-space: nowrap">Form&#160;W-8</FONT>
    (which may be obtained from the Tender Agent or the IRS website
    at www.irs.gov) to establish your exemption from backup
    withholding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Privacy Act Notice.&#160;&#160;</I>Section&#160;6109 requires
    you to give taxpayer identification numbers to payers who must
    file an information return with the IRS. The IRS uses the
    numbers for identification purposes and to help verify the
    accuracy of
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    your tax return. The IRS may also provide this information to
    the Department of Justice for civil and criminal litigation, and
    to cities, states and the District of Columbia to carry out
    their tax laws. The IRS may also disclose this information to
    other countries under a tax treaty, or to federal and state
    agencies to enforce federal non-tax criminal laws and to combat
    terrorism. Payers must be given the numbers whether or not
    recipients are required to file tax returns. Payers must
    generally withhold 28% of taxable interest, dividend, and
    certain other payments to a payee who does not furnish a
    taxpayer identification number to a payer. Certain penalties may
    also apply.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Penalties</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;<I>Penalty for Failure to Furnish Taxpayer
    Identification Number.</I>&#160;&#160;If you fail to furnish
    your correct taxpayer identification number to a payer, you are
    subject to a penalty of $50 for each such failure unless your
    failure is due to reasonable cause and not to willful neglect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;<I>Civil Penalty for False Statements with Respect to
    Withholding.</I>&#160;&#160;If you make a false statement with
    no reasonable basis which results in no backup withholding, you
    are subject to a penalty of $500.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;<I>Criminal Penalty for Falsifying
    Information.</I>&#160;&#160;Willfully falsifying certifications
    or affirmations may subject you to criminal penalties including
    fines <FONT style="white-space: nowrap">and/or</FONT>
    imprisonment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;<I>Misuse of Taxpayer Identification
    Number.</I>&#160;&#160;If the requester discloses or uses
    taxpayer identification numbers in violation of Federal law, the
    requester may be subject to civil and criminal penalties.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">FOR
    ADDITIONAL INFORMATION CONTACT YOUR TAX ADVISOR OR THE
    IRS.</FONT></B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    12
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="7" align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B><FONT style="font-size: 10pt">PAYER&#146;S NAME: Titan
    International, Inc.</FONT></B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>SUBSTITUTE<BR>

    FORM&#160;<FONT style="font-size: 16pt"><FONT style="white-space: nowrap">W-9</FONT><BR>
    </FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    <B>Part I</B>&#160;&#151; PLEASE PROVIDE YOUR TIN IN THE BOX AT
    THE RIGHT AND CERTIFY BY SIGNING AND DATING BELOW
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -22pt; margin-left: 22pt">
    TIN:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></div> <div align="center">Social
    Security Number <BR>
    or</div><DIV style="text-indent:0pt"> </div> <BR>
    <div align="left">Employer Identification Number (If awaiting
    TIN, write &#147;Applied For&#148;)
    </div><DIV style="text-indent:0pt"></DIV></DIV>
</DIV>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
    <B>Department of the Treasury,<BR>
    Internal Revenue Service<BR>
    Payer&#146;s Request for Taxpayer <BR>
    Identification Number (&#147;TIN&#148;) <BR>
    and Certification</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Part II</B>&#160;&#151; For Payees exempt from backup
    withholding, see the enclosed Guidelines for Certification of
    Taxpayer Identification Number on Substitute Form W-9 and
    complete as instructed therein.<BR>
    <BR>
    <B>Part III</B>&#160;&#151; Certification. <BR>
    Under penalties of perjury, I certify that:<BR>
    (1)&#160;The number shown on this form is my correct TIN (or I
    am waiting for a number to be issued to me); and<BR>
    (2)&#160;I am not subject to backup withholding because (a) I am
    exempt from backup withholding, or (b) I have not been notified
    by the IRS that I am subject to backup withholding as a result
    of a failure to report all interest or dividends, or (c) the IRS
    has notified me that I am no longer subject to backup
    withholding; and<BR>
    (3)&#160;I am a U.S. citizen or other U.S. person (including a
    U.S. resident alien).
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Certification Instructions</B>&#160;&#151; You must cross out
    item (2) above if you have been notified by the IRS that you are
    subject to backup withholding because of underreporting interest
    or dividends on your tax return. However, if after being
    notified by the IRS that you were subject to backup withholding,
    you received another notification from the IRS that you were no
    longer subject to backup withholding, do not cross out item (2).
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Part IV</B>&#160;&#151; Check the box if you are awaiting
    your
    TIN&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="4" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -33pt; margin-left: 33pt">
    Signature:<FONT style="word-spacing: 300pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
<DIV style="text-indent: -24pt; margin-left: 24pt">
    Date:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>, 2010
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="4" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -23pt; margin-left: 23pt">
    Name:&#160;<FONT style="word-spacing: 310pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="4" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    Address:&#160;<FONT style="word-spacing: 300pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="7" valign="top" style="font-size: 8pt; border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
    <B>ENTITY TYPE:
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Individual/
    Sole Proprietor
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Corporation
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Partnership
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Other
    (specify)</B>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-size: 8pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <B>NOTE:</B>&#160;&#160;</TD>
    <TD align="left">
    FAILURE TO COMPLETE AND RETURN THIS SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9</FONT>
    MAY RESULT IN BACKUP WITHHOLDING OF 28% OF ANY PAYMENTS MADE TO
    YOU PURSUANT TO THE OFFER. PLEASE REVIEW THE ENCLOSED GUIDELINES
    FOR CERTIFICATION OF TAXPAYER IDENTIFICATION NUMBER ON
    SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9</FONT>
    FOR ADDITIONAL DETAILS.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU ARE
    AWAITING YOUR TIN.</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>CERTIFICATION OF AWAITING TAXPAYER IDENTIFICATION NUMBER</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    I certify under penalties of perjury that a TIN has not been
    issued to me, and either (1)&#160;I have mailed or delivered an
    application to receive a TIN to the appropriate IRS Center or
    Social Security Administration Office or (2)&#160;I intend to
    mail or deliver an application in the near future. I understand
    that if I do not provide a TIN by the time of payment, 28% of
    all payments pursuant to the Offer made to me thereafter will be
    withheld until I provide a number. If I do not provide a TIN by
    the Expiration Date, any amounts withheld will be sent to the
    IRS as backup withholding.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Signature:&#160;<FONT style="word-spacing: 280pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>&#160;Date:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>, 2010
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any questions or requests for assistance or additional copies of
    this Letter of Transmittal or the Exchange Offer may be directed
    to the Exchange Agent at the telephone numbers and address
    listed below. A Holder may also contact such Holder&#146;s
    broker, dealer, commercial bank, trust company or nominee for
    assistance concerning the Exchange Offer.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The Exchange Agent for the Exchange Offer is:</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>U.S. Bank National Association</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <FONT style="font-family: 'Times New Roman', Times">Attn:
    Specialized Finance<BR>
    60 Livingston Ave.<BR>
    St. Paul, MN 55107<BR>
    phone:
    <FONT style="white-space: nowrap">800-934-6802</FONT>
    </FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

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    <BR>
    14
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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>10
<FILENAME>k49669exv99w2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.2</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">BROKER
    DEALER LETTER<BR>
    <FONT style="font-size: 16pt">TITAN INTERNATIONAL,
    INC.</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Offer to
    Exchange $200,000,000 of 7.875%&#160;Senior Secured Notes due
    2017<BR>
    Registered under the Securities Act of 1933 for<BR>
    An Equal Amount of Outstanding 7.875%&#160;Senior Secured Notes
    due 2017</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To: Brokers, Dealers, Commercial Banks, Trust&#160;Companies and
    Other Nominees:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan International, Inc. (the &#147;Company&#148;), is offering
    to exchange (the &#147;Exchange Offer&#148;), upon and subject
    to the terms and conditions set forth in the prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (the &#147;Prospectus&#148;), and the enclosed Letter of
    Transmittal (the &#147;Letter of Transmittal&#148;), an
    aggregate principal amount of up to $200,000,000 of its
    7.875%&#160;Senior Secured Notes due 2017 and the associated
    guarantees, which have been registered under the Securities Act
    of 1933, as amended (the &#147;Securities Act&#148;), for a like
    principal amount of the Company&#146;s outstanding
    7.875%&#160;Senior Secured Notes due 2017 and the associated
    guarantees (together, the &#147;Outstanding Notes&#148;) issued
    on October&#160;1, 2010, which have not been registered under
    the Securities Act. The Exchange Offer is being made in order to
    satisfy certain obligations of the Company contained in the
    Exchange and Registration Rights Agreement, dated as of
    October&#160;1, 2010, among the Company, the Guarantors referred
    to therein and the representative of the Initial Purchasers
    referred to therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are requesting that you contact your clients for whom you
    hold Outstanding Notes regarding the Exchange Offer. For your
    information and for forwarding to your clients for whom you hold
    Outstanding Notes registered in your name or in the name of your
    nominee, or who hold Outstanding Notes registered in their own
    names, we are enclosing the following documents:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;Prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;The Letter of Transmittal for your use and for the use
    of your clients who hold Outstanding Notes registered in their
    own names and for the information of your clients for whom you
    hold Outstanding Notes registered in your name or in the name of
    your nominee, and the accompanying Guidelines for Certification
    of Taxpayer Identification Number on Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9;&#160;and</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;A form of letter that may be sent to your clients for
    whose account you hold Outstanding Notes registered in your name
    or the name of your nominee, with space provided for obtaining
    such clients&#146; instructions with regard to the Exchange
    Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>YOUR PROMPT ACTION IS REQUESTED.&#160;&#160;THE EXCHANGE
    OFFER WILL EXPIRE AT 5:00&#160;P.M., EASTERN TIME,
    ON&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, UNLESS EXTENDED BY THE COMPANY (THE &#147;EXPIRATION
    DATE&#148;). THE OUTSTANDING NOTES&#160;TENDERED PURSUANT TO THE
    EXCHANGE OFFER MAY BE WITHDRAWN AT ANY TIME BEFORE
    5:00&#160;P.M., EASTERN TIME, ON THE EXPIRATION DATE.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will not pay any fee or commission to any broker or
    dealer or to any other person (other than the Exchange Agent for
    the Exchange Offer). The Company will pay or cause to be paid
    transfer taxes, if any, applicable to the exchange of
    Outstanding Notes pursuant to the Exchange Offer, or the
    transfer of Outstanding Notes to it, except as otherwise
    provided in Instruction&#160;7 of the enclosed Letter of
    Transmittal. The Company may, upon request, reimburse brokers,
    dealers, commercial banks, trust companies and other nominees
    for their reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses incurred in forwarding copies of the Prospectus, Letter
    of Transmittal and related documents to the beneficial owners of
    the Outstanding Notes and in handling or forwarding tenders for
    exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To participate in the Exchange Offer, a duly executed and
    properly completed Letter of Transmittal (or facsimile thereof),
    with any required signature guarantees and any other required
    documents, should be sent to the Exchange Agent and certificates
    representing the Outstanding Notes should be delivered to the
    Exchange Agent, all in accordance with the instructions set
    forth in the Letter of Transmittal and the Prospectus.
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any inquiries you may have with respect to the Exchange Offer or
    requests for additional copies of the enclosed materials should
    be directed to the Exchange Agent for the Outstanding Notes, at
    its address and telephone number set forth on the front of the
    Letter of Transmittal.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 45%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Very truly yours,
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 45%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 45%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Titan International, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    NOTHING HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL CONSTITUTE YOU
    OR ANY OTHER PERSON AS AN AGENT OF THE COMPANY, THE EXCHANGE
    AGENT OR ANY AFFILIATE OF EITHER OF THEM, OR AUTHORIZE YOU OR
    ANY OTHER PERSON TO USE ANY DOCUMENT OR MAKE ANY STATEMENTS ON
    BEHALF OF ANY OF THEM IN CONNECTION WITH THE EXCHANGE OFFER,
    EXCEPT FOR STATEMENTS EXPRESSLY MADE IN THE PROSPECTUS OR THE
    LETTER OF TRANSMITTAL.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Enclosures
</DIV>
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    <BR>
    2
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>11
<FILENAME>k49669exv99w3.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.3</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CLIENT
    LETTER<BR>
    <FONT style="font-size: 16pt">TITAN INTERNATIONAL, INC.<BR>
    <BR>
    </FONT></FONT><FONT style="font-family: 'Times New Roman', Times">Offer
    to Exchange $200,000,000 of 7.875% Senior Secured Notes due
    2017<BR>
    Registered under the Securities Act of 1933 for<BR>
    An Equal Amount of Outstanding 7.875% Senior Secured Notes due
    2017</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To Our Clients:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Enclosed for your consideration is a prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (the &#147;Prospectus&#148;), and the enclosed Letter of
    Transmittal (the &#147;Letter of Transmittal&#148;), relating to
    the offer (the &#147;Exchange Offer&#148;) of Titan
    International, Inc. (the &#147;Company&#148;) to exchange its
    7.875% Senior Secured Notes due 2017 and the associated
    guarantees, which have been registered under the Securities Act
    of 1933, as amended (the &#147;Securities Act&#148;) for a like
    principal amount of the Company&#146;s outstanding 7.875% Senior
    Secured Notes due 2017 and the associated guarantees (together,
    the &#147;Outstanding Notes&#148;) issued on October&#160;1,
    2010, which have not been registered under the Securities Act,
    upon the terms and subject to the conditions described in the
    Prospectus. The Exchange Offer is being made in order to satisfy
    certain obligations of the Company contained in the Exchange and
    Registration Rights Agreement, dated as of October&#160;1, 2010,
    among the Company, the Guarantors referred to therein and the
    representatives of the Initial Purchasers referred to therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This material is being forwarded to you as the beneficial owner
    of the Outstanding Notes carried by us in your account but not
    registered in your name. A tender of such Outstanding Notes may
    only be made by us as the holder of record and pursuant to your
    instructions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Accordingly, we request instructions as to whether you wish us
    to tender on your behalf the Outstanding Notes held by us for
    your account, pursuant to the terms and conditions set forth in
    the enclosed Prospectus and Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your instructions should be forwarded to us as promptly as
    possible in order to permit us to tender the Outstanding Notes
    on your behalf in accordance with the provisions of the Exchange
    Offer. The Exchange Offer will expire at 5:00&#160;p.m., Eastern
    time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, unless extended by the Company (the &#147;Expiration
    Date&#148;). Any Outstanding Notes tendered pursuant to the
    Exchange Offer may be withdrawn at any time before
    5:00&#160;p.m., Eastern time, on the Expiration Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Exchange Offer is not conditioned upon any minimum number of
    Outstanding Notes being tendered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your attention is directed to the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;The Exchange Offer is for any and all Outstanding Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;The Exchange Offer is subject to conditions set forth in
    the Prospectus in the section captioned &#147;The Exchange
    Offer&#160;&#151; Conditions to the Exchange Offer.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;The Exchange Offer expires at 5:00&#160;p.m., Eastern
    time, on the Expiration Date, unless extended by the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;Any transfer taxes incident to the transfer of the
    Outstanding Notes from the tendering holder to the Company will
    be paid by the Company, except as otherwise provided in the
    Prospectus and the Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    IF YOU WISH TO TENDER YOUR OUTSTANDING NOTES, PLEASE SO INSTRUCT
    US BY COMPLETING, EXECUTING AND RETURNING TO US THE
    INSTRUCTION&#160;FORM&#160;ON THE BACK OF THIS LETTER, ON WHICH
    YOU ARE REFERRED TO AS THE UNDERSIGNED BENEFICIAL OWNER. THE
    LETTER OF TRANSMITTAL IS FURNISHED TO YOU FOR INFORMATION ONLY
    AND MAY NOT BE USED DIRECTLY BY YOU TO TENDER OUTSTANDING NOTES.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we do not receive written instructions in accordance with the
    procedures presented in the Prospectus and the Letter of
    Transmittal, we will not tender any of the Outstanding Notes in
    your account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless a specific contrary instruction is given in the space
    provided, your signature(s) hereon will constitute an
    instruction to us to tender all the Outstanding Notes held by us
    for your account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Please carefully review the enclosed material as you consider
    the Exchange Offer.
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS&#160;WITH
    RESPECT TO<BR>
    THE EXCHANGE OFFER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned beneficial owner acknowledge(s) receipt of your
    letter and the enclosed material referred to therein relating to
    the Exchange Offer made by Titan International, Inc., with
    respect to its Outstanding Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This will instruct you to tender the Outstanding Notes held by
    you for the account of the undersigned beneficial owner, upon
    and subject to terms and conditions set forth in the Prospectus
    and the related Letter of Transmittal. Please tender the
    Outstanding Notes held by you for the account of the undersigned
    beneficial owner as indicated below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The aggregate principal amount of Outstanding Notes held by you
    for the account of the undersigned beneficial owner is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    $&#160;
</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 16%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>



<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#160;&#160;(fill in amount).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to the Exchange Offer, the undersigned beneficial
    owner hereby instructs you (check appropriate
    box):&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To TENDER the following aggregate principal amount of
    Outstanding Notes held by you for the account of the undersigned
    beneficial owner (insert principal amount of Outstanding Notes
    in denominations of $2,000 and integral multiples of $1,000 in
    excess thereof to be tendered):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    $&#160;
</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 16%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 13%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    NOT to TENDER any Outstanding Notes held by you for the account
    of the undersigned beneficial owner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the undersigned beneficial owner instructs you to tender the
    Outstanding Notes held by you for such person&#146;s account, it
    is understood that you are authorized (a)&#160;to make, on
    behalf of the undersigned beneficial owner (and the undersigned
    beneficial owner, by its signature below, hereby makes to you),
    the representations and warranties contained in the Letter of
    Transmittal that are to be made with respect to the undersigned
    as a beneficial owner of Outstanding Notes, (b)&#160;to make
    such agreements, representations and warranties, on behalf of
    the undersigned beneficial owner, as are set forth in the Letter
    of Transmittal, and (c)&#160;to take such other action as may be
    necessary under the Prospectus or the Letter of Transmittal to
    effect the valid tender of such Outstanding Notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="32%"></TD>
    <TD width="68%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="white-space: nowrap">Name&#160;of&#160;beneficial&#160;owner(s)&#160;(please&#160;print):&#160;</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="white-space: nowrap">Signature(s):&#160;</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Address:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Telephone&#160;Number:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="45%"></TD>
    <TD width="55%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Taxpayer&#160;Identification&#160;Number&#160;or&#160;Social&#160;Security&#160;Number:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Date:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>
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