The Company’s 5.625% convertible senior subordinated notes are guaranteed by the following 100% owned subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, Titan Tire Corporation of Texas, Titan Wheel Corporation of Illinois, and Titan Wheel Corporation of Virginia. The note guarantees are full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The following condensed consolidating financial statements are presented using the equity method of accounting for the parent and guarantor subsidiaries. Certain sales & marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries.

	Consolidating Condensed Statements of Operations
(Amounts in thousands)
	For the Three Months Ended September 30, 2011
	Titan						Non-
	Intl., Inc.			Guarantor			Guarantor
	(Parent)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	0		$	299,695		$	99,110		$	0		$	398,805
Cost of sales		380			255,509			89,922			0			345,811
Gross profit (loss)		(380	)		44,186			9,188			0			52,994
Selling, general and administrative expenses		(4,443	)		2,467			10,524			0			8,548
Research and development expenses		0			796			0			0			796
Royalty expense		0			1,620			643			0			2,263
Income (loss) from operations		4,063			39,303			(1,979	)		0			41,387
Interest expense		(6,114	)		0			(502	)		0			(6,616	)
Other income (expense)		(552	)		5			(9	)		0			(556	)
Income (loss) before income taxes		(2,603	)		39,308			(2,490	)		0			34,215
Provision (benefit) for income taxes		(988	)		14,605			(927	)		0			12,690
Equity in earnings of subsidiaries		23,140			(127	)		127			(23,140	)		0
Net income (loss)		21,525			24,576			(1,436	)		(23,140	)		21,525
Net income attributable to noncontrolling interests		0			0			0			362			362
Net income (loss) attributable to Titan	$	21,525		$	24,576		$	(1,436	)	$	(23,502	)	$	21,163

	Consolidating Condensed Statements of Operations
(Amounts in thousands)
	For the Three Months Ended September 30, 2010
	Titan						Non-
	Intl., Inc.			Guarantor			Guarantor
	(Parent)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	0		$	222,818		$	0		$	0		$	222,818
Cost of sales		387			194,077			408			0			194,872
Gross profit (loss)		(387	)		28,741			(408	)		0			27,946
Selling, general and administrative expenses		4,843			1,967			5,227			0			12,037
Research and development expenses		0			1,112			0			0			1,112
Royalty expense		0			2,275			0			0			2,275
Income (loss) from operations		(5,230	)		23,387			(5,635	)		0			12,522
Interest expense		(5,867	)		0			0			0			(5,867	)
Loss on senior note repurchase		(473	)		0			0			0			(473	)
Other income (expense)		377			4			20			0			401
Income (loss) before income taxes		(11,193	)		23,391			(5,615	)		0			6,583
Provision (benefit) for income taxes		(4,366	)		9,123			(2,189	)		0			2,568
Equity in earnings of subsidiaries		10,842			(69	)		69			(10,842	)		0
Net income (loss)	$	4,015		$	14,199		$	(3,357	)	$	(10,842	)	$	4,015

	Consolidating Condensed Statements of Operations
(Amounts in thousands)
	For the Nine Months Ended September 30, 2011
	Titan						Non-
	Intl., Inc.			Guarantor			Guarantor
	(Parent)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	0		$	890,916		$	193,165		$	0		$	1,084,081
Cost of sales		1,282			733,379			175,820			0			910,481
Gross profit (loss)		(1,282	)		157,537			17,345			0			173,600
Selling, general and administrative expenses		15,513			7,654			27,247			0			50,414
Research and development expenses		4			2,989			0			0			2,993
Royalty expense		0			6,304			1,226			0			7,530
Income (loss) from operations		(16,799	)		140,590			(11,128	)		0			112,663
Interest expense		(18,426	)		0			(619	)		0			(19,045	)
Noncash convertible debt conversion charge		(16,135	)		0			0			0			(16,135	)
Other income (expense)		1,644			(236	)		499			0			1,907
Income (loss) before income taxes		(49,716	)		140,354			(11,248	)		0			79,390
Provision (benefit) for income taxes		(12,424	)		51,931			(4,162	)		0			35,345
Equity in earnings of subsidiaries		81,337			(260	)		260			(81,337	)		0
Net income (loss)		44,045			88,163			(6,826	)		(81,337	)		44,045
Net income attributable to noncontrolling interests		0			0			0			354			354
Net income (loss) attributable to Titan	$	44,045		$	88,163		$	(6,826	)	$	(81,691	)	$	43,691

	Consolidating Condensed Statements of Operations
(Amounts in thousands)
	For the Nine Months Ended September 30, 2010
	Titan						Non-
	Intl., Inc.			Guarantor			Guarantor
	(Parent)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	0		$	648,922		$	0		$	0		$	648,922
Cost of sales		1,996			557,649			1,341			0			560,986
Gross profit (loss)		(1,996	)		91,273			(1,341	)		0			87,936
Selling, general and administrative expenses		14,624			6,617			14,767			0			36,008
Research and development expenses		0			5,039			0			0			5,039
Royalty expense		0			6,809			0			0			6,809
Income (loss) from operations		(16,620	)		72,808			(16,108	)		0			40,080
Interest expense		(19,713	)		0			0			0			(19,713	)
Loss on senior note repurchase		(3,195	)		0			0			0			(3,195	)
Other income		203			15			89			0			307
Income (loss) before income taxes		(39,325	)		72,823			(16,019	)		0			17,479
Provision (benefit) for income taxes		(15,337	)		28,401			(6,247	)		0			6,817
Equity in earnings of subsidiaries		34,650			(234	)		234			(34,650	)		0
Net income (loss)	$	10,662		$	44,188		$	(9,538	)	$	(34,650	)	$	10,662

	Consolidating Condensed Balance Sheets
(Amounts in thousands)
	September 30, 2011
	Titan					Non-
	Intl., Inc.			Guarantor		Guarantor
	(Parent)			Subsidiaries		Subsidiaries			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	87,932		$	8	$	6,334		$	0		$	94,274
Marketable securities		28,129			0		0			0			28,129
Accounts receivable		0			155,642		58,242			0			213,884
Inventories		0			157,659		25,491			0			183,150
Prepaid and other current assets		26,164			16,662		5,143			0			47,969
Total current assets		142,225			329,971		95,210			0			567,406
Property, plant and equipment, net		10,641			222,741		100,193			0			333,575
Investment in subsidiaries		167,434			9,057		20			(176,511	)		0
Other assets		45,174			957		64,102			0			110,233
Total assets	$	365,474		$	562,726	$	259,525		$	(176,511	)	$	1,011,214

Liabilities and Equity
Short-term debt	$	0		$	0	$	8,227		$	0		$	8,227
Accounts payable		1,976			50,008		46,914			0			98,898
Other current liabilities		15,384			41,888		31,270			0			88,542
Total current liabilities		17,360			91,896		86,411			0			195,667
Long-term debt		312,881			0		5,000			0			317,881
Other long-term liabilities		19,735			25,945		59,634			0			105,314
Intercompany accounts		(374,571	)		182,898		191,673			0			0
Titan stockholders’ equity		390,069			261,987		(83,193	)		(178,794	)		390,069
Noncontrolling interests		0			0		0			2,283			2,283
Total liabilities and equity	$	365,474		$	562,726	$	259,525		$	(176,511	)	$	1,011,214

	Consolidating Condensed Balance Sheets
(Amounts in thousands)	December 31, 2010
	Titan					Non-
	Intl., Inc.			Guarantor		Guarantor
	(Parent)			Subsidiaries		Subsidiaries			Eliminations			Consolidated
	As Restated			As Restated					As Restated			As Restated
Assets
Cash and cash equivalents	$	239,362		$	6	$	132		$	0		$	239,500
Accounts receivable		0			89,004		0			0			89,004
Inventories		0			118,143		0			0			118,143
Prepaid and other current assets		17,981			16,240		482			0			34,703
Total current assets		257,343			223,393		614			0			481,350
Property, plant and equipment, net		7,678			235,143		5,233			0			248,054
Investment in subsidiaries		33,464			9,057		20			(42,541	)		0
Other assets		22,183			869		28,424			0			51,476
Total assets	$	320,668		$	468,462	$	34,291		$	(42,541	)	$	780,880

Liabilities and Stockholders’ Equity
Accounts payable	$	1,406		$	33,473	$	402		$	0		$	35,281
Other current liabilities		16,066			39,186		1,820			0			57,072
Total current liabilities		17,472			72,659		2,222			0			92,353
Long-term debt		373,564			0		0			0			373,564
Other long-term liabilities		8,855			28,083		5,994			0			42,932
Intercompany accounts		(351,254	)		174,326		176,928			0			0
Stockholders’ equity		272,031			193,394		(150,853	)		(42,541	)		272,031
Total liabilities and stockholders’ equity	$	320,668		$	468,462	$	34,291		$	(42,541	)	$	780,880

	Consolidating Condensed Statements of Cash Flows
(Amounts in thousands)
	For the Nine Months Ended September 30, 2011
	Titan						Non-
	Intl., Inc.			Guarantor			Guarantor
	(Parent)			Subsidiaries			Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	(18,544	)	$	12,085		$	(5,224	)	$	(11,683	)

Cash flows from investing activities:
Capital expenditures		(2,583	)		(13,514	)		(1,804	)		(17,901	)
Acquisitions, net of cash acquired		(99,118	)		0			0			(99,118	)
Purchases of marketable securities		(30,000	)		0			0			(30,000	)
Other, net		0			1,431			510			1,941
Net cash used for investing activities		(131,701	)		(12,083	)		(1,294	)		(145,078	)

Cash flows from financing activities:
Repurchase of senior unsecured notes		(1,064	)		0			0			(1,064	)
Payment on debt		0			0			(629	)		(629	)
Term loan borrowing		0			0			14,148			14,148
Proceeds from exercise of stock options		477			0			0			477
Dividends paid		(598	)		0			0			(598	)
Net cash provided by (used for) financing activities		(1,185	)		0			13,519			12,334

Effect of exchange rate changes on cash		0			0			(799	)		(799	)

Net increase (decrease) in cash and cash equivalents		(151,430	)		2			6,202			(145,226	)
Cash and cash equivalents, beginning of period		239,362			6			132			239,500
Cash and cash equivalents, end of period	$	87,932		$	8		$	6,334		$	94,274

	Consolidating Condensed Statements of Cash Flows
(Amounts in thousands)
	For the Nine Months Ended September 30, 2010
	Titan						Non-
	Intl., Inc.			Guarantor			Guarantor
	(Parent)			Subsidiaries			Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	(10,887	)	$	18,294		$	241		$	7,648

Cash flows from investing activities:
Capital expenditures		(1,409	)		(18,353	)		(294	)		(20,056	)
Other, net		0			72			19			91
Net cash used for investing activities		(1,409	)		(18,281	)		(275	)		(19,965	)

Cash flows from financing activities:
Repurchase of senior unsecured notes		(56,674	)		0			0			(56,674	)
Payment of financing fees		(586	)		0			0			(586	)
Proceeds from exercise of stock options		240			0			0			240
Dividends paid		(530	)		0			0			(530	)
Net cash used for financing activities		(57,550	)		0			0			(57,550	)

Net increase (decrease) in cash and cash equivalents		(69,846	)		13			(34	)		(69,867	)
Cash and cash equivalents, beginning of period		229,004			11			167			229,182
Cash and cash equivalents, end of period	$	159,158		$	24		$	133		$	159,315

The Company’s 7.875% senior secured notes are guaranteed by the following 100% owned subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois. The note guarantees are full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The following condensed consolidating financial statements are presented using the equity method of accounting for the parent and guarantor subsidiaries. Certain sales & marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries.

	Consolidating Condensed Statements of Operations
(Amounts in thousands)
	For the Three Months Ended September 30, 2011
	Titan						Non-
	Intl., Inc.			Guarantor			Guarantor
	(Parent)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	0		$	293,991		$	104,814		$	0		$	398,805
Cost of sales		380			250,021			95,410			0			345,811
Gross profit (loss)		(380	)		43,970			9,404			0			52,994
Selling, general and administrative expenses		(4,443	)		2,366			10,625			0			8,548
Research and development expenses		0			796			0			0			796
Royalty expense		0			1,620			643			0			2,263
Income (loss) from operations		4,063			39,188			(1,864	)		0			41,387
Interest expense		(6,114	)		0			(502	)		0			(6,616	)
Other income (expense)		(552	)		(212	)		208			0			(556	)
Income (loss) before income taxes		(2,603	)		38,976			(2,158	)		0			34,215
Provision (benefit) for income taxes		(988	)		14,482			(804	)		0			12,690
Equity in earnings of subsidiaries		23,140			(127	)		127			(23,140	)		0
Net income (loss)		21,525			24,367			(1,227	)		(23,140	)		21,525
Net income attributable to noncontrolling interests		0			0			0			362			362
Net income (loss) attributable to Titan	$	21,525		$	24,367		$	(1,227	)	$	(23,502	)	$	21,163

	Consolidating Condensed Statements of Operations
(Amounts in thousands)
	For the Three Months Ended September 30, 2010
	Titan						Non-
	Intl., Inc.			Guarantor			Guarantor
	(Parent)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	0		$	218,551		$	4,267		$	0		$	222,818
Cost of sales		387			189,528			4,957			0			194,872
Gross profit (loss)		(387	)		29,023			(690	)		0			27,946
Selling, general and administrative expenses		4,843			1,904			5,290			0			12,037
Research and development expenses		0			1,058			54			0			1,112
Royalty expense		0			2,275			0			0			2,275
Income (loss) from operations		(5,230	)		23,786			(6,034	)		0			12,522
Interest expense		(5,867	)		0			0			0			(5,867	)
Loss on senior note repurchase		(473	)		0			0			0			(473	)
Other income (expense)		377			(9	)		33			0			401
Income (loss) before income taxes		(11,193	)		23,777			(6,001	)		0			6,583
Provision (benefit) for income taxes		(4,366	)		9,273			(2,339	)		0			2,568
Equity in earnings of subsidiaries		10,842			(69	)		69			(10,842	)		0
Net income (loss)	$	4,015		$	14,435		$	(3,593	)	$	(10,842	)	$	4,015

	Consolidating Condensed Statements of Operations
(Amounts in thousands)
	For the Nine Months Ended September 30, 2011
	Titan						Non-
	Intl., Inc.			Guarantor			Guarantor
	(Parent)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	0		$	873,352		$	210,729		$	0		$	1,084,081
Cost of sales		1,282			716,572			192,627			0			910,481
Gross profit (loss)		(1,282	)		156,780			18,102			0			173,600
Selling, general and administrative expenses		15,513			7,372			27,529			0			50,414
Research and development expenses		4			2,982			7			0			2,993
Royalty expense		0			6,304			1,226			0			7,530
Income (loss) from operations		(16,799	)		140,122			(10,660	)		0			112,663
Interest expense		(18,426	)		0			(619	)		0			(19,045	)
Noncash convertible debt conversion charge		(16,135	)		0			0			0			(16,135	)
Other income (expense)		1,644			(493	)		756			0			1,907
Income (loss) before income taxes		(49,716	)		139,629			(10,523	)		0			79,390
Provision (benefit) for income taxes		(12,424	)		51,663			(3,894	)		0			35,345
Equity in earnings of subsidiaries		81,337			(260	)		260			(81,337	)		0
Net income (loss)		44,045			87,706			(6,369	)		(81,337	)		44,045
Net income attributable to noncontrolling interests		0			0			0			354			354
Net income (loss) attributable to Titan	$	44,045		$	87,706		$	(6,369	)	$	(81,691	)	$	43,691

	Consolidating Condensed Statements of Operations
(Amounts in thousands)
	For the Nine Months Ended September 30, 2010
	Titan						Non-
	Intl., Inc.			Guarantor			Guarantor
	(Parent)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	0		$	636,172		$	12,750		$	0		$	648,922
Cost of sales		1,996			542,351			16,639			0			560,986
Gross profit (loss)		(1,996	)		93,821			(3,889	)		0			87,936
Selling, general and administrative expenses		14,624			6,401			14,983			0			36,008
Research and development expenses		0			4,912			127			0			5,039
Royalty expense		0			6,809			0			0			6,809
Income (loss) from operations		(16,620	)		75,699			(18,999	)		0			40,080
Interest expense		(19,713	)		0			0			0			(19,713	)
Loss on senior note repurchase		(3,195	)		0			0			0			(3,195	)
Other income		203			31			73			0			307
Income (loss) before income taxes		(39,325	)		75,730			(18,926	)		0			17,479
Provision (benefit) for income taxes		(15,337	)		29,535			(7,381	)		0			6,817
Equity in earnings of subsidiaries		34,650			(234	)		234			(34,650	)		0
Net income (loss)	$	10,662		$	45,961		$	(11,311	)	$	(34,650	)	$	10,662

	Consolidating Condensed Balance Sheets
(Amounts in thousands)
	September 30, 2011
	Titan					Non-
	Intl., Inc.			Guarantor		Guarantor
	(Parent)			Subsidiaries		Subsidiaries			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	87,932		$	5	$	6,337		$	0		$	94,274
Marketable securities		28,129			0		0			0			28,129
Accounts receivable		0			151,751		62,133			0			213,884
Inventories		0			140,544		42,606			0			183,150
Prepaid and other current assets		26,164			16,219		5,586			0			47,969
Total current assets		142,225			308,519		116,662			0			567,406
Property, plant and equipment, net		10,641			207,672		115,262			0			333,575
Investment in subsidiaries		167,434			9,057		10			(176,501	)		0
Other assets		45,174			957		64,102			0			110,233
Total assets	$	365,474		$	526,205	$	296,036		$	(176,501	)	$	1,011,214

Liabilities and Equity
Short-term debt	$	0		$	0	$	8,227		$	0		$	8,227
Accounts payable		1,976			48,621		48,301			0			98,898
Other current liabilities		15,384			41,083		32,075			0			88,542
Total current liabilities		17,360			89,704		88,603			0			195,667
Long-term debt		312,881			0		5,000			0			317,881
Other long-term liabilities		19,735			25,883		59,696			0			105,314
Intercompany accounts		(374,571	)		113,090		261,481			0			0
Titan stockholders’ equity		390,069			297,528		(118,744	)		(178,784	)		390,069
Noncontrolling interests		0			0		0			2,283			2,283
Total liabilities and equity	$	365,474		$	526,205	$	296,036		$	(176,501	)	$	1,011,214

	Consolidating Condensed Balance Sheets
(Amounts in thousands)	December 31, 2010
	Titan					Non-
	Intl., Inc.			Guarantor		Guarantor
	(Parent)			Subsidiaries		Subsidiaries			Eliminations			Consolidated
	As Restated			As Restated					As Restated			As Restated
Assets
Cash and cash equivalents	$	239,362		$	3	$	135		$	0		$	239,500
Accounts receivable		0			85,335		3,669			0			89,004
Inventories		0			103,265		14,878			0			118,143
Prepaid and other current assets		17,981			15,937		785			0			34,703
Total current assets		257,343			204,540		19,467			0			481,350
Property, plant and equipment, net		7,678			218,999		21,377			0			248,054
Investment in subsidiaries		33,464			9,057		10			(42,531	)		0
Other assets		22,183			869		28,424			0			51,476
Total assets	$	320,668		$	433,465	$	69,278		$	(42,531	)	$	780,880

Liabilities and Stockholders’ Equity
Accounts payable	$	1,406		$	32,305	$	1,570		$	0		$	35,281
Other current liabilities		16,066			38,689		2,317			0			57,072
Total current liabilities		17,472			70,994		3,887			0			92,353
Long-term debt		373,564			0		0			0			373,564
Other long-term liabilities		8,855			28,083		5,994			0			42,932
Intercompany accounts		(351,254	)		106,523		244,731			0			0
Stockholders’ equity		272,031			227,865		(185,334	)		(42,531	)		272,031
Total liabilities and stockholders’ equity	$	320,668		$	433,465	$	69,278		$	(42,531	)	$	780,880

	Consolidating Condensed Statements of Cash Flows
(Amounts in thousands)
	For the Nine Months Ended September 30, 2011
	Titan						Non-
	Intl., Inc.			Guarantor			Guarantor
	(Parent)			Subsidiaries			Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	(18,544	)	$	11,757		$	(4,896	)	$	(11,683	)

Cash flows from investing activities:
Capital expenditures		(2,583	)		(13,186	)		(2,132	)		(17,901	)
Acquisitions, net of cash acquired		(99,118	)		0			0			(99,118	)
Purchases of marketable securities		(30,000	)		0			0			(30,000	)
Other, net		0			1,431			510			1,941
Net cash used for investing activities		(131,701	)		(11,755	)		(1,622	)		(145,078	)

Cash flows from financing activities:
Repurchase of senior unsecured notes		(1,064	)		0			0			(1,064	)
Payment on debt		0			0			(629	)		(629	)
Term loan borrowing		0			0			14,148			14,148
Proceeds from exercise of stock options		477			0			0			477
Dividends paid		(598	)		0			0			(598	)
Net cash provided by (used for) financing activities		(1,185	)		0			13,519			12,334

Effect of exchange rate changes on cash		0			0			(799	)		(799	)

Net increase (decrease) in cash and cash equivalents		(151,430	)		2			6,202			(145,226	)
Cash and cash equivalents, beginning of period		239,362			3			135			239,500
Cash and cash equivalents, end of period	$	87,932		$	5		$	6,337		$	94,274

	Consolidating Condensed Statements of Cash Flows
(Amounts in thousands)
	For the Nine Months Ended September 30, 2010
	Titan						Non-
	Intl., Inc.			Guarantor			Guarantor
	(Parent)			Subsidiaries			Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	(10,887	)	$	18,091		$	444		$	7,648

Cash flows from investing activities:
Capital expenditures		(1,409	)		(18,118	)		(529	)		(20,056	)
Other, net		0			42			49			91
Net cash used for investing activities		(1,409	)		(18,076	)		(480	)		(19,965	)

Cash flows from financing activities:
Repurchase of senior notes		(56,674	)		0			0			(56,674	)
Proceeds from exercise of stock options		240			0			0			240
Payment of financing fees		(586	)		0			0			(586	)
Dividends paid		(530	)		0			0			(530	)
Net cash used for financing activities		(57,550	)		0			0			(57,550	)

Net increase (decrease) in cash and cash equivalents		(69,846	)		15			(36	)		(69,867	)
Cash and cash equivalents, beginning of period		229,004			8			170			229,182
Cash and cash equivalents, end of period	$	159,158		$	23		$	134		$	159,315