The Company's 6.50% senior secured notes due 2023 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. Certain sales & marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries.



(Amounts in thousands)	Consolidating Condensed Statements of Operations Year Ended December 31, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	588,080		$	1,263,589		$	(249,261	)	$	1,602,408
Cost of sales	(512		)	505,883			1,148,032			(249,261		)	1,404,142
Gross profit	512			82,197			115,557			—			198,266
Selling, general, and administrative expenses	4,957			54,612			75,220			—			134,789
Research and development expenses	1,113			3,733			6,300			—			11,146
Royalty expense	2,128			4,026			3,933			—			10,087
(Loss) income from operations	(7,686		)	19,826			30,104			—			42,244
Interest expense	(27,299		)	—			(3,157		)	—			(30,456		)
Intercompany interest income (expense)	2,517			3,695			(6,212		)	—			—
Foreign exchange loss	—			(653		)	(10,526		)	—			(11,179		)
Other income (expense)	12,720			(476		)	6,954			—			19,198
(Loss) income before income taxes	(19,748		)	22,392			17,163			—			19,807
(Benefit) provision for income taxes	(10,802		)	9,754			7,810			—			6,762
Equity in earnings (loss) of subsidiaries	21,994			—			(2,008		)	(19,986		)	—
Net income (loss)	13,048			12,638			7,345			(19,986		)	13,045
Net loss noncontrolling interests	—			—			(3,042		)	—			(3,042		)
Net income (loss) attributable to Titan	$	13,048		$	12,638		$	10,387		$	(19,986	)	$	16,087



(Amounts in thousands)	Consolidating Condensed Statements of Operations Year Ended December 31, 2017
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	567,830		$	901,092		$	—	$	1,468,922
Cost of sales	362			494,775			803,557			—		1,298,694
Asset impairment	—			—			9,917			—		9,917
Gross (loss) profit	(362		)	73,055			87,618			—		160,311
Selling, general, and administrative expenses	14,218			59,769			76,689			—		150,676
Research and development expenses	—			3,685			6,617			—		10,302
Royalty expense	1,178			5,703			3,603			—		10,484
(Loss) income from operations	(15,758		)	3,898			709			—		(11,151		)
Interest expense	(29,182		)	—			(1,047		)	—		(30,229		)
Loss on note repurchase	(18,646		)	—			—			—		(18,646		)
Intercompany interest income (expense)	2,412			3,937			(6,349		)	—		—
Foreign exchange loss	(2		)	(100		)	(1,856		)	—		(1,958		)
Other income (loss)	4,623			(1,342		)	5,827			—		9,108
(Loss) income before income taxes	(56,553		)	6,393			(2,716		)	—		(52,876		)
(Benefit) provision for income taxes	(1,446		)	4,173			8,476			—		11,203
Equity in (loss) earnings of subsidiaries	(8,972		)	—			(8,400		)	17,372		—
Net (loss) income	(64,079		)	2,220			(19,592		)	17,372		(64,079		)
Net loss noncontrolling interests	—			—			(4,037		)	—		(4,037		)
Net (loss) income attributable to Titan	$	(64,079	)	$	2,220		$	(15,555	)	$	17,372	$	(60,042	)



(Amounts in thousands)	Consolidating Condensed Statements of Operations Year Ended December 31, 2016
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	498,390		$	767,107		$	—	$	1,265,497
Cost of sales	759			430,935			692,388			—		1,124,082
Gross (loss) profit	(759		)	67,455			74,719			—		141,415
Selling, general, and administrative expenses	11,394			66,815			66,779			—		144,988
Research and development expenses	—			2,876			7,095			—		9,971
Royalty expense	667			4,866			3,323			—		8,856
Loss from operations	(12,820		)	(7,102		)	(2,478		)	—		(22,400		)
Interest expense	(32,208		)	—			(331		)	—		(32,539		)
Intercompany interest income (expense)	1,781			3,525			(5,306		)	—		—
Foreign exchange gain	—			298			8,252			—		8,550
Other income (loss)	2,503			(1,590		)	9,002			—		9,915
(Loss) income before income taxes	(40,744		)	(4,869		)	9,139			—		(36,474		)
(Benefit) provision for income taxes	(64		)	30			3,315			—		3,281
Equity in earnings (loss) of subsidiaries	924			—			(6,689		)	5,765		—
Net (loss) income	(39,756		)	(4,899		)	(865		)	5,765		(39,755		)
Net loss noncontrolling interests	—			—			(2,150		)	—		(2,150		)
Net (loss) income attributable to Titan	$	(39,756	)	$	(4,899	)	$	1,285		$	5,765	$	(37,605	)



(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	13,048		$	12,638		$	7,345		$	(19,986	)	$	13,045
Currency translation adjustment, net	(41,966		)	—			(41,966		)	41,966			(41,966		)
Pension liability adjustments, net of tax	(3,650		)	(3,765		)	115			3,650			(3,650		)
Comprehensive (loss) income	(32,568		)	8,873			(34,506		)	25,630			(32,571		)
Net comprehensive loss attributable to noncontrolling interests	—			—			(6,488		)	—			(6,488		)
Comprehensive (loss) income attributable to Titan	$	(32,568	)	$	8,873		$	(28,018	)	$	25,630		$	(26,083	)



(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2017
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net (loss) income	$	(64,079	)	$	2,220	$	(19,592	)	$	17,372		$	(64,079	)
Currency translation adjustment, net	30,818			—		30,818			(30,818		)	30,818
Pension liability adjustments, net of tax	1,523			1,807		(284		)	(1,523		)	1,523
Comprehensive (loss) income	(31,738		)	4,027		10,942			(14,969		)	(31,738		)
Net comprehensive loss attributable to noncontrolling interests	—			—		(2,898		)	—			(2,898		)
Comprehensive (loss) income attributable to Titan	$	(31,738	)	$	4,027	$	13,840		$	(14,969	)	$	(28,840	)



(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2016
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net (loss) income	$	(39,756	)	$	(4,899	)	$	(865	)	$	5,765		$	(39,755	)
Currency translation adjustment, net	5,857			—			5,857			(5,857		)	5,857
Pension liability adjustments, net of tax	1,071			1,680			(609		)	(1,071		)	1,071
Comprehensive (loss) income	(32,828		)	(3,219		)	4,383			(1,163		)	(32,827		)
Net comprehensive income attributable to noncontrolling interests	—			—			5,305			—			5,305
Comprehensive (loss) income attributable to Titan	$	(32,828	)	$	(3,219	)	$	(922	)	$	(1,163	)	$	(38,132	)



(Amounts in thousands)	Consolidating Condensed 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	—		—			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 long-term assets	6,268		944			79,691			—			86,903
Total assets	$	795,889	$	187,507		$	1,083,813		$	(815,953	)	$	1,251,256
Liabilities and Stockholders’ 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 stockholders' equity	288,627		510,395			295,979			(815,953		)	279,048
Noncontrolling interests	—		—			(8,951		)	—			(8,951		)
Total liabilities and stockholders’ equity	$	795,889	$	187,507		$	1,083,813		$	(815,953	)	$	1,251,256



(Amounts in thousands)	Consolidating Condensed 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	—		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 long-term assets	6,389		967			78,315			—			85,671
Total assets	$	853,161	$	282,412		$	995,319		$	(840,780	)	$	1,290,112
Liabilities and Stockholders’ 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 stockholders’ equity	329,477		501,522			330,710			(840,780		)	320,929
Noncontrolling interests	—		—			(10,845		)	—			(10,845		)
Total liabilities and stockholders’ equity	$	853,161	$	282,412		$	995,319		$	(840,780	)	$	1,290,112



(Amounts in thousands)	Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	(34,764	)	$	6,143		$	(7,555	)	$	(36,176	)
Cash flows from investing activities:
Capital expenditures	(939		)	(6,174		)	(31,887		)	(39,000		)
Other, net	794			22			1,253			2,069
Net cash provided by (used for) investing activities	(145		)	(6,152		)	(30,634		)	(36,931		)
Cash flows from financing activities:
Proceeds from borrowings	—			—			57,294			57,294
Payment on debt	—			—			(38,557		)	(38,557		)
Dividends paid	(1,201		)	—			—			(1,201		)
Net cash provided by (used for) financing activities	(1,201		)	—			18,737			17,536
Effect of exchange rate change on cash	—			—			(6,314		)	(6,314		)
Net increase (decrease) in cash and cash equivalents	(36,110		)	(9		)	(25,766		)	(61,885		)
Cash and cash equivalents, beginning of period	59,740			13			83,817			143,570
Cash and cash equivalents, end of period	$	23,630		$	4		$	58,051		$	81,685



(Amounts in thousands)	Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2017
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	(49,856	)	$	7,235		$	41,332		$	(1,289	)
Cash flows from investing activities:
Capital expenditures	(830		)	(7,620		)	(24,176		)	(32,626		)
Certificates of deposit	50,000			—			—			50,000
Other, net	—			389			604			993
Net cash provided by (used for) investing activities	49,170			(7,231		)	(23,572		)	18,367
Cash flows from financing activities:
Proceeds from borrowings	394,191			—			53,448			447,639
Repurchase of senior notes	(415,395		)	—			—			(415,395		)
Payment on debt	(3,393		)	—			(51,767		)	(55,160		)
Dividends paid	(1,167		)	—			—			(1,167		)
Net cash provided by (used for) financing activities	(25,764		)	—			1,681			(24,083		)
Effect of exchange rate change on cash	—			—			2,748			2,748
Net increase (decrease) in cash and cash equivalents	(26,450		)	4			22,189			(4,257		)
Cash and cash equivalents, beginning of period	86,190			9			61,628			147,827
Cash and cash equivalents, end of period	$	59,740		$	13		$	83,817		$	143,570



(Amounts in thousands)	Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2016
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	(3,193	)	$	8,035		$	38,658		$	43,500
Cash flows from investing activities:
Capital expenditures	(1,937		)	(8,444		)	(31,567		)	(41,948		)
Increase in restricted cash deposits	(50,000		)	—			—			(50,000		)
Other, net	—			414			1,808			2,222
Net cash used for investing activities	(51,937		)	(8,030		)	(29,759		)	(89,726		)
Cash flows from financing activities:
Proceeds from borrowings	—			—			17,285			17,285
Payment on debt	—			—			(22,634		)	(22,634		)
Dividends paid	(1,081		)	—			—			(1,081		)
Net cash used for financing activities	(1,081		)	—			(5,349		)	(6,430		)
Effect of exchange rate change on cash	—			—			295			295
Net increase (decrease) in cash and cash equivalents	(56,211		)	5			3,845			(52,361		)
Cash and cash equivalents, beginning of period	142,401			4			57,783			200,188
Cash and cash equivalents, end of period	$	86,190		$	9		$	61,628		$	147,827