The senior secured notes are guaranteed by the following wholly-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. See the indenture incorporated by reference to the Company's most recent Form 10-K for additional information. The following condensed consolidating financial statements are presented using the equity method of accounting. Certain sales and marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries.



(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Three Months Ended September 30, 2017
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	138,557		$	232,431		$	—	$	370,988
Cost of sales	99			122,129			209,095			—		331,323
Gross profit (loss)	(99		)	16,428			23,336			—		39,665
Selling, general and administrative expenses	2,100			12,594			25,059			—		39,753
Research and development expenses	—			972			1,485			—		2,457
Royalty expense	217			1,435			944			—		2,596
Income (loss) from operations	(2,416		)	1,427			(4,152		)	—		(5,141		)
Interest expense	(7,231		)	—			(306		)	—		(7,537		)
Intercompany interest income (expense)	606			983			(1,589		)	—		—
Foreign exchange gain (loss)	(2		)	71			746			—		815
Other income (expense)	968			(33		)	2,106			—		3,041
Income (loss) before income taxes	(8,075		)	2,448			(3,195		)	—		(8,822		)
Provision for income taxes	889			994			513			—		2,396
Equity in earnings of subsidiaries	(2,252		)	—			(2,306		)	4,558		—
Net income (loss)	(11,216		)	1,454			(6,014		)	4,558		(11,218		)
Net income noncontrolling interests	—			—			800			—		800
Net income (loss) attributable to Titan	$	(11,216	)	$	1,454		$	(6,814	)	$	4,558	$	(12,018	)



(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Three Months Ended September 30, 2016
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	114,743		$	191,452		$	—	$	306,195
Cost of sales	87			99,573			171,615			—		271,275
Gross profit (loss)	(87		)	15,170			19,837			—		34,920
Selling, general and administrative expenses	2,556			15,407			18,385			—		36,348
Research and development expenses	—			776			1,821			—		2,597
Royalty expense	125			1,296			864			—		2,285
Loss from operations	(2,768		)	(2,309		)	(1,233		)	—		(6,310		)
Interest expense	(8,288		)	—			(426		)	—		(8,714		)
Intercompany interest income (expense)	470			—			(470		)	—		—
Foreign exchange gain	—			—			398					398
Other income	1,256			62			2,260			—		3,578
Income (loss) before income taxes	(9,330		)	(2,247		)	529			—		(11,048		)
Provision (benefit) for income taxes	(1,935		)	(1,448		)	1,309			—		(2,074		)
Equity in earnings of subsidiaries	(3,523		)	—			(4,037		)	7,560		—
Net income (loss)	(10,918		)	(799		)	(4,817		)	7,560		(8,974		)
Net loss noncontrolling interests	—			—			(966		)	—		(966		)
Net income (loss) attributable to Titan	$	(10,918	)	$	(799	)	$	(3,851	)	$	7,560	$	(8,008	)



(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Nine Months Ended September 30, 2017
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	429,636		$	663,252		$	—	$	1,092,888
Cost of sales	256			378,875			590,801			—		969,932
Gross profit (loss)	(256		)	50,761			72,451			—		122,956
Selling, general and administrative expenses	10,038			43,906			61,609			—		115,553
Research and development expenses	—			2,825			5,083			—		7,908
Royalty expense	883			4,140			2,716			—		7,739
Income (loss) from operations	(11,177		)	(110		)	3,043			—		(8,244		)
Interest expense	(21,909		)	—			(669		)	—		(22,578		)
Intercompany interest income (expense)	1,775			2,930			(4,705		)	—		—
Foreign exchange gain (loss)	(2		)	30			20			—		48
Other income (expense)	3,179			(203		)	5,422			—		8,398
Income (loss) before income taxes	(28,134		)	2,647			3,111			—		(22,376		)
Provision (benefit) for income taxes	(620		)	2,489			4,095			—		5,964
Equity in earnings of subsidiaries	2,120			—			(10,715		)	8,595		—
Net income (loss)	(25,394		)	158			(11,699		)	8,595		(28,340		)
Net income noncontrolling interests	—			—			1,424			—		1,424
Net income (loss) attributable to Titan	$	(25,394	)	$	158		$	(13,123	)	$	8,595	$	(29,764	)



(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Nine Months Ended September 30, 2016
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	384,917		$	573,286		$	—	$	958,203
Cost of sales	659			334,044			516,565			—		851,268
Gross profit (loss)	(659		)	50,873			56,721			—		106,935
Selling, general and administrative expenses	7,907			47,879			51,926			—		107,712
Research and development expenses	—			2,221			5,569			—		7,790
Royalty expense	542			3,573			2,573			—		6,688
Loss from operations	(9,108		)	(2,800		)	(3,347		)	—		(15,255		)
Interest expense	(24,382		)	—			(826		)	—		(25,208		)
Intercompany interest income (expense)	1,122			—			(1,122		)	—		—
Foreign exchange gain	—			202			7,201					7,403
Other income	1,864			220			8,448			—		10,532
Income (loss) before income taxes	(30,504		)	(2,378		)	10,354			—		(22,528		)
Provision (benefit) for income taxes	(2,205		)	417			4,366			—		2,578
Equity in earnings of subsidiaries	6,197			—			(6,243		)	46		—
Net income (loss)	(22,102		)	(2,795		)	(255		)	46		(25,106		)
Net loss noncontrolling interests	—			—			(1,099		)	—		(1,099		)
Net income (loss) attributable to Titan	$	(22,102	)	$	(2,795	)	$	844		$	46	$	(24,007	)



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended September 30, 2017
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(11,216	)	$	1,454	$	(6,014	)	$	4,558		$	(11,218	)
Currency translation adjustment	14,015			—		14,015			(14,015		)	14,015
Pension liability adjustments, net of tax	180			625		(445		)	(180		)	180
Comprehensive income (loss)	2,979			2,079		7,556			(9,637		)	2,977
Net comprehensive income attributable to redeemable and noncontrolling interests	—			—		1,436			—			1,436
Comprehensive income (loss) attributable to Titan	$	2,979		$	2,079	$	6,120		$	(9,637	)	$	1,541



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended September 30, 2016
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(10,918	)	$	(799	)	$	(4,817	)	$	7,560		$	(8,974	)
Currency translation adjustment	(386		)	—			(386		)	386			(386		)
Pension liability adjustments, net of tax	465			734			(269		)	(465		)	465
Comprehensive income (loss)	(10,839		)	(65		)	(5,472		)	7,481			(8,895		)
Net comprehensive loss attributable to redeemable and noncontrolling interests	—			—			(679		)	—			(679		)
Comprehensive income (loss) attributable to Titan	$	(10,839	)	$	(65	)	$	(4,793	)	$	7,481		$	(8,216	)



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Nine Months Ended September 30, 2017
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(25,394	)	$	158	$	(11,699	)	$	8,595		$	(28,340	)
Currency translation adjustment	33,040			—		33,040			(33,040		)	33,040
Pension liability adjustments, net of tax	1,902			1,875		27			(1,902		)	1,902
Comprehensive income (loss)	9,548			2,033		21,368			(26,347		)	6,602
Net comprehensive income attributable to redeemable and noncontrolling interests	—			—		2,657			—			2,657
Comprehensive income (loss) attributable to Titan	$	9,548		$	2,033	$	18,711		$	(26,347	)	$	3,945



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Nine Months Ended September 30, 2016
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(22,102	)	$	(2,795	)	$	(255	)	$	46		$	(25,106	)
Currency translation adjustment	21,545			—			(21,545		)	21,545			21,545
Pension liability adjustments, net of tax	1,200			2,202			(1,002		)	(1,200		)	1,200
Comprehensive income (loss)	643			(593		)	(22,802		)	20,391			(2,361		)
Net comprehensive income attributable to redeemable and noncontrolling interests	—			—			5,427			—			5,427
Comprehensive income (loss) attributable to Titan	$	643		$	(593	)	$	(28,229	)	$	20,391		$	(7,788	)



(Amounts in thousands)	Condensed Consolidating Balance Sheets September 30, 2017
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	77,903		$	10		$	77,762		$	—		$	155,675
Accounts receivable, net	—			65,141			171,075			—			236,216
Inventories	—			90,857			240,521			—			331,378
Prepaid and other current assets	6,652			21,131			34,849			—			62,632
Total current assets	84,555			177,139			524,207			—			785,901
Property, plant and equipment, net	2,771			112,878			324,429			—			440,078
Investment in subsidiaries	772,243			—			75,145			(847,388		)	—
Other assets	19,155			969			83,807			—			103,931
Total assets	$	878,724		$	290,986		$	1,007,588		$	(847,388	)	$	1,329,910
Liabilities and Equity
Short-term debt	$	—		$	—		$	36,174		$	—		$	36,174
Accounts payable	(973		)	21,547			163,756			—			184,330
Other current liabilities	33,431			31,579			68,621			—			133,631
Total current liabilities	32,458			53,126			268,551			—			354,135
Long-term debt	396,594			—			14,636			—			411,230
Other long-term liabilities	23,524			16,516			62,378			—			102,418
Intercompany accounts	61,666			(278,187		)	216,521			—			—
Redeemable noncontrolling interest	—			—			111,016			—			111,016
Titan shareholders' equity	364,482			499,531			339,306			(847,388		)	355,931
Noncontrolling interests	—			—			(4,820		)	—			(4,820		)
Total liabilities and equity	$	878,724		$	290,986		$	1,007,588		$	(847,388	)	$	1,329,910



(Amounts in thousands)	Condensed Consolidating Balance Sheets December 31, 2016
	Titan Intl., Inc. (Parent)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	86,190	$	9		$	61,628		$	—		$	147,827
Certificates of deposit	50,000		—			—			—			50,000
Accounts receivable, net	—		43,485			135,899			—			179,384
Inventories	—		76,823			195,413			—			272,236
Prepaid and other current assets	11,965		21,901			45,868			—			79,734
Total current assets	148,155		142,218			438,808			—			729,181
Property, plant and equipment, net	4,898		124,049			308,254			—			437,201
Investment in subsidiaries	742,679		—			87,385			(830,064		)	—
Other assets	23,627		1,118			74,769			—			99,514
Total assets	$	919,359	$	267,385		$	909,216		$	(830,064	)	$	1,265,896
Liabilities and Equity
Short-term debt	$	60,148	$	—		$	37,264		$	—		$	97,412
Accounts payable	4,187		14,398			129,670			—			148,255
Other current liabilities	34,140		34,475			51,822			—			120,437
Total current liabilities	98,475		48,873			218,756			—			366,104
Long-term debt	395,852		—			12,908			—			408,760
Other long-term liabilities	27,636		18,473			47,235			—			93,344
Intercompany accounts	94,977		(300,823		)	205,846			—			—
Redeemable noncontrolling interest	—		—			104,809			—			104,809
Titan shareholders' equity	302,419		500,862			323,600			(830,064		)	296,817
Noncontrolling interests	—		—			(3,938		)	—			(3,938		)
Total liabilities and equity	$	919,359	$	267,385		$	909,216		$	(830,064	)	$	1,265,896



(Amounts in thousands)	Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2017
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	(53,211	)	$	4,107		$	33,892		$	(15,212	)
Cash flows from investing activities:
Capital expenditures	(815		)	(4,472		)	(18,293		)	(23,580		)
Certificates of deposit	50,000			—			—			50,000
Other, net	—			366			927			1,293
Net cash provided by (used for) investing activities	49,185			(4,106		)	(17,366		)	27,713
Cash flows from financing activities:
Proceeds from borrowings	—			—			33,540			33,540
Payment on debt	(3,393		)	—			(37,610		)	(41,003		)
Dividends paid	(868		)	—			—			(868		)
Net cash used for financing activities	(4,261		)	—			(4,070		)	(8,331		)
Effect of exchange rate change on cash	—			—			3,678			3,678
Net increase (decrease) in cash and cash equivalents	(8,287		)	1			16,134			7,848
Cash and cash equivalents, beginning of period	86,190			9			61,628			147,827
Cash and cash equivalents, end of period	$	77,903		$	10		$	77,762		$	155,675



(Amounts in thousands)	Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2016
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by operating activities	$	4,154		$	5,553		$	44,277		$	53,984
Cash flows from investing activities:
Capital expenditures	(657		)	(5,616		)	(24,573		)	(30,846		)
Other, net	—			73			1,614			1,687
Net cash used for investing activities	(657		)	(5,543		)	(22,959		)	(29,159		)
Cash flows from financing activities:
Proceeds from borrowings	—			—			2,390			2,390
Payment on debt	—			—			(14,042		)	(14,042		)
Dividends paid	(810		)	—			—			(810		)
Net cash used for financing activities	(810		)	—			(11,652		)	(12,462		)
Effect of exchange rate change on cash	—			—			2,958			2,958
Net increase in cash and cash equivalents	2,687			10			12,624			15,321
Cash and cash equivalents, beginning of period	142,401			4			57,783			200,188
Cash and cash equivalents, end of period	$	145,088		$	14		$	70,407		$	215,509