Investor Presentation

Q2 2017

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.

2

Titan International Overview 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.

3

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

4

COMPETITIVE ADVANTAGES

TITAN/GOODYEAR

MICHELIN

BRIDGESTONE

GKN

Titan International Overview: Portfolio

5

Titan International Overview: Customers

6

Titan International Overview: Global Footprint

7

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

9

AGRICULTURE: Product Innovations

10

AGRICULTURE: Product Innovations

11

AGRICULTURE: Goodyear Expansion

12

AGRICULTURE: Growth Opportunities

13

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

Strong U.S. dollar

OTR: Market Summary

15

OTR: Recent Highlight

16

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

17

OTR: Product Innovations

18

OTR: Product Innovations

19

OTR: ITM Innovations

20

CONSUMER: Products Innovations

22

CONSUMER: Specialty Products Division

23

Financial Overview

Financial Overview: Highlights & Challenges

Net sales were $364.4 million, up 10% year-over-year which is the second consecutive quarter of significant YOY growth

SG&A expenses were reduced $1.9 million, or 5% over the same period last year while our net sales increased

Operating income improved by $1.4 million, or 53% year-over-year

Agriculture segment net sales increased 18% year over year during the second quarter with North America up 21% and Latin America up 45%

Cash, cash equivalents, and certificates of deposit ended the quarter at $153 million

Finalized new five year agreements with the United Steelworkers Union (USW) representing three North American tire plants

Q2 Highlights

Q2 Challenges

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

When raw material costs increase quickly as they did during the first half of the year, we are negatively impacted. Rising raw material costs

negatively impacted gross profit approximately $11 million during the quarter and approximately $20 million year-to-date

Raw material costs negatively impacted gross margins on a year-over-year basis as our OEM contracts in North America did not allow us to

fully pass through these higher costs during the quarter

25

Financial Overview: Q2 2017 by Market

48%

41%

11%

GP: 16.5%

GP: 9.3% GP: 13.2%

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

Agriculture

Consumer

Earthmoving / Construction

Q2 2017 Segment Revenue

Sales: $364.4M GP: 12.0% vs.Q216: -1.3%

⬆18% vs. Q2 2016

⬆7% vs. Q2 2016

⬇ 5% vs. Q2 2016

⬇ 2.4% vs. Q2 2016

⬇ 1.6% vs. Q2 2016

⬆3.8% vs. Q2 2016

Sa

les

GP

%

*See Slide 25 for Q2 Challenges on Raw Material impacts.

26

$257

$175

$147

$173

13% 15% 16%13%

$50

$100

$150

$200

$250

$300

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Q2 '14 Q2 '15 Q2 '16 Q2 '17

Financial Overview: Sales and Gross Margin

Net Sales: Up 18% Q2 ‘17 vs. Q2 ‘16

Gross margin declined 240 basis points compared to Q2 ’16

Improvements in the North America aftermarket business

Volume up 11%; Price/mix up 5%; FX up 2%

AG

48%

Net Sales: Down (5%) Q2 ’17 vs. Q2 ’16

Gross margin improved 379 basis points compared to Q2 ‘16

Lower demand for Bias truck tires in Latin America

Volume down (11%); Price/mix up 2%; FX up 4%

Consumer

11%

EMC

41%

Net Sales: Up 7% Q2 ‘17 vs. Q2 ’16

Gross margin declined 163 basis points compared to Q2 ‘16

Positive movement within aftermarket business

Volume up 7%; Price/Mix up 1%; FX down (1%)

$185

$153

$141

$151

8% 10% 11% 9%

$100

$110

$120

$130

$140

$150

$160

$170

$180

$190

-2%

8%

18%

28%

38%

48%

58%

68%

78%

Q2 '14 Q2 '15 Q2 '16 Q2 '17

$80

$48$42 $41

10%14%

13% 17%

$0

$25

$50

$75

$100

-2%

8%

18%

28%

38%

48%

58%

68%

78%

Q2 '14 Q2 '15 Q2 '16 Q2 '17

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

*See Slide 25 for Q2 Challenges on Raw Material impacts.

27

Note: Gross Margin and Operating Income net of adjustments.

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

Financial Overview: Summary Income & EPS

(Amounts in millions) Q2 2017 Q2 2016 YTD 2017 YTD 2016

Sales $364.4 $330.2 $721.9 $652.0

Gross Margin $43.6 $43.7 $83.3 $72.0

Gross Margin % 12.0% 13.2% 11.5% 11.0%

Operating Income (Loss) $4.0 $2.6 ($3.1) ($8.9)

Operating Income % 1.1% 0.8% (0.4%) (1.4%)

Net loss applicable to common

shareholders($10.3) ($5.2) ($20.8) ($23.1)

Earnings Per Share - Diluted ($0.17) ($0.10) ($0.35) ($0.43)

*See Slide 25 for Q2 Challenges on Raw Material impacts.

28

Financial Overview: EBITDA Reconciliation

Q2 2017USD Amounts in Millions Q2 2017 Q2 2016 YTD 2017 YTD 2016

Net income (loss) (6.5) (3.8) (17.1) (16.1)

Provision for income taxes 0.1 3.6 3.6 4.7

Interest expense 7.3 8.0 15.0 16.5

Depreciation & amortization 15.0 15.4 29.5 30.6

EBITDA 15.9 23.2 31.0 35.6

FX

Foreign exchange gain (loss) (5.3) 2.2 (0.7) 7.0

Adjusted EBITDA 21.2 21.0 31.7 28.6

Ad

jus

tme

nts

29

*See Slide 25 for Q2 Challenges on Raw Material impacts.

Financial Appendix

Appendix

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

(Amounts in $ millions) 2014 2015 2016 2017

Sales - Total $521.9 $376.1 $330.2 $364.4

Sales - N. America $252.0 $178.1 $131.6 $155.8

Sales - International $269.9 $197.9 $198.6 $208.6

Gross Margin $57.4 $47.9 $43.7 $43.6

Gross Margin - N. America $33.1 $28.9 $18.8 $17.7

% 13.1% 16.2% 14.3% 11.4%

Gross Margin - International $24.3 $19.1 $24.9 $25.8

% 9.0% 9.6% 12.5% 12.4%

Gross Margin% 11.0% 12.7% 13.2% 12.0%

Operating Profit $6.1 $4.4 $2.6 $4.0

Operating Profit - N. America $8.6 $5.6 ($3.4) ($3.6)

% 3.4% 3.2% -2.6% -2.3%

Operating Profit - International ($2.6) ($1.2) $6.0 $7.5

% -0.9% -0.6% 3.0% 3.6%

Operating Profit % 1.2% 1.2% 0.8% 1.1%

Note: Gross Margin and Operating Income net of adjustments.

FINANCIAL SUMMARY

252

178 132

156

270

198 199

209

1.2%

1.2%

0.8%1.1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

$0

$100

$200

$300

$400

$500

$600

2014 2015 2016 2017

Mill

ions

Q2 - Sales / Operating Income (Amounts in Millions)

Sales - N. America Sales - International Operating Profit %

31

Appendix

Working Capital

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

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

Days A/P in Inventory (DPI) 88 93 100 95 88 96

Days Payable Outstanding (DPO) (45) (50) (54) (52) (56) (56)

Cash Conversion Cycle 104 98 101 96 91 95

Cash & CDs $191,097 $207,238 $215,509 $197,827 $181,158 $153,236

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

2016 2017

303225 197 220

387

313

275323

201136 146 187

23.3%

26.7%

24.7%24.4%

21%

22%

23%

24%

25%

26%

27%

$0

$100

$200

$300

$400

$500

$600

$700

$800

2014 2015 2016 2017

Mill

ion

s

Q2 - WORKING CAPITAL (Amounts in Millions)

AR Inventory AP Working Capital as % of Sales

32

Appendix

YTD Cash & CDs ActivityJune 2017

$197.8

$153.2

29.5

27.7

24.26.5

2.0 1.7 1.315.2

17.1

29.1

34.9

43.7

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

33

Appendix

Debt Structure

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

Cash & CDs $153 $181 $198 $216 $207

Total Debt $451 $456 $506 $501 $504

6.875% Secured Notes Due 2020 $396 $396 $396 $396 $395

Titan Europe Credit Facilities $35 $36 $34 $37 $39

Other $20 $24 $76 $68 $70

Net Leverage (Net Debt / Trailing 12 Mos EBITDA) 5.83x 4.70x 5.52x 5.47x 11.18x

Interest Expense $7.3 $7.7 $7.3 $8.7 $8.0

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

Titan Europe Credit Facilities $0.0 $0.1 $0.4 $0.4 $0.2

Other $0.4 $0.7 $0.0 $1.4 $0.9

CASH / DEBT

$396

$35 $20 $0

6.875% Secured NotesDue Oct 2020

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

34

Appendix

Cost Structure

Raw

Materials

55%

Overhead

25%

Labor

20%

Primary Raw MaterialsCost Structure Breakdown

Steel

Natural Rubber

Synthetic Rubber

Carbon Black

Nylon

35

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