Investor Presentation

Q1 2017

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.

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

COMPETITIVE ADVANTAGES

TITAN/GOODYEAR

MICHELIN

BRIDGESTONE

GKN

Titan International Overview: Portfolio

Titan International Overview: Customers

Titan International Overview: Global Footprint

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 during 2016)

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

Used equipment values increased during 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 at historically low levels for financing new equipment purchases

AGRICULTURE: Market Summary

AGRICULTURE: Product Innovations

AGRICULTURE: Product Innovations

AGRICULTURE: Goodyear Expansion

AGRICULTURE: Growth Opportunities

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

OTR: Recent Highlight

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

OTR: Product Innovations

OTR: Product Innovations

OTR: ITM Innovations

CONSUMER: Products Innovations

CONSUMER: Specialty Products Division

Financial Overview

Financial Overview: Q1 2017 by Market

50%38%

12%

GP: 13.0%

GP: 9.3%

GP: 12.0%

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

Q1 2017 Segment Revenue

Sales: $357.5M GP: 11.1% vs.Q116: +2.3%

⬆18% vs. Q1 2016

⬆3% vs. Q1 2016

⬆11% vs. Q1 2016

⬆1.5% vs. Q1 2016

⬆2.2% vs. Q1 2016

⬆5.6% vs. Q1 2016

Sa

les

GP

%

$289

$194

$153

$181

14%12% 11% 12%

$50

$100

$150

$200

$250

$300

$350

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Q1 '14 Q1 '15 Q1 '16 Q1 '17

Financial Overview: Sales and Gross Margin

Net Sales: Up 18% Q1 ‘17 vs. Q1 ‘16

Gross margin improved 147 basis points compared to Q1 ’16

Large Ag equipment sales continue to improve

Volume up 12%; Price/mix flat; FX up 6%

AG

50%

Net Sales: Up 11% Q1 ’17 vs. Q1 ’16

Gross margin improved 565 basis points compared to Q1 ‘16

Positive movement due to recent appreciation in the Brazilian Real

Volume up 1%; Price/mix down (1%); FX up 11%

Consumer

12%

EMC

38%

Net Sales: Up 3% Q1 ‘17 vs. Q1 ’16

Gross margin improved 217 basis points compared to Q1 ‘16

Positive movement within aftermarket business

Price/mix up 6%; Volume down (3%); FX flat

$175

$159

$132$136

3%8% 7% 9%

$100

$110

$120

$130

$140

$150

$160

$170

$180

-2%

8%

18%

28%

38%

48%

58%

68%

78%

Q1 '14 Q1 '15 Q1 '16 Q1 '17

$75

$50

$37$41

11%14%

7%13%

$0

$25

$50

$75

$100

-2%

8%

18%

28%

38%

48%

58%

68%

78%

Q1 '14 Q1 '15 Q1 '16 Q1 '17

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

Financial Overview: Highlights & Challenges

Net sales of $357.5 million, up 11% YOY after eighteen quarters of YOY declines

Improved overall gross profit for the quarter by $11.4 million (230 bps) YOY

Triple-digit increases in agriculture segment net sales were realized in Latin America (102%) with double-digit increases in Russia (39%) and Australia (47%)

Aftermarket gains in North America offset OEM decreases, resulting in a net overall gain for our North American tire business

Improved Ag segment gross margin by 147 bps for the quarter to 12.0%

Improved earthmoving and construction segment gross margin by 217 bps for the quarter with most regions showing YOY improvements

Cash, cash equivalents, and certificates of deposit ended the quarter at $181 million. We began the Ag downturn in 2014 with a cash balance of $189 million,

demonstrating the diligent manner in which we are managing our liquidity

Tentative agreements reached with United Steelworkers Union (USW) representing three North American tire plants

Q1 Highlights

Q1 Challenges

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

Continued weakness in earthmoving and construction market conditions negatively impacted North America

When raw material costs increase as fast as they did recently we are negatively impacted, rising raw material costs impacted gross profit

approximately $9 million during the quarter.

SG&A expenses were up $6.3 million over the same period last year primarily due to one-time legal and professional fees

Financial Overview: Summary Income & EPS

Note: Gross Margin and Operating Income net of adjustments.

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

(Amounts in millions) Q1 2017 Q1 2016

Sales $357.5 $321.8

Gross Margin $39.7 $28.3

Gross Margin % 11.1% 8.8%

Operating Income (Loss) ($7.1) ($11.5)

Operating Income % (2.0%) (3.6%)

Adjusted Net Income (Loss) ($11.5) ($12.7)

Adjusted Earnings Per Share-Diluted ($0.20) ($0.24)

Financial Overview: EBITDA Reconciliation

Q1 2017USD Amounts in Millions Q1 2017 Q1 2016

Net income (loss) (10.6) (12.3)

Provision for income taxes 3.4 1.0

Interest expense 7.7 8.5

Depreciation & amortization 14.5 15.2

EBITDA 15.0 12.4

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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 $538.9 $402.1 $321.8 $357.5

Sales - N. America $269.9 $199.9 $149.4 $150.2

Sales - International $269.0 $202.1 $172.4 $207.3

Gross Margin $54.6 $43.5 $28.3 $39.7

Gross Margin - N. America $32.6 $24.9 $11.5 $15.0

% 12.1% 12.4% 7.7% 10.0%

Gross Margin - International $22.0 $18.6 $16.8 $24.7

% 8.2% 9.2% 9.8% 11.9%

Gross Margin% 10.1% 10.8% 8.8% 11.1%

Operating Profit $0.3 $2.2 ($11.5) ($7.1)

Operating Profit - N. America $6.5 $1.7 ($11.3) ($12.4)

% 2.4% 0.9% -7.6% -8.2%

Operating Profit - International ($6.2) $0.4 ($0.2) $5.3

% -2.3% 0.2% -0.1% 2.6%

Operating Profit % 0.1% 0.5% -3.6% -2.0%

Note: Gross Margin and Operating Income net of adjustments.

FINANCIAL SUMMARY

270

200 149 150

269

202

172 207 0.1%

0.5%

-3.6%

-2.0%

-6%

-4%

-2%

0%

2%

4%

6%

8%

$0

$100

$200

$300

$400

$500

$600

2014 2015 2016 2017

Mill

ions

Q1 - Sales / Operating Income (Amounts in Millions)

Sales - N. America Sales - International Operating Profit %

Appendix

Working Capital

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Days Sales Outstanding (DSO) 61 54 55 53 59

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

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

Cash Conversion Cycle 104 98 101 96 91

2016 2017

328239 216 232

395

318

268292

213153 138

186

23.6%

25.1%

26.9%

23.7%

21%

22%

23%

24%

25%

26%

27%

28%

$0

$100

$200

$300

$400

$500

$600

$700

$800

2014 2015 2016 2017

Mill

ion

s

Q1 - WORKING CAPITAL (Amounts in Millions)

AR Inventory AP Working Capital as % of Sales

Appendix

YTD Cash & CDs ActivityMarch 2017

$197.8 $181.2

42.2

14.6

14.52.4 0.7 0.6 1.3 8.4

10.210.6

14.5

48.2

-

50.0

100.0

150.0

200.0

250.0

300.0

Appendix

Debt Structure

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

Cash & CDs $181 $198 $216 $207 $191

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

Titan International $396 $456 $456 $455 $456

Titan Europe Credit Facilities $36 $34 $37 $39 $40

Other $24 $16 $8 $10 $8

Net Leverage (Net Debt / Trailing 12 Mos EBITDA) 5.28x 5.52x 5.47x 11.18x 11.56x

Interest Expense $7.7 $7.3 $8.7 $8.0 $8.5

5.625% Convertible Notes Due 2017 $0.1 $0.8 $0.8 $0.8 $0.8

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

European Credit Facilities $0.1 $0.4 $0.4 $0.2 $0.2

LAT/AUS/VP Working Capital Facilities $0.3 $(0.2) $0.0 $(0.0) $0.0

Revolver Commitment/Letter of Credit Fees $0.1 $0.2 $0.2 $0.2 $0.2

Financing Fees Amortization $0.3 $0.4 $0.4 $(0.1) $0.4

Capitalized Interest $(0.2) $(1.2) $0.0 $0.0 $0.0

CASH / DEBT

$396

$36 $24 $0 $0

6.875% Secured NotesDue Oct 2020

Titan EuropeCredit Facilities

Other $150m ABL Credit FacilityDue Dec 2017

$75m ABL Credit FacilityDue Feb 2022

Appendix

Cost Structure

Raw

Materials

55%

Overhead

25%

Labor

20%

Primary Raw MaterialsCost Structure Breakdown

Steel

Natural Rubber

Synthetic Rubber

Carbon Black

Nylon