Investor Presentation

Q3 2016

Titan International Overview

Titan International, Inc. 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 two distinct tire brands: Titan Tire and Goodyear Farm Tires.

Titan International Overview

Corporate 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

COMPETITIVE ADVANTAGES

TITAN/GOODYEAR

MICHELIN

BRIDGESTONE

GKN

Titan International Overview

Customers

AGRICULTURE: Products/Brands

/

AGRICULTURE: Major 2015 Highlight

AGRICULTURE: Product Innovations

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AGRICULTURE: Product Innovations

AGRICULTURE: Product Innovations

AGRICULTURE: Product Innovations

Market Summary

Agricultural Drivers

Mix Shift - Large hp equipment (4WD tractors and Combines) continue a cyclical downturn which began in

2014. Smaller hp tractor demand remains good, but at lower ASP and gross margins

Grain prices remain low; resulting in lower farm income (although expected to stabilize somewhat in 2016)

Used equipment inventory levels remain above average, but have started to decline recently

Used equipment values began to increase during early 2016; first time since 1H 2013

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

depreciation (phased out in 2020)

Interest rates remain low for financing new equipment purchases

OTR: Products/Brands

OTR: Major Highlight

TITAN TIRE RECLAMATION CORPORATION (TTRC)

Disposal of giant mining tires is the responsibility of the end-user, and doing

so responsibly has traditionally come with a significant cost, leading many in

the industry to stockpile used tires until a less cost-prohibitive solution is

developed. Since 2007, development of that solution has been underway.

Titan Tire Reclamation Corp has now completed a pyrolysis system that can

convert reclaimed tires into raw materials. The first facility officially opened in

Fort McMurray, Alberta with a ribbon cutting in March 2016.

OTR: Product Innovations

OTR: Product Innovations

OTR: Product Innovations

Market Summary

Earthmoving/Construction Drivers

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

Mining remains weak with commodity prices low

Strong U.S. dollar

CONSUMER: Products/Brands

CONSUMER: Products Innovations

Financial Performance

Market Summary

Overview by Market Segment

Q3 2016

45%

42%

13%

GP Margin: 12.2%

GP Margin: 8.7%GP Margin: 12.2%

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, brakes and actuators

Agriculture

Consumer

Earthmoving / Construction

Q3 2016 Segment Revenue

Total: $306.2 million

1% decrease vs. Q3 2015

3% increase vs. Q3 2015

9% decrease vs. Q3 2015

$273

$228

$140 $139

18%13%

10%12%

$50

$100

$150

$200

$250

$300

$350

$400

0%

10%

20%

30%

40%

50%

60%

Q3 '13 Q3 '14 Q3 '15 Q3 '16

Financial Performance

Sales and Gross Margin by Market

Net Sales: Down (1%) Q3 ‘16 vs. Q3 ‘15

Gross margin improved 235 basis points with every region showing

improvement from the same quarter to last year

Continued reduction in OEM demand for products

Price/mix up 4%; volume down (6%); FX 1%

AG

45%

Net Sales: Down (10%) Q3 ’16 vs. Q3 ’15

Gross margin improved 230 basis points on lower sales

Decline in low-margin supply agreements in Brazil; Lower sales of

High Speed Train brakes

Price/mix up 14%; volume down (27%); FX 3%

Consumer

13%

EMC

42%

Net Sales: Up 3% Q3 ‘16 vs. Q3 ’15

Gross margin improved 239 basis points with all regions showing

gains compared to Q3 ‘15

Positive movement within the Aftermarket segment

Price/mix down (7%); volume up 10%; FX flat

$169 $154$126

$129

7% 7% 6% 9%

$0

$50

$100

$150

$200

$250

$300

$350

-2%

8%

18%

28%

38%

48%

58%

68%

78%

Q3 '13 Q3 '14 Q3 '15 Q3 '16

$55

$68

$43 $39

6%7% 10% 12%

$0

$25

$50

$75

$100

$125

-2%

8%

18%

28%

38%

48%

58%

68%

78%

Q3 '13 Q3 '14 Q3 '15 Q3 '16

Note: Certain amounts from prior years have been reclassified to conform to the current year’s presentation. The company has implemented new technology resources which allow for

more accurate segregation of sales and profit by segment. The previous year segment information has been updated to be consistent. Gross Margin net of adjustments.

Financial Performance

Q3 Accomplishments & Challenges

Improved overall gross margin rate performance (230 bps) for the quarter despite a 1% sales decline compared to prior year

Latin America, Australia, Europe, ITM and Russia teams all improved results (sales & gross profit) in tough market conditions

Cash ended the quarter at $216 million compared to $200 million at the beginning of the year and $207 million at the end of the previous

quarter; At the start of the Ag downturn in 2014 this balance was $189 million, clearly demonstrating the diligent manner in which we are

managing liquidity and cash flow

Released test results from a Missouri farm using Goodyear LSW Super Single tires demonstrating increased yield on the corn and soybeans

tested by approximately three percent per acre (See October 21 Press Release)

Re-aligned our Grizz Squad with our sale territory managers unleashing a much larger sales group in North America

Continued investments in R&D, sales and marketing (specifically supporting LSW) adding value for the long term

Accomplishments

Challenges

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

Weak mining market conditions which impacts North America, ITM and Australia business units

Strong US dollar impacting U.S. exports and reported sales

Decreased OEM production levels commensurate with lower demand driven by lower farm income and lower commodity prices

Financial Performance

Financial Summary

Note: Gross Margin and Operating Income net of adjustments.

Net Income and EPS adjusted for Noncontrolling Interest and non GAAP items.

(Amounts in millions) Q3 2016 Q3 2015 YTD 2016 YTD 2015

Sales $306.2 $308.8 $958.2 $1,087.0

Gross Margin $33.0 $26.2 $109.9 $120.0

Gross Margin % 10.8% 8.5% 11.5% 11.0%

Operating Income (Loss) ($8.3) ($14.5) ($12.3) ($5.6)

Operating Income % (2.7%) (4.7%) (1.3%) (0.5%)

Adjusted Net Income (Loss) ($10.0) ($31.5) ($21.0) ($27.0)

Adjusted Earnings Per Share-Diluted ($0.18) ($0.59) ($0.39) ($0.50)

Financial Performance

Adjusted Income

Note: Adjustments for non GAAP items are net of taxes.

Q3 2016USD Amounts in Millions Q3 2016 Q3 2015 YTD 2016 YTD 2015

Net loss applicable to common shareholders (11.3) (42.5) (29.5) (35.9)

Remove redemption value adjustment 1.3 11.0 8.5 11.4

Net income (loss) attributable to Titan (10.0) (31.5) (21.0) (24.5)

Subsidiary currency correction (3.1)

Italy restructuring 0.5

Adjusted net income (loss) attrib. to Titan (10.0) (31.5) (21.0) (27.0)

Adjusted EPS - Diluted (0.18) (0.59) (0.39) (0.50)

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Financial Performance

Adjusted EBITDAQ3 2016

USD Amounts in Millions Q3 2016 Q3 2015 YTD 2016 YTD 2015

Operating income (loss) (8.3) (14.5) (12.3) (6.1)

Other income (expense) 3.6 0.8 10.5 6.3

Depreciation & amortization 14.3 16.4 44.9 53.0

Subsidiary currency correction (3.1)

Italy restructuring 0.7

Adjusted EBITDA 9.6 2.7 43.2 50.8

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Financial Appendix

Appendix

Sales – N. America vs. International

(Amounts in $ millions) 2013 2014 2015 2016

Sales - Total $497.5 $449.6 $308.8 $306.2

Sales - N. America $282.8 $209.9 $144.4 $118.5

Sales - International $214.7 $239.7 $164.4 $187.7

Gross Margin $62.5 $43.6 $26.2 $33.0

Gross Margin - N. America $38.7 $21.8 $12.7 $10.8

% 13.7% 10.4% 8.8% 9.1%

Gross Margin - International $23.8 $21.8 $13.4 $22.2

% 11.1% 9.1% 8.2% 11.8%

Gross Margin% 12.6% 9.7% 8.5% 10.8%

Operating Profit $17.1 ($2.5) ($14.5) ($8.3)

Operating Profit - N. America $9.9 ($1.2) ($10.6) ($12.5)

% 3.5% (0.6%) (7.3%) (10.5%)

Operating Profit - International $7.2 ($1.3) ($3.9) $4.2

% 3.3% (0.6%) (2.3%) 2.3%

Operating Profit % 3.4% (0.6%) (4.7%) (2.7%)

Note: Gross Margin and Operating Income net of adjustments.

Q3 FINANCIAL SUMMARY

283

210

144 119

215 240

164 188

3.4%(0.6%)

(4.7%)

(2.7%)

-6%

-4%

-2%

0%

2%

4%

6%

8%

$0

$100

$200

$300

$400

$500

$600

2013 2014 2015 2016

Mill

ions

Q3 - Sales / Operating Income (Amounts in Millions)

Sales - N. America Sales - International Operating Profit %

Appendix

Working Capital

Q1 Q2 Q3 Q4 Q1 Q2 Q3

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

Days A/P in Inventory (DPI) 82 91 98 90 88 92 98

Cash $190,557 $187,490 $193,817 $200,188 $191,097 $207,238 $215,509

Cash % of 12 Month Sales 10.8% 11.6% 13.2% 14.4% 14.5% 16.3% 17.0%

2015 2016

290248

184 184

376375

287 278

195 169128 152

23.7%

25.3%

27.8%

25.3%

21%

22%

23%

24%

25%

26%

27%

28%

29%

$0

$100

$200

$300

$400

$500

$600

$700

2013 2014 2015 2016

Mill

ion

s

Q3 - WORKING CAPITAL (Amounts in Millions)

AR Inventory AP Working Capital as % of Sales

September 2016

$200.2 $215.5

44.9

27.3

9.8 3.0 2.8 2.5 2.4 1.8 0.2 12.314.0

22.1

30.8

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

Appendix

YTD Cash Activity

Appendix

Debt Structure

Q3 '16 Q2 '16 Q1 '16 Q4 '15 Q3 '15

Cash $216 $207 $191 $200 $194

Total Debt $501 $504 $504 $507 $508

Titan International $456 $455 $456 $456 $455

Titan Europe Credit Facilities $37 $39 $40 $38 $40

Other $8 $10 $8 $13 $13

Net Leverage (Net Debt / Trailing 12 Mos EBITDA) 6.16x 7.51x 7.76x 5.67x 5.24x

Interest Expense $8.7 $8.0 $8.5 $8.3 $8.3

5.625% Convertible Notes Due 2017 $0.8 $0.8 $0.8 $0.6 $0.6

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

European Credit Facilities $0.4 $0.2 $0.2 $0.4 $0.3

LAT/AUS/VP Working Capital Facilities $0.0 $(0.0) $0.0 $(0.1) $(0.0)

Revolver Commitment/Letter of Credit Fees $0.2 $0.2 $0.2 $0.2 $0.2

Financing Fees Amortization $0.4 $(0.1) $0.4 $0.4 $0.4

CASH / DEBT

$396

$60 $37 $8

6.875% Secured NotesDue Oct 2020

5.625% Convertible NotesDue Jan 2017

Titan EuropeCredit Facilities

Other $150m ABL Credit FacilityDue Dec 2017

Appendix

Cost Structure

Raw

Materials

55%

Overhead

25%

Labor

20%

Primary Raw MaterialsCost Structure Breakdown

Steel

Natural Rubber

Synthetic Rubber

Carbon Black

Nylon