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 2019 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, 2020
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	126,992		$	286,874		$	(127,733	)	$	286,133
Cost of sales	156			113,292			269,544			(127,733		)	255,259
Asset impairment	1,007			—			—			—			1,007
Gross (loss) profit	(1,163		)	13,700			17,330			—			29,867
Selling, general and administrative expenses	5,698			2,178			20,565			—			28,441
Research and development expenses	214			761			1,157			—			2,132
Royalty expense	927			774			694			—			2,395
(Loss) income from operations	(8,002		)	9,987			(5,086		)	—			(3,101		)
Interest expense	(7,103		)	(9		)	(896		)	—			(8,008		)
Intercompany interest income (expense)	529			528			(1,057		)	—			—
Foreign exchange loss	—			(136		)	8,972			—			8,836
Other income (expense)	395			(111		)	(674		)	—			(390		)
(Loss) income before income taxes	(14,181		)	10,259			1,259			—			(2,663		)
Provision for income taxes	(1,447		)	79			3,348			—			1,980
Equity in earnings of subsidiaries	8,091			—			6,557			(14,648		)	—
Net (loss) income	(4,643		)	10,180			4,468			(14,648		)	(4,643		)
Net loss attributable to noncontrolling interests	—			—			402			—			402
Net (loss) income attributable to Titan	$	(4,643	)	$	10,180		$	4,066		$	(14,648	)	$	(5,045	)



(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 (loss) gain	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		)
Provision for income taxes	(7,676		)	132			4,326			—			(3,218		)
Equity in earnings of subsidiaries	(5,734		)	—			(205		)	5,939			—
Net income (loss)	(6,677		)	(1,533		)	(4,406		)	5,939			(6,677		)
Net loss attributable to noncontrolling interests	—			—			(253		)	—			(253		)
Net income (loss) attributable to Titan	$	(6,677	)	$	(1,533	)	$	(4,153	)	$	5,939		$	(6,424	)



(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Six Months Ended June 30, 2020
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	286,960		$	628,560		$	(287,887	)	$	627,633
Cost of sales	322			258,842			595,659			(287,887		)	566,936
Asset impairment	1,007			—			2,579			—			3,586
Gross (loss) profit	(1,329		)	28,118			30,322			—			57,111
Selling, general and administrative expenses	11,339			4,144			44,915			—			60,398
Research and development expenses	454			1,470			2,618			—			4,542
Royalty expense	1,493			1,839			1,543			—			4,875
(Loss) income from operations	(14,615		)	20,665			(18,754		)	—			(12,704		)
Interest expense	(14,264		)	(15		)	(1,764		)	—			(16,043		)
Intercompany interest income (expense)	1,060			1,179			(2,239		)	—			—
Foreign exchange loss	—			(882		)	(7,524		)	—			(8,406		)
Other income (expense)	1,017			(261		)	6,290			—			7,046
(Loss) income before income taxes	(26,802		)	20,686			(23,991		)	—			(30,107		)
Provision for income taxes	(1,912		)	177			3,770			—			2,035
Equity in earnings of subsidiaries	(7,252		)	—			14,070			(6,818		)	—
Net (loss) income	(32,142		)	20,509			(13,691		)	(6,818		)	(32,142		)
Net loss attributable to noncontrolling interests	—			—			(1,611		)	—			(1,611		)
Net (loss) income attributable to Titan	$	(32,142	)	$	20,509		$	(12,080	)	$	(6,818	)	$	(30,531	)



(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	(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		)
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 Comprehensive Loss For the Three Months Ended June 30, 2020
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net (loss) income	$	(4,643	)	$	10,180	$	4,468		$	(14,648	)	$	(4,643	)
Derivative loss	(198		)	—		(198		)	198			(198		)
Currency translation adjustment	1,014			—		1,014			(1,014		)	1,014
Pension liability adjustments, net of tax	40			667		(627		)	(40		)	40
Comprehensive (loss) income	(3,787		)	10,847		4,657			(15,504		)	(3,787		)
Net comprehensive loss attributable to redeemable and noncontrolling interests	—			—		893			—			893
Comprehensive (loss) income attributable to Titan	$	(3,787	)	$	10,847	$	3,764		$	(15,504	)	$	(4,680	)



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Loss For the Three Months Ended June 30, 2019
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(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 loss 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 Loss For the Six Months Ended June 30, 2020
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(32,142	)	$	20,509	$	(13,691	)	$	(6,818	)	$	(32,142	)
Derivative loss	(198		)	—		(198		)	198			(198		)
Currency translation adjustment	(32,772		)	—		(32,772		)	32,772			(32,772		)
Pension liability adjustments, net of tax	1,348			1,334		14			(1,348		)	1,348
Comprehensive (loss) income	(63,764		)	21,843		(46,647		)	24,804			(63,764		)
Net comprehensive loss attributable to redeemable and noncontrolling interests	—			—		(2,902		)	—			(2,902		)
Comprehensive (loss) income attributable to Titan	$	(63,764	)	$	21,843	$	(43,745	)	$	24,804		$	(60,862	)



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Loss For the Six Months Ended June 30, 2019
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(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 loss 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 Balance Sheets June 30, 2020
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	911		$	4		$	79,245	$	—		$	80,160
Accounts receivable, net	—			—			192,410		—			192,410
Inventories	(1,007		)	30,040			265,504		—			294,537
Prepaid and other current assets	3,247			16,724			54,123		—			74,094
Total current assets	3,151			46,768			591,282		—			641,201
Property, plant and equipment, net	9,675			86,733			241,238		—			337,646
Investment in subsidiaries	727,559			—			76,936		(804,495		)	—
Other assets	2,015			4,863			45,569		—			52,447
Total assets	$	742,400		$	138,364		$	955,025	$	(804,495	)	$	1,031,294
Liabilities and Equity
Short-term debt	$	617		$	174		$	39,993	$	—		$	40,784
Accounts payable	2,044			20,995			113,763		—			136,802
Other current liabilities	24,387			21,226			75,372		—			120,985
Total current liabilities	27,048			42,395			229,128		—			298,571
Long-term debt	425,576			384			36,280		—			462,240
Other long-term liabilities	1,453			14,583			52,790		—			68,826
Intercompany accounts	71,986			(441,171		)	369,185		—			—
Redeemable noncontrolling interest	—			—			25,000		—			25,000
Titan shareholders' equity	216,337			522,173			241,358		(804,495		)	175,373
Noncontrolling interests	—			—			1,284		—			1,284
Total liabilities and equity	$	742,400		$	138,364		$	955,025	$	(804,495	)	$	1,031,294



(Amounts in thousands)	Condensed Consolidating Balance Sheets December 31, 2019
	Titan Intl., Inc. (Parent)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	2,843	$	4		$	63,952	$	—		$	66,799
Accounts receivable, net	—		2			185,236		—			185,238
Inventories	—		41,088			292,268		—			333,356
Prepaid and other current assets	3,217		17,352			38,300		—			58,869
Total current assets	6,060		58,446			579,756		—			644,262
Property, plant and equipment, net	10,646		91,734			272,418		—			374,798
Investment in subsidiaries	763,336		—			61,019		(824,355		)	—
Other assets	3,405		4,211			87,631		—			95,247
Total assets	$	783,447	$	154,391		$	1,000,824	$	(824,355	)	$	1,114,307
Liabilities and Equity
Short-term debt	$	514	$	69		$	60,670	$	—		$	61,253
Accounts payable	4,951		18,455			135,241		—			158,647
Other current liabilities	20,912		17,941			68,400		—			107,253
Total current liabilities	26,377		36,465			264,311		—			327,153
Long-term debt	433,242		201			9,906		—			443,349
Other long-term liabilities	5,211		15,242			59,364		—			79,817
Intercompany accounts	42,798		(397,847		)	355,049		—			—
Redeemable noncontrolling interest	—		—			25,000		—			25,000
Titan shareholders' equity	275,819		500,330			283,057		(824,355		)	234,851
Noncontrolling interests	—		—			4,137		—			4,137
Total liabilities and equity	$	783,447	$	154,391		$	1,000,824	$	(824,355	)	$	1,114,307



(Amounts in thousands)	Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2020
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	6,494		$	2,112		$	(3,105	)	$	5,501
Cash flows from investing activities:
Capital expenditures	—			(2,400		)	(6,002		)	(8,402		)
Sale of Wheels India Limited shares	—			—			15,722			15,722
Insurance proceeds	—			—			4,936			4,936
Other, net	191			—			(549		)	(358		)
Net cash (used for) provided by investing activities	191			(2,400		)	14,107			11,898
Cash flows from financing activities:
Proceeds from borrowings	31,264			333			45,201			76,798
Payment on debt	(39,278		)	(45		)	(34,688		)	(74,011		)
Dividends paid	(603		)	—			—			(603		)
Other financing activities	—			—			608			608
Net cash (used for) provided by financing activities	(8,617		)	288			11,121			2,792
Effect of exchange rate change on cash	—			—			(6,830		)	(6,830		)
Net increase (decrease) in cash and cash equivalents	(1,932		)	—			15,293			13,361
Cash and cash equivalents, beginning of period	2,843			4			63,952			66,799
Cash and cash equivalents, end of period	$	911		$	4		$	79,245		$	80,160



(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 agreement	(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 increase (decrease) 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