Investor Presentation

Q3 2017

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SAFE HARBOR STATEMENT: The accompanying material includes forward-looking comments and information

concerning the company’s expectations and objectives for the future. Readers of this material should understand that

these forward looking statements are based on the Company’s expectations and subject to a number of risks and

uncertainties, certain of which are beyond the Company’s control.

Actual results may differ materially from those projected in these forward looking statements as a result of certain factors

which are contained in the Company’s most recent 10K filing. The Company undertakes no obligation to publicly update

or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of

these risks and uncertainties, there can be no assurance that the forward-looking information contained in this document will in fact transpire.

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Titan International Inc. (TWI) is a publicly traded company on the New York Stock

Exchange. Headquartered in the heartland of the U.S. in Quincy, Illinois, Titan has

grown to become a top global manufacturer of specialty tires, wheels and tracks.

Titan has a heritage of over 100 years in the off-highway wheel manufacturing business

and is the world’s largest manufacturer of off-highway wheels. Titan has complete

research and development test facilities to validate wheel and rim designs.

Since Titan's entrance into the tire market in 1993, we have evolved into a leading

global supplier of complete wheel and tire assemblies for off-highway vehicles. Titan

manufactures under the Goodyear Farm Tire and Titan Tire brands.

Titan International Overview

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Titan International Overview: Strategy

To become the worldwide leader in manufacturing and distribution of wheels, tires,

assemblies and undercarriage products and to serve our customers’ needs through

product innovation and quality service in our key markets:

Agriculture

Earthmoving/Construction

Consumer

5

COMPETITIVE ADVANTAGES

TITAN/GOODYEAR

MICHELIN

BRIDGESTONE

GKN

Titan International Overview: Portfolio

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Titan International Overview: Customers

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Titan International Overview: Global Footprint

Source: Titan filings

North America

Quincy, IL

(International headquarters)

Bryan, OH

Des Moines, IA

Elkhorn, WI

Freeport, IL

Fort McMurray, AB, Canada

Saltville, VA (closing)

Saskatoon, SK

Union City, TN

Winston-Salem, NC

Latin / South America

Atibaia, Brazil

Iquique, Chile

Lima, Peru

São Paulo, Brazil

Santiago, Chile

Naucalpan de Juarez, Mexico

Buenos Aires, Argentina

Europe

Ceprano, Italy Kidderminster, UK

Fanano, Italy Monreal del Campo, Spain

Finale Emilia, Italy Potenza, Italy

Flers, France St. Helens, UK

Gevelsburg, Germany Valsamoggia, Italy

Jesi, Italy Volgograd, Russia

Australia

Emerald, QLD

Kalgoorie, WA

Karratha, WA

Mildura, VIC

Muswellbrook, NSW

Perth, WA

Port Hedland, WA

Sydney, NSW

Yatala, QLD

Asia / Africa

Aydin, Turkey

Jakarta, Indonesia

(closing)

Nuffield Springs,

South Africa

Tianjin, China

Tires

Wheels

Undercarriage

Mining Services

Distribution

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Large hp equipment (4WD tractors and Combines) remain at historical lows. Smaller hp tractor demand remains

strong, but at lower ASP and gross margins than larger equipment

Grain prices remain low; resulting in lower farm income (stabilized somewhat beginning in 2016)

Used equipment inventory levels remain above historical averages, but declined within the past year

Used equipment values have stabilized and in some cases increased over the past year

Legislation passed to reinstate tax incentives including Section 179 deduction (permanent) and bonus depreciation

(phased out in 2020)

Despite recent increases, interest rates remain at historically low levels for financing new equipment purchases

AGRICULTURE: Market Summary

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AGRICULTURE: Product Innovations

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AGRICULTURE: Product Innovations

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AGRICULTURE: Goodyear Expansion

13

AGRICULTURE: Growth Opportunities

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Private construction spending for resi and non-resi buildings continue to carry the industry

Larger construction equipment used for highways and infrastructure have remained slow to recover

Overall mining activity remains lower with low commodity prices

OTR: Market Summary

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OTR: Recent Highlight

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OTR: 23,000-Hour Giant Stands Out At Minexpo

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OTR: Product Innovations

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OTR: Product Innovations

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OTR: ITM Innovations

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CONSUMER: Products Innovations

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CONSUMER: Specialty Products Division

Financial Overview

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Financial Overview: Highlights & Challenges

Net sales increased $64.8 million to $371 million, up 21% year-over-year; the third consecutive quarter of significant YOY growth

Gross profit increased $4.7 million or 14% YOY

SG&A expenses were $39.8 million (10.7% of net sales); while adjusted SG&A expenses were 9.0% of net sales, after adjusting for a contingent liability of $6.5 million accrued during the quarter

Loss from operations was $5.1 million; representing income from operations of $1.4 million, after giving effect to the above adjustment. On an adjusted basis, this represents a $7.7 million increase YOY

Agriculture segment net sales increased 23% YOY during the third quarter with North America up 26% and all regions experiencing double digit YOY growth.

EBITDA was $13.3 million while adjusted EBITDA was $18.9 million

Cash and cash equivalents ended the quarter at $155.7 million

Q3 Highlights

Q3 Challenges

Continued trend of lower volumes in Large Ag products (higher ASP and margin) driven by lower commodities / farm income / cash receipts

Gross profit as a percentage of net sales was negatively impacted on a year-over-year basis as a result of pricing initiatives to selectively grow

market share.

During this quarter, we accrued a contingent liability of $6.5 million associated with the Dico, Inc. and Titan Tire Corporation legal judgment,

which we will appeal.

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Financial Overview: Q3 2017 by Market

46%

42%

12%

GP: 14.2%

GP: 9.3% GP: 11.1%

Agriculture: Tractors, combines, implements, irrigation

Earthmoving/Construction: Mining, cranes, aerial lifts, haul trucks, scrapers

Consumer: Primarily light-truck tires, ATVs and select golf and turf equipment markets

Agriculture

Consumer

Earthmoving / Construction

Q3 2017 Segment Revenue

Sales: $371.0M GP: 10.7% vs.Q316: -0.7%

⬆ 23% vs. Q3 2016

⬆ 21% vs. Q3 2016

⬆ 13% vs. Q3 2016

⬇ 2.3% vs. Q3 2016

⬆ 0.3% vs. Q3 2016

⬆ 1.9% vs. Q3 2016

Sa

les

GP

%

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$211

$140 $139

$171

12%9%

13%11%

$50

$70

$90

$110

$130

$150

$170

$190

$210

$230

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Q3 '14 Q3 '15 Q3 '16 Q3 '17

Financial Overview: Sales and Gross Margin

Net Sales: Up 23% Q3 ‘17 vs. Q3 ‘16

Gross margin declined 234 basis points compared to Q3 ’16

Improvements in both OEM and Aftermarket businesses

Volume up 16%; Price/mix up 6%; FX up 1%

AG

46%

Net Sales: Up 13% Q3 ’17 vs. Q3 ’16

Gross margin improved 187 basis points compared to Q3 ‘16

Volume up 10%; Price/mix flat; FX up 3%

Consumer

12%

EMC

42%

Net Sales: Up 21% Q3 ‘17 vs. Q3 ’16

Gross margin improved 33 basis points compared to Q3 ‘16

Positive movement within aftermarket business

Volume up 14%; Price/Mix up 5%; FX up 2%

$170

$126 $129

$156

7% 6% 9% 9%

$100

$110

$120

$130

$140

$150

$160

$170

$180

-2%

8%

18%

28%

38%

48%

58%

68%

78%

Q3 '14 Q3 '15 Q3 '16 Q3 '17

$72

$43$39

$44

12% 10% 12% 14%

$0

$25

$50

$75

$100

-2%

8%

18%

28%

38%

48%

58%

68%

78%

Q3 '14 Q3 '15 Q3 '16 Q3 '17

Note: Certain amounts from prior years have been reclassified to conform to the current year’s presentation.

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Financial Overview: Summary Income & EPS

(Amounts in millions) Q3 2017 Q3 2016 YTD 2017 YTD 2016

Sales $371.0 $306.2 $1,092.9 $958.2

Gross Margin $39.7 $34.9 $123.0 $106.9

Gross Margin % 10.7% 11.4% 11.3% 11.2%

Operating Income (Loss) ($5.1) ($6.3) ($8.2) ($15.3)

Operating Income % (1.4%) (2.1%) (0.8%) (1.6%)

Net loss applicable to common

shareholders($12.9) ($9.4) ($33.7) ($32.5)

Earnings Per Share - Diluted ($0.22) ($0.17) ($0.57) ($0.60)

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Financial Overview: Income Reconciliation

Q3 2017USD Amounts in Millions Q3 2017 Q3 2016 YTD 2017 YTD 2016

Net loss applicable to common shareholders (12.9) (9.4) (33.7) (32.5)

Remove redemption value adjustment (0.9) (1.4) (4.0) (8.5)

Net income (loss) attributable to Titan (12.0) (8.0) (29.8) (24.0)

Contingency accrual 6.5 6.5

Adjusted net income (loss) attrib. to Titan (5.5) (8.0) (23.3) (24.0)

Adjusted EPS - Diluted (0.09) (0.15) (0.39) (0.45)

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Financial Overview: EBITDA Reconciliation

Q3 2017USD Amounts in Millions Q3 2017 Q3 2016 YTD 2017 YTD 2016

Net income (loss) (11.2) (9.0) (28.3) (25.1)

Provision for income taxes 2.4 (2.1) 6.0 2.6

Interest expense 7.5 8.7 22.6 25.2

Depreciation & amortization 14.5 14.3 44.0 44.9

EBITDA 13.3 11.9 44.2 47.6

Contingency accrual 6.5 - 6.5 -

Foreign exchange gain (loss) (0.8) (0.4) (0.0) (7.4)

Adjusted EBITDA 18.9 11.5 50.7 40.2

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Financial Appendix

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Appendix

Sales – N. America vs. International-12 Quarters -8 Quarters -4 Quarters Current Quarter

(Amounts in $ millions) 2014 2015 2016 2017

Sales - Total $452.8 $308.8 $306.2 $371.0

Sales - N. America $209.9 $144.4 $120.0 $148.3

Sales - International $242.9 $164.4 $186.2 $222.7

Gross Margin $45.2 $25.1 $34.9 $39.7

Gross Margin - N. America $21.8 $11.7 $12.8 $14.1

% 10.4% 8.1% 10.6% 9.5%

Gross Margin - International $23.3 $13.4 $22.2 $25.6

% 9.6% 8.1% 11.9% 11.5%

Gross Margin% 10.0% 8.1% 11.4% 10.7%

Operating Profit ($2.6) ($15.5) ($6.3) $1.4

Operating Profit - N. America ($1.2) ($11.7) ($10.5) ($5.7)

% -0.6% -8.1% -8.8% -3.9%

Operating Profit - International ($1.4) ($3.8) $4.2 $7.1

% -0.6% -2.3% 2.3% 3.2%

Operating Profit % -0.6% -5.0% -2.1% 0.4%

Note: Gross Margin and Operating Income net of adjustments.

FINANCIAL SUMMARY

210

144 120

148

243

164 186

223

-0.6%

-5.0%

-2.1%

0.4%

-6%

-4%

-2%

0%

2%

4%

6%

8%

$0

$100

$200

$300

$400

$500

2014 2015 2016 2017

Mill

ions

Q3 - Sales / Operating Income (Amounts in Millions)

Sales - N. America Sales - International Operating Profit %

33

Appendix

Working CapitalQuarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Days Sales Outstanding (DSO) 61 54 55 53 59 55 58

Days A/P in Inventory (DPI) 88 92 100 95 88 96 95

Days Payable Outstanding (DPO) (45) (49) (54) (52) (56) (56) (53)

Cash Conversion Cycle 104 97 101 96 91 95 100

Cash & CDs $191,102 $207,244 $215,515 $197,827 $181,158 $153,236 $155,675

Cash & CDs % of 12 Mo Sales 14.5% 16.3% 17.0% 15.6% 13.9% 11.5% 11.1%

2016 2017

248184 184

236

376

293282

331

207128 152 184

23.0%

28.3%

25.6% 25.8%

0%

5%

10%

15%

20%

25%

30%

$0

$100

$200

$300

$400

$500

$600

$700

2014 2015 2016 2017

Mill

ion

s

Q3 - WORKING CAPITAL (Amounts in Millions)

AR Inventory AP Working Capital as % of Sales

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Appendix

YTD Cash & CDs ActivitySeptember 2017

$197.8

$155.7

44.0

36.7

33.5

23.03.7 2.0 1.1 0.5

23.6

28.3

41.0

46.1

46.7

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

Millio

ns

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Appendix

Debt Structure

Q3 '17 Q2 '17 Q1 '17 Q4 '16 Q3 '16

Cash & CDs $156 $153 $181 $198 $216

Total Debt $447 $451 $456 $506 $501

6.875% Secured Notes Due 2020 $396 $396 $396 $396 $396

Titan Europe Credit Facilities $34 $35 $36 $34 $37

Other $17 $20 $24 $76 $68

Net Leverage (Net Debt / Trailing 12 Mos EBITDA) 4.94x 5.83x 4.70x 5.52x 5.47x

Interest Expense $7.5 $7.3 $7.6 $7.0 $8.7

6.875% Secured Notes Due 2020 $6.9 $6.9 $6.9 $6.9 $6.9

Titan Europe Credit Facilities $0.1 $0.0 $0.0 $0.1 $0.4

Other $0.5 $0.4 $0.7 $0.0 $1.4

CASH / DEBT

$396

$34 $17 $0

6.875% Secured NotesDue Oct 2020

Titan Europe Credit Facilities Other $75m ABL Credit FacilityDue Feb 2022

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Appendix

Cost Structure

Raw

Materials

55%

Overhead

25%

Labor

20%

Primary Raw MaterialsCost Structure Breakdown

Steel

Natural Rubber

Synthetic Rubber

Carbon Black

Nylon

Investor Relations

todd.shoot@titan-intl.com

SAFE HARBOR STATEMENT: The accompanying material includes forward-looking comments and information concerning the company’s expectations and objectives for the

future. Readers of this material should understand that these forward looking statements are based on the Company’s expectations and subject to a number of risks and

uncertainties, certain of which are beyond the Company’s control.

Actual results may differ materially from those projected in these forward looking statements as a result of certain factors which are contained in the Company’s most recent 10K

filing. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this document will in fact transpire.

Company Website:

www.titan-intl.com