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 June 30, 2017
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	147,244		$	217,155		$	—	$	364,399
Cost of sales	87			130,034			190,716			—		320,837
Gross profit (loss)	(87		)	17,210			26,439			—		43,562
Selling, general and administrative expenses	3,066			14,043			17,354			—		34,463
Research and development expenses	—			950			1,658			—		2,608
Royalty expense	250			1,410			873			—		2,533
Income (loss) from operations	(3,403		)	807			6,554			—		3,958
Interest expense	(7,234		)	—			(86		)	—		(7,320		)
Intercompany interest income (expense)	588			1,947			(2,535		)	—		—
Foreign exchange loss	—			(41		)	(5,216		)	—		(5,257		)
Other income (loss)	931			(26		)	1,303			—		2,208
Income (loss) before income taxes	(9,118		)	2,687			20			—		(6,411		)
Provision (benefit) for income taxes	(3,185		)	1,321			1,990			—		126
Equity in earnings of subsidiaries	(603		)	—			(3,686		)	4,289		—
Net income (loss)	(6,536		)	1,366			(5,656		)	4,289		(6,537		)
Net loss noncontrolling interests	—			—			(244		)	—		(244		)
Net income (loss) attributable to Titan	$	(6,536	)	$	1,366		$	(5,412	)	$	4,289	$	(6,293	)



(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Three Months Ended June 30, 2016
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	126,140	$	204,074		$	—		$	330,214
Cost of sales	77			105,735		180,684			—			286,496
Gross profit (loss)	(77		)	20,405		23,390			—			43,718
Selling, general and administrative expenses	2,969			15,787		17,546			—			36,302
Research and development expenses	—			677		2,037			—			2,714
Royalty expense	125			1,080		904			—			2,109
Income (loss) from operations	(3,171		)	2,861		2,903			—			2,593
Interest expense	(7,811		)	—		(171		)	—			(7,982		)
Intercompany interest income (expense)	363			—		(363		)	—			—
Foreign exchange gain	—			204		1,978						2,182
Other income	245			74		2,730			—			3,049
Income (loss) before income taxes	(10,374		)	3,139		7,077			—			(158		)
Provision (benefit) for income taxes	(648		)	1,674		2,622			—			3,648
Equity in earnings of subsidiaries	7,277			—		(200		)	(7,077		)	—
Net income (loss)	(2,449		)	1,465		4,255			(7,077		)	(3,806		)
Net loss noncontrolling interests	—			—		(550		)	—			(550		)
Net income (loss) attributable to Titan	$	(2,449	)	$	1,465	$	4,805		$	(7,077	)	$	(3,256	)



(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Six Months Ended June 30, 2017
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	291,080		$	430,820		$	—	$	721,900
Cost of sales	156			256,745			381,708			—		638,609
Gross profit (loss)	(156		)	34,335			49,112			—		83,291
Selling, general and administrative expenses	7,938			31,313			36,550			—		75,801
Research and development expenses	—			1,853			3,598			—		5,451
Royalty expense	667			2,704			1,771			—		5,142
Income (loss) from operations	(8,761		)	(1,535		)	7,193			—		(3,103		)
Interest expense	(14,679		)	—			(362		)	—		(15,041		)
Intercompany interest income (expense)	1,169			1,946			(3,115		)	—		—
Foreign exchange loss	—			(41		)	(726		)	—		(767		)
Other income (loss)	2,212			(171		)	3,316			—		5,357
Income (loss) before income taxes	(20,059		)	199			6,306			—		(13,554		)
Provision (benefit) for income taxes	(1,510		)	1,495			3,583			—		3,568
Equity in earnings of subsidiaries	4,372			—			(8,409		)	4,037		—
Net income (loss)	(14,177		)	(1,296		)	(5,686		)	4,037		(17,122		)
Net income noncontrolling interests	—			—			624			—		624
Net income (loss) attributable to Titan	$	(14,177	)	$	(1,296	)	$	(6,310	)	$	4,037	$	(17,746	)



(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Six Months Ended June 30, 2016
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	270,174		$	381,834		$	—		$	652,008
Cost of sales	572			234,472			344,949			—			579,993
Gross profit (loss)	(572		)	35,702			36,885			—			72,015
Selling, general and administrative expenses	5,351			32,473			33,540			—			71,364
Research and development expenses	—			1,445			3,748			—			5,193
Royalty expense	417			2,276			1,710			—			4,403
Loss from operations	(6,340		)	(492		)	(2,113		)	—			(8,945		)
Interest expense	(16,094		)	—			(400		)	—			(16,494		)
Intercompany interest income (expense)	652			—			(652		)	—			—
Foreign exchange gain	—			203			6,802						7,005
Other income	608			158			6,188			—			6,954
Income (loss) before income taxes	(21,174		)	(131		)	9,825			—			(11,480		)
Provision (benefit) for income taxes	(270		)	1,865			3,057			—			4,652
Equity in earnings of subsidiaries	9,720			—			(2,206		)	(7,514		)	—
Net income (loss)	(11,184		)	(1,996		)	4,562			(7,514		)	(16,132		)
Net loss noncontrolling interests	—			—			(133		)	—			(133		)
Net income (loss) attributable to Titan	$	(11,184	)	$	(1,996	)	$	4,695		$	(7,514	)	$	(15,999	)



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2017
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(6,536	)	$	1,366	$	(5,656	)	$	4,289		$	(6,537	)
Currency translation adjustment	8,006			—		8,006			(8,006		)	8,006
Pension liability adjustments, net of tax	989			625		364			(989		)	989
Comprehensive income (loss)	2,459			1,991		2,714			(4,706		)	2,458
Net comprehensive loss attributable to redeemable and noncontrolling interests	—			—		(1,562		)	—			(1,562		)
Comprehensive income (loss) attributable to Titan	$	2,459		$	1,991	$	4,276		$	(4,706	)	$	4,020



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2016
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(2,449	)	$	1,465	$	4,255		$	(7,077	)	$	(3,806	)
Currency translation adjustment	4,346			—		4,346			(4,346		)	4,346
Pension liability adjustments, net of tax	448			734		(447		)	(287		)	448
Comprehensive income (loss)	2,345			2,199		8,154			(11,710		)	988
Net comprehensive income attributable to redeemable and noncontrolling interests	—			—		706			—			706
Comprehensive income (loss) attributable to Titan	$	2,345		$	2,199	$	7,448		$	(11,710	)	$	282



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2017
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(14,177	)	$	(1,296	)	$	(5,686	)	$	4,037		$	(17,122	)
Currency translation adjustment	19,025			—			(19,025		)	19,025			19,025
Pension liability adjustments, net of tax	1,722			1,250			472			(1,722		)	1,722
Comprehensive income (loss)	6,570			(46		)	(24,239		)	21,340			3,625
Net comprehensive income attributable to redeemable and noncontrolling interests	—			—			1,221			—			1,221
Comprehensive income (loss) attributable to Titan	$	6,570		$	(46	)	$	(25,460	)	$	21,340		$	2,404



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2016
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(11,184	)	$	(1,996	)	$	4,562		$	(7,514	)	$	(16,132	)
Currency translation adjustment	21,931			—			(21,931		)	21,931			21,931
Pension liability adjustments, net of tax	735			1,469			(734		)	(735		)	735
Comprehensive income (loss)	11,482			(527		)	(18,103		)	13,682			6,534
Net comprehensive income attributable to redeemable and noncontrolling interests	—			—			6,106			—			6,106
Comprehensive income (loss) attributable to Titan	$	11,482		$	(527	)	$	(24,209	)	$	13,682		$	428



(Amounts in thousands)	Condensed Consolidating Balance Sheets June 30, 2017
	Titan Intl., Inc. (Parent)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	77,811	$	10		$	65,415		$	—		$	143,236
Certificates of deposit	10,000		—			—						10,000
Accounts receivable, net	—		66,249			153,675			—			219,924
Inventories	—		89,452			234,039			—			323,491
Prepaid and other current assets	10,476		21,117			46,820			—			78,413
Total current assets	98,287		176,828			499,949			—			775,064
Property, plant and equipment, net	3,733		115,631			316,367			—			435,731
Investment in subsidiaries	760,754		—			76,746			(837,500		)	—
Other assets	17,828		980			82,348			—			101,156
Total assets	$	880,602	$	293,439		$	975,410		$	(837,500	)	$	1,311,951
Liabilities and Equity
Short-term debt	$	—	$	—		$	42,563		$	—		$	42,563
Accounts payable	4,903		19,995			162,179			—			187,077
Other current liabilities	24,563		31,167			62,294			—			118,024
Total current liabilities	29,466		51,162			267,036			—			347,664
Long-term debt	396,344		—			12,445			—			408,789
Other long-term liabilities	24,743		17,274			54,057			—			96,074
Intercompany accounts	66,287		(272,447		)	206,160			—			—
Redeemable noncontrolling interest	—		—			108,839			—			108,839
Titan shareholders' equity	363,762		497,450			331,500			(837,500		)	355,212
Noncontrolling interests	—		—			(4,627		)	—			(4,627		)
Total liabilities and equity	$	880,602	$	293,439		$	975,410		$	(837,500	)	$	1,311,951



(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 Six Months Ended June 30, 2017
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	(43,700	)	$	2,191		$	10,956		$	(30,553	)
Cash flows from investing activities:
Capital expenditures	(716		)	(2,534		)	(11,902		)	(15,152		)
Certificates of deposit	40,000			—			—			40,000
Other, net	—			344			694			1,038
Net cash provided by (used for) investing activities	39,284			(2,190		)	(11,208		)	25,886
Cash flows from financing activities:
Proceeds from borrowings	—			—			27,742			27,742
Payment on debt	(3,393		)	—			(25,684		)	(29,077		)
Dividends paid	(570		)	—			—			(570		)
Net cash provided by (used for) financing activities	(3,963		)	—			2,058			(1,905		)
Effect of exchange rate change on cash	—			—			1,981			1,981
Net increase (decrease) in cash and cash equivalents	(8,379		)	1			3,787			(4,591		)
Cash and cash equivalents, beginning of period	86,190			9			61,628			147,827
Cash and cash equivalents, end of period	$	77,811		$	10		$	65,415		$	143,236



(Amounts in thousands)	Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2016
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	(7,085	)	$	4,255		$	32,502		$	29,672
Cash flows from investing activities:
Capital expenditures	451			(4,304		)	(14,197		)	(18,050		)
Other, net	—			49			1,245			1,294
Net cash provided by (used for) investing activities	451			(4,255		)	(12,952		)	(16,756		)
Cash flows from financing activities:
Proceeds from borrowings	—			—			1,559			1,559
Payment on debt	—			—			(10,248		)	(10,248		)
Dividends paid	(540		)	—			—			(540		)
Net cash used for financing activities	(540		)	—			(8,689		)	(9,229		)
Effect of exchange rate change on cash	—			—			3,363			3,363
Net increase (decrease) in cash and cash equivalents	(7,174		)	—			14,224			7,050
Cash and cash equivalents, beginning of period	142,401			4			57,783			200,188
Cash and cash equivalents, end of period	$	135,227		$	4		$	72,007		$	207,238