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 2017 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, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	142,040		$	384,510		$	(141,831	)	$	384,719
Cost of sales	150			128,270			354,426			(141,831		)	341,015
Gross (loss) profit	(150		)	13,770			30,084			—			43,704
Selling, general and administrative expenses	317			14,017			19,375			—			33,709
Research and development expenses	332			936			1,323			—			2,591
Royalty expense	594			943			1,044			—			2,581
(Loss) income from operations	(1,393		)	(2,126		)	8,342			—			4,823
Interest expense	(6,817		)	—			(779		)	—			(7,596		)
Intercompany interest income (expense)	634			839			(1,473		)	—			—
Foreign exchange (loss) gain	—			(57		)	912			—			855
Other income (expense)	5,421			(116		)	2,132			—			7,437
(Loss) income before income taxes	(2,155		)	(1,460		)	9,134			—			5,519
Provision for income taxes	423			614			1,804			—			2,841
Equity in earnings of subsidiaries	9,277			—			(6,005		)	(3,272		)	—
Net income (loss)	6,699			(2,074		)	1,325			(3,272		)	2,678
Net income attributable to noncontrolling interests	—			—			383			—			383
Net income (loss) attributable to Titan	$	6,699		$	(2,074	)	$	942		$	(3,272	)	$	2,295



(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Three Months 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			121,838			208,914			—		330,851
Gross (loss) profit	(99		)	16,719			23,517			—		40,137
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
(Loss) income from operations	(2,416		)	1,718			(3,971		)	—		(4,669		)
Interest expense	(7,231		)	—			(306		)	—		(7,537		)
Intercompany interest income (expense)	606			983			(1,589		)	—		—
Foreign exchange (loss) gain	(2		)	71			746			—		815
Other income (loss)	968			(358		)	1,959			—		2,569
(Loss) income before income taxes	(8,075		)	2,414			(3,161		)	—		(8,822		)
Provision for income taxes	889			994			513			—		2,396
Equity in earnings of subsidiaries	(2,252		)	—			(2,306		)	4,558		—
Net (loss) income	(11,216		)	1,420			(5,980		)	4,558		(11,218		)
Net income attributable to noncontrolling interests	—			—			800			—		800
Net (loss) income attributable to Titan	$	(11,216	)	$	1,420		$	(6,780	)	$	4,558	$	(12,018	)



(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Nine Months Ended September 30, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	479,557		$	901,279		$	(141,831	)	$	1,239,005
Cost of sales	396			410,008			808,855			(141,831		)	1,077,428
Gross (loss) profit	(396		)	69,549			92,424			—			161,577
Selling, general and administrative expenses	3,191			46,276			52,841			—			102,308
Research and development expenses	825			2,905			4,492			—			8,222
Royalty expense	1,475			3,396			3,007			—			7,878
(Loss) income from operations	(5,887		)	16,972			32,084			—			43,169
Interest expense	(20,456		)	—			(2,330		)	—			(22,786		)
Intercompany interest income (expense)	1,886			2,761			(4,647		)	—			—
Foreign exchange loss	—			(727		)	(6,460		)	—			(7,187		)
Other income (expense)	12,051			(428		)	6,041			—			17,664
(Loss) income before income taxes	(12,406		)	18,578			24,688			—			30,860
(Benefit) provision for income taxes	(12,033		)	7,918			7,853			—			3,738
Equity in earnings of subsidiaries	27,498			—			(1,459		)	(26,039		)	—
Net income (loss)	27,125			10,660			15,376			(26,039		)	27,122
Net loss attributable to noncontrolling interests	—			—			(1,256		)	—			(1,256		)
Net income (loss) attributable to Titan	$	27,125		$	10,660		$	16,632		$	(26,039	)	$	28,378



(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			378,002			590,272			—		968,530
Gross (loss) profit	(256		)	51,634			72,980			—		124,358
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
(Loss) income from operations	(11,177		)	763			3,572			—		(6,842		)
Interest expense	(21,909		)	—			(669		)	—		(22,578		)
Intercompany interest income (expense)	1,775			2,930			(4,705		)	—		—
Foreign exchange (loss) gain	(2		)	30			20			—		48
Other income (expense)	3,179			(1,076		)	4,893			—		6,996
(Loss) income before income taxes	(28,134		)	2,647			3,111			—		(22,376		)
(Benefit) provision for income taxes	(620		)	2,489			4,095			—		5,964
Equity in earnings of subsidiaries	2,120			—			(10,715		)	8,595		—
Net (loss) income	(25,394		)	158			(11,699		)	8,595		(28,340		)
Net income attributable to noncontrolling interests	—			—			1,424			—		1,424
Net (loss) income attributable to Titan	$	(25,394	)	$	158		$	(13,123	)	$	8,595	$	(29,764	)



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended September 30, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	6,699		$	(2,074	)	$	1,325		$	(3,272	)	$	2,678
Currency translation adjustment	(13,577		)	—			(13,577		)	13,577			(13,577		)
Pension liability adjustments, net of tax	733			646			87			(733		)	733
Comprehensive (loss) income	(6,145		)	(1,428		)	(12,165		)	9,572			(10,166		)
Net comprehensive loss attributable to redeemable and noncontrolling interests	—			—			(811		)	—			(811		)
Comprehensive (loss) income attributable to Titan	$	(6,145	)	$	(1,428	)	$	(11,354	)	$	9,572		$	(9,355	)



(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 (loss) income	$	(11,216	)	$	1,420	$	(5,980	)	$	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			2,045		7,590			(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		$	2,045	$	6,154		$	(9,637	)	$	1,541



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Nine Months Ended September 30, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	27,125		$	10,660	$	15,376		$	(26,039	)	$	27,122
Currency translation adjustment	(43,853		)	—		(43,853		)	43,853			(43,853		)
Pension liability adjustments, net of tax	2,306			1,938		368			(2,306		)	2,306
Comprehensive (loss) income	(14,422		)	12,598		(28,109		)	15,508			(14,425		)
Net comprehensive loss attributable to redeemable and noncontrolling interests	—			—		(4,036		)	—			(4,036		)
Comprehensive (loss) income attributable to Titan	$	(14,422	)	$	12,598	$	(24,073	)	$	15,508		$	(10,389	)



(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 (loss) income	$	(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 Balance Sheets September 30, 2018
	Titan Intl., Inc. (Parent)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	36,416	$	5		$	60,378		$	—		$	96,799
Accounts receivable, net	—		2			259,352			—			259,354
Inventories	—		64,829			317,140			—			381,969
Prepaid and other current assets	4,061		19,535			42,957			—			66,553
Total current assets	40,477		84,371			679,827			—			804,675
Property, plant and equipment, net	10,637		99,590			274,758			—			384,985
Investment in subsidiaries	757,418		—			73,601			(831,019		)	—
Other assets	6,288		958			77,174			—			84,420
Total assets	$	814,820	$	184,919		$	1,105,360		$	(831,019	)	$	1,274,080
Liabilities and Equity
Short-term debt	$	329	$	—		$	49,928		$	—		$	50,257
Accounts payable	1,763		28,496			177,978			—			208,237
Other current liabilities	26,541		23,722			72,981			—			123,244
Total current liabilities	28,633		52,218			300,887			—			381,738
Long-term debt	396,405		—			14,614			—			411,019
Other long-term liabilities	9,181		12,307			51,295			—			72,783
Intercompany accounts	75,261		(393,726		)	318,465			—			—
Redeemable noncontrolling interest	—		—			119,897			—			119,897
Titan shareholders' equity	305,340		514,120			307,320			(831,019		)	295,761
Noncontrolling interests	—		—			(7,118		)	—			(7,118		)
Total liabilities and equity	$	814,820	$	184,919		$	1,105,360		$	(831,019	)	$	1,274,080



(Amounts in thousands)	Condensed Consolidating Balance Sheets December 31, 2017
	Titan Intl., Inc. (Parent)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	59,740	$	13		$	83,817		$	—		$	143,570
Accounts receivable, net	—		54,009			172,694			—			226,703
Inventories	—		96,036			243,800			—			339,836
Prepaid and other current assets	17,789		20,917			34,378			—			73,084
Total current assets	77,529		170,975			534,689			—			783,193
Property, plant and equipment, net	2,466		110,470			308,312			—			421,248
Investment in subsidiaries	766,777		—			74,003			(840,780		)	—
Other assets	6,389		967			78,315			—			85,671
Total assets	$	853,161	$	282,412		$	995,319		$	(840,780	)	$	1,290,112
Liabilities and Equity
Short-term debt	$	—	$	—		$	43,651		$	—		$	43,651
Accounts payable	4,258		20,787			170,452			—			195,497
Other current liabilities	38,495		30,170			65,109			—			133,774
Total current liabilities	42,753		50,957			279,212			—			372,922
Long-term debt	394,284		—			12,887			—			407,171
Other long-term liabilities	11,544		16,458			58,740			—			86,742
Intercompany accounts	75,103		(286,525		)	211,422			—			—
Redeemable noncontrolling interest	—		—			113,193			—			113,193
Titan shareholders' equity	329,477		501,522			330,710			(840,780		)	320,929
Noncontrolling interests	—		—			(10,845		)	—			(10,845		)
Total liabilities and equity	$	853,161	$	282,412		$	995,319		$	(840,780	)	$	1,290,112



(Amounts in thousands)	Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash (used for) provided by operating activities	$	(22,905	)	$	3,827		$	(13,628	)	$	(32,706	)
Cash flows from investing activities:
Capital expenditures	(259		)	(3,836		)	(22,403		)	(26,498		)
Other, net	740			1			743			1,484
Net cash provided by (used for) investing activities	481			(3,835		)	(21,660		)	(25,014		)
Cash flows from financing activities:
Proceeds from borrowings	—			—			48,108			48,108
Payment on debt	—			—			(30,139		)	(30,139		)
Dividends paid	(900		)	—			—			(900		)
Net cash (used for) provided by financing activities	(900		)	—			17,969			17,069
Effect of exchange rate change on cash	—			—			(6,120		)	(6,120		)
Net decrease in cash and cash equivalents	(23,324		)	(8		)	(23,439		)	(46,771		)
Cash and cash equivalents, beginning of period	59,740			13			83,817			143,570
Cash and cash equivalents, end of period	$	36,416		$	5		$	60,378		$	96,799



(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 (used for) provided by 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 (decrease) increase 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