Investor Presentation

FY 2017

2

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.

3

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

4

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

6

Titan International Overview: Customers

7

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

9

Large hp equipment (4WD tractors and Combines) remain well below historical averages. 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 (began stabilizing 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 moderately recently

Tax Cuts & Jobs Act was passed making Section 179 deduction permanent and increasing limits. Bonus

depreciation is allowed for both new and used equipment, and is permitted at the 100% rate through 2022,

and phased down by 20% each year thereafter.

AGRICULTURE: Market Summary

10

AGRICULTURE: Product Innovations

11

AGRICULTURE: Product Innovations

12

AGRICULTURE: Goodyear Expansion

13

AGRICULTURE: Growth Opportunities

15

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

Larger construction equipment used for highways and infrastructure have recovered modestly from the lower base in recent years

Potential for a U.S. infrastructure bill, but not anticipated to have an impact until after 2018

Overall mining activity remains lower with commodity prices remaining at lower levels, but has improved somewhat recently within certain regions

OTR: Market Summary

16

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

17

OTR: Product Innovations

18

OTR: Product Innovations

19

OTR: ITM Innovations

21

CONSUMER: Products Innovations

22

CONSUMER: Specialty Products Division

Financial Overview

24

Financial Overview: Highlights & Challenges

Net sales increased $68.7 million to $376 million, up 22% year-over-year; the fourth consecutive quarter of significant YOY growth

For the first time since becoming a public company in 1993, experienced sequential growth each quarter throughout 2018

Gross profit increased $3.4 million (+11% YOY). After adjusting for the asset impairment noted below, GP increased $13.3 million (+42% YOY)

SG&A expenses were down $2.2 million (-6% YOY) to $35.1 million (9.3% of net sales); compared to prior year of $37.3 million (12.1% of net sales)

Loss from operations was $(4.9) million. After adjusting for the asset impairment, income from operations was $5.0 million (+$14.7 million YOY)

Earthmoving / Construction segment net sales increased 35% YOY during the quarter with all regions improving on increased volume

EBITDA was $10.2 million while adjusted EBITDA was $22.1 million (+$15 million YOY)

Cash and cash equivalents ended the quarter at $143.6 million

Q4 Highlights

Q4 Challenges & Unusual Items

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

Loss on senior note repurchase of $18.6 million was recorded in connection with the completion of a tender offer settlement and redemption of

all outstanding $400 million principal amount of 6.875% senior notes due in 2020.

An asset impairment of $9.9 million was recorded relating to a previously announced fire at Titan Tire Reclamation Corporation. Insurance

proceeds are anticipated in future periods and these proceeds will be reflected in our financial results once the cash is received.

25

Financial Overview: FY 2017 by Market

47%

41%

12%

GP: 14.7%

GP: 9.6% GP: 12.3%

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

FY 2017 Segment Revenue

Sales: $1.5B GP: 11.5% vs.FY16: +0.5%

⬆ 18% vs. FY 2016

⬆ 16% vs. FY 2016

⬆ 8% vs. FY 2016

⬇ 0.6% vs. FY 2016

⬆ 0.8% vs. FY 2016

⬆ 3.7% vs. FY 2016

Sa

les

GP

%

* GP% net of adjustments. See details for all 2017 adjustments on page 28.

26

$924

$652$583

$690

12% 11% 13% 12%

$50

$150

$250

$350

$450

$550

$650

$750

$850

$950

$1, 050

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

FY '14 FY '15 FY '16 FY '17

Financial Overview: Sales and Gross Margin

Net Sales: Up 18% FY ‘17 vs. FY ‘16

Gross margin declined 64 basis points compared to FY ’16

Improvements in both OEM and Aftermarket businesses

Volume up 13%; Price/mix up 2%; FX up 3%

AG

47%

Net Sales: Up 8% FY ’17 vs. FY ’16

Gross margin improved 367 basis points compared to FY ‘16

Volume up 1%; Price/mix up 1%; FX up 5%

Consumer

12%

EMC

41%

Net Sales: Up 16% FY ‘17 vs. FY ’16

Gross margin improved 81 basis points compared to FY ‘16

Positive movement within aftermarket business

Volume up 13%; Price/Mix up 2%; FX up 1%

$685

$567$524

$609

6% 8% 9% 10%

$100

$200

$300

$400

$500

$600

$700

$800

-2%

8%

18%

28%

38%

48%

58%

68%

78%

FY '14 FY '15 FY '16 FY '17

$287

$176$158

$170

10%11%

11% 15%

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

$250

$275

$300

$325

-2%

8%

18%

28%

38%

48%

58%

68%

78%

FY '14 FY '15 FY '16 FY '17

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

* GP% net of adjustments. See details for all 2017 adjustments on page 28.

27

Financial Overview: Summary Income & EPS

(Amounts in millions) 2017 2016 2015 2014

Sales $1,468.9 $1,265.5 $1,394.8 $1,895.5

Adjusted Gross Margin $168.2 $138.9 $134.7 $180.6

Adjusted Gross Margin % 11.5% 11.0% 9.7% 9.5%

Adjusted Operating Income (Loss) $3.2 ($25.0) ($26.7) ($16.1)

Adjusted Operating Income % 0.2% (2.0%) (1.9%) (0.8%)

Adjusted Net loss attributable to Titan ($28.9) ($37.6) ($77.7) ($26.3)

Adjusted Earnings Per Share - Diluted ($0.49) ($0.70) ($1.45) ($0.49)

* Amounts are shown net of adjustments. See details for all 2017 adjustments on page 28.

28

Financial Overview: Income Reconciliation

Q4 2017USD Amounts in Millions Q4 2017 Q4 2016 FY 2017 FY 2016

Net loss applicable to common shareholders (32.7) (14.7) (66.4) (47.2)

Remove redemption value adjustment (2.4) (1.1) (6.4) (9.6)

Net income (loss) attributable to Titan (30.3) (13.6) (60.0) (37.6)

Contingency accrual 6.5

Debt termination expense 18.6 18.6

Asset impairment 6.0 6.0

Adjusted net income (loss) attrib. to Titan (5.7) (13.6) (28.9) (37.6)

Adjusted EPS - Diluted (0.10) (0.25) (0.49) (0.70)

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Financial Overview: EBITDA Reconciliation

Q4 2017USD Amounts in Millions Q4 2017 Q4 2016 FY 2017 FY 2016

Net income (loss) (35.7) (14.6) (64.1) (39.8)

Provision for income taxes 5.2 0.7 11.2 3.3

Interest expense 7.7 7.3 30.2 32.5

Debt termination expense 18.6 - 18.6 -

Depreciation and amortization 14.4 14.9 58.4 59.8

EBITDA 10.2 8.3 54.4 55.8

Contingency accrual - - 6.5 -

Foreign exchange gain (loss) 2.0 (1.1) 2.0 (8.6)

Asset impairment 9.9 - 9.9 -

Adjusted EBITDA 22.1 7.1 72.8 47.3

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Financial Appendix

31

Appendix

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

(Amounts in $ millions) 2014 2015 2016 2017

Sales - Total $1,895.5 $1,394.8 $1,265.5 $1,468.9

Sales - N. America $910.1 $664.5 $523.2 $600.4

Sales - International $985.4 $730.3 $742.3 $868.5

Gross Margin $180.6 $134.7 $138.9 $168.2

Gross Margin - N. America $105.3 $71.1 $56.7 $65.4

% 11.6% 10.7% 10.8% 10.9%

Gross Margin - International $75.3 $63.6 $82.2 $102.8

% 7.6% 8.7% 11.1% 11.8%

Gross Margin% 9.5% 9.7% 11.0% 11.5%

Operating Profit ($21.1) ($26.7) ($25.0) $3.2

Operating Profit - N. America $10.1 ($18.1) ($34.6) ($25.4)

% 1.1% -2.7% -6.6% -4.2%

Operating Profit - International ($31.2) ($8.6) $9.6 $28.6

% -3.2% -1.2% 1.3% 3.3%

Operating Profit % -1.1% -1.9% -2.0% 0.2%

Note: Gross Margin and Operating Income net of adjustments.

FINANCIAL SUMMARY

910

664 523 600

985

730 742

869

-1.1%-1.9%

-2.0%

0.2%

-4%

-2%

0%

2%

4%

6%

8%

$0

$500

$1,000

$1,500

$2,000

2014 2015 2016 2017

Mill

ions

Full Year - Sales / Operating Income (Amounts in Millions)

Sales - N. America Sales - International Operating Profit %

32

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 54 59 55 58 55

Days A/P in Inventory (DPI) 88 92 100 95 88 96 95 98

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

Cash Conversion Cycle 104 97 101 97 91 95 100 97

Cash & CDs $191,102 $207,244 $215,515 $197,827 $181,158 $153,236 $155,675 $143,570

Cash & CDs % of 12 Mo Sales 14.5% 16.3% 17.0% 15.6% 13.9% 11.5% 11.1% 9.8%

2016 2017

199 177 179227

341276 272

340

146 123 148195

25.7%

26.9%

24.7% 24.7%

24%

24%

25%

25%

26%

26%

27%

27%

28%

$0

$100

$200

$300

$400

$500

$600

2014 2015 2016 2017

Mill

ion

s

Q4 - WORKING CAPITAL (Amounts in Millions)

AR Inventory AP Working Capital as % of Sales

33

Appendix

YTD Cash & CDs ActivityDecember 2017

$197.8

$143.6

58.4

37.3

24.4

15.32.7 1.7 0.8 4.3

32.6

38.5

55.6

64.1

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

Millio

ns

34

Appendix

Debt Structure

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

Cash & CDs $144 $156 $153 $181 $198

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

6.50% Secured Notes Due 2023 $394 $0 $0 $0 $0

6.875% Secured Notes Due 2020 $0 $396 $396 $396 $396

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

Other $23 $17 $20 $24 $76

Net Leverage (Net Debt / Trailing 12 Mos EBITDA) 4.34x 4.94x 5.83x 4.70x 5.52x

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

6.50% Secured Notes Due 2023 $2.9 $0.0 $0.0 $0.0 $0.0

6.875% Secured Notes Due 2020 $4.0 $6.9 $6.9 $6.9 $6.9

Titan Europe Credit Facilities $0.3 $0.1 $0.0 $0.0 $0.1

Other $0.5 $0.5 $0.4 $0.7 $0.0

CASH / DEBT

$394

$34 $23 $0

6.50% Secured NotesDue 2023

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

35

Appendix

Cost Structure

Raw

Materials

~50-55%

Overhead

~30-35%

Labor

~10-15%

Primary Raw MaterialsGP Cost 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