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 governing the senior secured notes incorporated by reference to the 2018 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 June 30, 2019
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	111,162		$	391,301		$	(111,866	)	$	390,597
Cost of sales	(11		)	99,275			364,891			(111,866		)	352,289
Gross profit	11			11,887			26,410			—			38,308
Selling, general and administrative expenses	2,030			11,596			22,120			—			35,746
Research and development expenses	228			756			1,560			—			2,544
Royalty expense	401			1,073			974			—			2,448
(Loss) income from operations	(2,648		)	(1,538		)	1,756			—			(2,430		)
Interest expense	(7,243		)	—			(1,052		)	—			(8,295		)
Intercompany interest income (expense)	644			880			(1,524		)	—			—
Foreign exchange gain (loss)	16			55			(1,310		)	—			(1,239		)
Other income (expense)	612			(798		)	2,255			—			2,069
(Loss) income before income taxes	(8,619		)	(1,401		)	125			—			(9,895		)
(Benefit) provision for income taxes	(7,676		)	132			4,326			—			(3,218		)
Equity in earnings of subsidiaries	(5,734		)	—			(205		)	5,939			—
Net (loss) income	(6,677		)	(1,533		)	(4,406		)	5,939			(6,677		)
Net loss attributable to noncontrolling interests	—			—			(253		)	—			(253		)
Net (loss) income attributable to Titan	$	(6,677	)	$	(1,533	)	$	(4,153	)	$	5,939		$	(6,424	)



(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Three Months Ended June 30, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	166,757		$	262,147		$	—		$	428,904
Cost of sales	138			140,208			230,246			—			370,592
Gross (loss) profit	(138		)	26,549			31,901			—			58,312
Selling, general and administrative expenses	1,678			16,985			15,297			—			33,960
Research and development expenses	253			983			1,518			—			2,754
Royalty expense	628			940			1,066			—			2,634
(Loss) income from operations	(2,697		)	7,641			14,020			—			18,964
Interest expense	(6,826		)	—			(846		)	—			(7,672		)
Intercompany interest income (expense)	628			909			(1,537		)	—			—
Foreign exchange loss	—			(662		)	(2,948		)	—			(3,610		)
Other income (loss)	959			(147		)	1,665			—			2,477
(Loss) income before income taxes	(7,936		)	7,741			10,354			—			10,159
(Benefit) provision for income taxes	(2,390		)	3,044			1,029			—			1,683
Equity in earnings of subsidiaries	14,022			—			209			(14,231		)	—
Net income (loss)	8,476			4,697			9,534			(14,231		)	8,476
Net income attributable to noncontrolling interests	—			—			40			—			40
Net income (loss) attributable to Titan	$	8,476		$	4,697		$	9,494		$	(14,231	)	$	8,436



(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Six Months Ended June 30, 2019
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	235,943		$	801,576		$	(236,548	)	$	800,971
Cost of sales	141			205,791			748,015			(236,548		)	717,399
Gross (loss) profit	(141		)	30,152			53,561			—			83,572
Selling, general and administrative expenses	3,181			23,204			45,266			—			71,651
Research and development expenses	492			1,585			3,084			—			5,161
Royalty expense	1,064			2,145			1,845			—			5,054
(Loss) income from operations	(4,878		)	3,218			3,366			—			1,706
Interest expense	(14,170		)	—			(2,058		)	—			(16,228		)
Intercompany interest income (expense)	1,274			1,890			(3,164		)	—			—
Foreign exchange (loss) gain	(22		)	(4		)	4,510			—			4,484
Other income (expense)	943			(1,077		)	3,199			—			3,065
(Loss) income before income taxes	(16,853		)	4,027			5,853			—			(6,973		)
(Benefit) provision for income taxes	(7,026		)	283			5,440			—			(1,303		)
Equity in earnings of subsidiaries	4,157			—			531			(4,688		)	—
Net (loss) income	(5,670		)	3,744			944			(4,688		)	(5,670		)
Net loss attributable to noncontrolling interests	—			—			(1,224		)	—			(1,224		)
Net (loss) income attributable to Titan	$	(5,670	)	$	3,744		$	2,168		$	(4,688	)	$	(4,446	)



(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Six Months Ended June 30, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	337,517		$	516,769		$	—		$	854,286
Cost of sales	246			281,738			454,429			—			736,413
Gross (loss) profit	(246		)	55,779			62,340			—			117,873
Selling, general and administrative expenses	2,873			32,260			33,466			—			68,599
Research and development expenses	493			1,969			3,169			—			5,631
Royalty expense	881			2,453			1,963			—			5,297
(Loss) income from operations	(4,493		)	19,097			23,742			—			38,346
Interest expense	(13,639		)	—			(1,551		)	—			(15,190		)
Intercompany interest income (expense)	1,251			1,922			(3,173		)	—			—
Foreign exchange loss	—			(670		)	(7,372		)	—			(8,042		)
Other income (expense)	6,628			(313		)	3,912			—			10,227
(Loss) income before income taxes	(10,253		)	20,036			15,558			—			25,341
(Benefit) provision for income taxes	(12,456		)	7,304			6,049			—			897
Equity in earnings of subsidiaries	22,241			—			4,546			(26,787		)	—
Net income (loss)	24,444			12,732			14,055			(26,787		)	24,444
Net loss attributable to noncontrolling interests	—			—			(1,639		)	—			(1,639		)
Net income (loss) attributable to Titan	$	24,444		$	12,732		$	15,694		$	(26,787	)	$	26,083



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2019
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net (loss) income	$	(6,677	)	$	(1,533	)	$	(4,406	)	$	5,939		$	(6,677	)
Currency translation adjustment	5,423			—			5,423			(5,423		)	5,423
Pension liability adjustments, net of tax	538			753			(215		)	(538		)	538
Comprehensive (loss) income	(716		)	(780		)	802			(22		)	(716		)
Net comprehensive income attributable to redeemable and noncontrolling interests	—			—			385			—			385
Comprehensive (loss) income attributable to Titan	$	(716	)	$	(780	)	$	417		$	(22	)	$	(1,101	)



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	8,476		$	4,697	$	9,534		$	(14,231	)	$	8,476
Currency translation adjustment	(38,338		)	—		(38,338		)	38,338			(38,338		)
Pension liability adjustments, net of tax	690			646		44			(690		)	690
Comprehensive (loss) income	(29,172		)	5,343		(28,760		)	23,417			(29,172		)
Net comprehensive loss attributable to redeemable and noncontrolling interests	—			—		(2,185		)	—			(2,185		)
Comprehensive (loss) income attributable to Titan	$	(29,172	)	$	5,343	$	(26,575	)	$	23,417		$	(26,987	)



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2019
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net (loss) income	$	(5,670	)	$	3,744	$	944		$	(4,688	)	$	(5,670	)
Currency translation adjustment	1,044			—		1,044			(1,044		)	1,044
Pension liability adjustments, net of tax	1,004			1,506		(502		)	(1,004		)	1,004
Comprehensive (loss) income	(3,622		)	5,250		1,486			(6,736		)	(3,622		)
Net comprehensive income attributable to redeemable and noncontrolling interests	—			—		317			—			317
Comprehensive (loss) income attributable to Titan	$	(3,622	)	$	5,250	$	1,169		$	(6,736	)	$	(3,939	)



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	24,444		$	12,732	$	14,055		$	(26,787	)	$	24,444
Currency translation adjustment	(30,276		)	—		(30,276		)	30,276			(30,276		)
Pension liability adjustments, net of tax	1,573			1,292		281			(1,573		)	1,573
Comprehensive (loss) income	(4,259		)	14,024		(15,940		)	1,916			(4,259		)
Net comprehensive loss attributable to redeemable and noncontrolling interests	—			—		(3,225		)	—			(3,225		)
Comprehensive (loss) income attributable to Titan	$	(4,259	)	$	14,024	$	(12,715	)	$	1,916		$	(1,034	)



(Amounts in thousands)	Condensed Consolidating Balance Sheets June 30, 2019
	Titan Intl., Inc. (Parent)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	6,352	$	3		$	60,011	$	—		$	66,366
Accounts receivable, net	—		73			271,933		—			272,006
Inventories	—		55,796			329,572		—			385,368
Prepaid and other current assets	2,996		17,740			41,737		—			62,473
Total current assets	9,348		73,612			703,253		—			786,213
Property, plant and equipment, net	11,311		94,374			270,312		—			375,997
Investment in subsidiaries	750,874		—			65,574		(816,448		)	—
Other assets	2,721		4,970			99,627		—			107,318
Total assets	$	774,254	$	172,956		$	1,138,766	$	(816,448	)	$	1,269,528
Liabilities and Equity
Short-term debt	$	456	$	—		$	70,910	$	—		$	71,366
Accounts payable	4,532		27,947			176,943		—			209,422
Other current liabilities	16,345		21,026			74,463		—			111,834
Total current liabilities	21,333		48,973			322,316		—			392,622
Long-term debt	437,903		—			7,485		—			445,388
Other long-term liabilities	5,123		19,597			63,190		—			87,910
Intercompany accounts	17,379		(407,724		)	390,345		—			—
Redeemable noncontrolling interest	—		—			55,517		—			55,517
Titan shareholders' equity	292,516		512,110			294,756		(816,448		)	282,934
Noncontrolling interests	—		—			5,157		—			5,157
Total liabilities and equity	$	774,254	$	172,956		$	1,138,766	$	(816,448	)	$	1,269,528



(Amounts in thousands)	Condensed Consolidating Balance Sheets December 31, 2018
	Titan Intl., Inc. (Parent)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	23,630	$	4		$	58,051		$	—		$	81,685
Accounts receivable, net	—		—			241,832			—			241,832
Inventories	—		68,858			326,877			—			395,735
Prepaid and other current assets	3,853		18,845			37,531			—			60,229
Total current assets	27,483		87,707			664,291			—			779,481
Property, plant and equipment, net	12,493		98,856			273,523			—			384,872
Investment in subsidiaries	749,645		—			66,308			(815,953		)	—
Other assets	6,268		944			79,691			—			86,903
Total assets	$	795,889	$	187,507		$	1,083,813		$	(815,953	)	$	1,251,256
Liabilities and Equity
Short-term debt	$	419	$	—		$	51,466		$	—		$	51,885
Accounts payable	1,447		29,922			180,760			—			212,129
Other current liabilities	22,065		20,051			68,938			—			111,054
Total current liabilities	23,931		49,973			301,164			—			375,068
Long-term debt	396,700		—			12,872			—			409,572
Other long-term liabilities	9,268		17,521			49,917			—			76,706
Intercompany accounts	77,363		(390,382		)	313,019			—			—
Redeemable noncontrolling interest	—		—			119,813			—			119,813
Titan shareholders' equity	288,627		510,395			295,979			(815,953		)	279,048
Noncontrolling interests	—		—			(8,951		)	—			(8,951		)
Total liabilities and equity	$	795,889	$	187,507		$	1,083,813		$	(815,953	)	$	1,251,256



(Amounts in thousands)	Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2019
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash (used for) provided by operating activities	$	(16,658	)	$	4,213		$	2,444		$	(10,001	)
Cash flows from investing activities:
Capital expenditures	(21		)	(4,396		)	(12,308		)	(16,725		)
Payment related to redeemable noncontrolling interest	(41,000		)	—			—			(41,000		)
Other, net	—			182			1,053			1,235
Net cash used for investing activities	(41,021		)	(4,214		)	(11,255		)	(56,490		)
Cash flows from financing activities:
Proceeds from borrowings	50,000			—			42,723			92,723
Payment on debt	(9,000		)	—			(33,083		)	(42,083		)
Dividends paid	(599		)	—			—			(599		)
Net cash provided by financing activities	40,401			—			9,640			50,041
Effect of exchange rate change on cash	—			—			1,131			1,131
Net (decrease) increase in cash and cash equivalents	(17,278		)	(1		)	1,960			(15,319		)
Cash and cash equivalents, beginning of period	23,630			4			58,051			81,685
Cash and cash equivalents, end of period	$	6,352		$	3		$	60,011		$	66,366



(Amounts in thousands)	Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash (used for) provided by operating activities	$	(24,585	)	$	3,265		$	(8,607	)	$	(29,927	)
Cash flows from investing activities:
Capital expenditures	(83		)	(3,274		)	(15,059		)	(18,416		)
Other, net	220			1			663			884
Net cash provided by (used for) investing activities	137			(3,273		)	(14,396		)	(17,532		)
Cash flows from financing activities:
Proceeds from borrowings	—			—			40,078			40,078
Payment on debt	—			—			(24,527		)	(24,527		)
Dividends paid	(598		)	—			—			(598		)
Net cash (used for) provided by financing activities	(598		)	—			15,551			14,953
Effect of exchange rate change on cash	—			—			(4,573		)	(4,573		)
Net decrease in cash and cash equivalents	(25,046		)	(8		)	(12,025		)	(37,079		)
Cash and cash equivalents, beginning of period	59,740			13			83,817			143,570
Cash and cash equivalents, end of period	$	34,694		$	5		$	71,792		$	106,491