----

|   | FORM 10-K |   |
|--------|-----------|--------|

| þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|--------------------------------------------------------------------------------------|

|   | For the fiscal year ended December 31, 2010 |
|--------|---------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

|   | Commission file number 1-12936 |
|--------|--------------------------------|

| Illinois                                                                        |   | 36-3228472                                                  |
|---------------------------------------------------------------------------------|--------|-------------------------------------------------------------|
| (State or other jurisdiction of   incorporation or organization) |   | (I.R.S. Employer    Identification No.) |

| Title of each class        | Name of each exchange on which registered              |
|----------------------------|--------------------------------------------------------|
| Common stock, no par value |  New York Stock Exchange (Symbol:  TWI) |

| Large accelerated filer o                                             | Accelerated filer þ    |
|-----------------------------------------------------------------------|-----------------------------|
| Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |

----

|      |                                                                                                               |   |
|-----------|--------------------------------------------------------------------------------------------------------------------|--------|
| Part I.   |                                                                                                               | Page   |
|      |                                                                                                               |   |
| Item 1.   | Business                                                                                                           | 3-10   |
|      |                                                                                                               |   |
| Item 1A.  | Risk Factors                                                                                                       | 11-14  |
|      |                                                                                                               |   |
| Item 1B.  | Unresolved Staff Comments                                                                                          | 15     |
|      |                                                                                                               |   |
| Item 2.   | Properties                                                                                                         | 15     |
|      |                                                                                                               |   |
| Item 3.   | Legal Proceedings                                                                                                  | 15     |
|      |                                                                                                               |   |
| Part II.  |                                                                                                               |   |
|      |                                                                                                               |   |
| Item 5.   | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 16     |
|      |                                                                                                               |   |
| Item 6.   | Selected Financial Data                                                                                            | 17     |
|      |                                                                                                               |   |
| Item 7.   | Management’s Discussion and Analysis of Financial Condition and Results of Operations                        | 18-38  |
|      |                                                                                                               |   |
| Item 7A.  | Quantitative and Qualitative Disclosures about Market Risk                                                         | 39     |
|      |                                                                                                               |   |
| Item 8.   | Financial Statements and Supplementary Data                                                                        | 39     |
|      |                                                                                                               |   |
| Item 9.   | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                               | 39     |
|      |                                                                                                               |   |
| Item 9A.  | Controls and Procedures                                                                                            | 39     |
|      |                                                                                                               |   |
| Item 9B.  | Other Information                                                                                                  | 39     |
|      |                                                                                                               |   |
| Part III. |                                                                                                               |   |
|      |                                                                                                               |   |
| Item 10.  | Directors, Executive Officers and Corporate Governance                                                             | 40     |
|      |                                                                                                               |   |
| Item 11.  | Executive Compensation                                                                                             | 40     |
|      |                                                                                                               |   |
| Item 12.  | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                     | 41     |
|      |                                                                                                               |   |
| Item 13.  | Certain Relationships and Related Transactions, and Director Independence                                          | 41     |
|      |                                                                                                               |   |
| Item 14.  | Principal Accounting Fees and Services                                                                             | 41     |
|      |                                                                                                               |   |
| Part IV.  |                                                                                                               |   |
|      |                                                                                                               |   |
| Item 15.  | Exhibits, Financial Statement Schedules                                                                            | 42     |
|      |                                                                                                               |   |
|      | Signatures                                                                                                         | 43     |
|      |                                                                                                               |   |
|      | Exhibit Index                                                                                                      | 44     |

----

| ·   | History |
|--------------------|---------|

| ·   | Market Sales |
|--------------------|--------------|

| ·   | Strong Market Position |
|--------------------|------------------------|

| ·   | Long-Term Core Customer Relationships |
|--------------------|---------------------------------------|

----

| ·   | Giant Mining Tire Product |
|--------------------|---------------------------|

| ·   | Increase Aftermarket Tire Business |
|--------------------|------------------------------------|

| ·   | Improve Operating Efficiencies |
|--------------------|--------------------------------|

| ·   | Enhance Design Capacity and New Product Development |
|--------------------|-----------------------------------------------------|

| ·   | Explore Additional Strategic Acquisitions |
|--------------------|-------------------------------------------|

----

| MARKET SALES                               |   |                    |    |   |       |   |   |      |   |   |       |   |   |      |   |
|--------------------------------------------|--------|-------------------------|---------|--------|------------|--------|--------|-----------|--------|--------|------------|--------|--------|-----------|--------|
|                                       |   | Year ended December 31, |    |
| (Amounts in thousands)                     |   | 2010                    |    |   | 2009       |   |   | 2008      |   |
|                                       |   |                    |    |   | % of Total |   |   |      |   |   | % of Total |   |   |      |   |   | % of Total |   |
|                                       |   | Net Sales               |    |   | Net Sales  |   |   | Net Sales |   |   | Net Sales  |   |   | Net Sales |   |   | Net Sales |   |
|    Agricultural             |   | $                       | 675,178 |   |       |   | 76     | %         |   | $      | 563,528    |   |   |      | 77     | % |   | $ | 729,895 |   |   |   | 70 | % |
|    Earthmoving/construction |   |                    | 191,042 |   |       |   | 22     | %         |   |   | 144,589    |   |   |      | 20     | % |   |   | 281,008 |   |   |   | 27 | % |
|    Consumer                 |   |                    | 15,371  |   |       |   | 2      | %         |   |   | 19,482     |   |   |      | 3      | % |   |   | 25,797 |   |   |   | 3 | % |
|                                       |   | $                       | 881,591 |   |       |   |   |      |   | $      | 727,599    |   |   |      |   |   |   | $ | 1,036,700 |   |   |   |   |   |

----

| ·   | Wheel Manufacturing Process |
|--------------------|-----------------------------|

| ·   | Tire Manufacturing Process |
|--------------------|----------------------------|

| ·   | Wheel and Tire Assemblies |
|--------------------|---------------------------|

| ·   | Quality Control |
|--------------------|-----------------|

----

----

----

----

| ·   | Corporate Governance Policy |
|--------------------|-----------------------------|

| ·   | Business Conduct Policy |
|--------------------|-------------------------|

| ·   | Audit Committee Charter |
|--------------------|-------------------------|

| ·   | Compensation Committee Charter |
|--------------------|--------------------------------|

| ·   | Nominating/Corporate Governance Committee Charter |
|--------------------|---------------------------------------------------|

----

| ·   | The Company is exposed to price fluctuations of key commodities. |
|--------------------|------------------------------------------------------------------|

| ·   | The Company relies on a limited number of suppliers. |
|--------------------|------------------------------------------------------|

| ·   | The Company’s revolving credit facility and debt obligation contain covenants. |
|--------------------|--------------------------------------------------------------------------------------|

| ·   | The Company operates in cyclical industries and is subject to numerous changes in the economy. |
|--------------------|------------------------------------------------------------------------------------------------|

| ·   |  The Company’s customer base is relatively concentrated. |
|--------------------|---------------------------------------------------------------------|

----

| ·   | The Company’s revenues are seasonal in nature due to Titan’s dependence on seasonal industries. |
|--------------------|-------------------------------------------------------------------------------------------------------------|

| ·   | The Company may be adversely affected by changes in government regulations and policies. |
|--------------------|------------------------------------------------------------------------------------------|

| ·   | The Company is subject to corporate governance requirements, and costs related to compliance with, or failure to comply with, existing and future requirements could adversely affect Titan’s business. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Company faces substantial competition from domestic and international companies. |
|--------------------|--------------------------------------------------------------------------------------|

| ·   | The Company could be negatively impacted if Titan fails to maintain satisfactory labor relations. |
|--------------------|---------------------------------------------------------------------------------------------------|

----

| ·   | Unfavorable outcomes of legal proceedings could adversely affect results of operations. |
|--------------------|-----------------------------------------------------------------------------------------|

| ·   | Acquisitions may require significant resources and/or result in significant losses, costs or liabilities. |
|--------------------|-----------------------------------------------------------------------------------------------------------|

----

| ·   | The Companyhas export sales and purchases raw material from foreign suppliers. |
|--------------------|--------------------------------------------------------------------------------|

| ·   | The Company may be subject to product liability and warranty claims. |
|--------------------|----------------------------------------------------------------------|

| ·   | The Company has incurred, and may incur in the future, net losses. |
|--------------------|--------------------------------------------------------------------|

| ·   | The Company is subject to risks associated with climate change and climate change regulations. |
|--------------------|------------------------------------------------------------------------------------------------|

| ·   | The Company is subject to risks associated with environmental laws and regulations. |
|--------------------|-------------------------------------------------------------------------------------|

----

|                   |   | Approximate square footage |      |   |   |
|------------------------|--------|----------------------------|-----------|--------|--------|
| Location               |   | Owned                      |      |   | Leased |   | Use | Segment |
| Des Moines, Iowa       |   |                       | 2,047,000 |   |   |   |   | Manufacturing, distribution | All segments |
| Freeport, Illinois     |   |                       | 1,202,000 |   |   |   |   | Manufacturing, distribution | All segments |
| Quincy, Illinois       |   |                       | 1,134,000 |   |   |   |   | Manufacturing, distribution | All segments |
| Brownsville, Texas     |   |                       | 993,000   |   |   |   |   | Storage | See note (a) |
| Bryan, Ohio            |   |                       | 714,000   |   |   |   |   | Manufacturing, distribution | All segments |
| Greenwood, S. Carolina |   |                       | 110,000   |   |   |   |   | Storage | See note (a) |
| Dublin, Georgia        |   |                       | 20,000    |   |   |   |   | Distribution | All segments |
| Saltville, Virginia    |   |                       | 14,000    |   |   |   | 245,000 |   | Manufacturing, distribution | Earthmoving/Construction |
| Natchez, Mississippi   |   |                       |      |   |   |   | 1,203,000 |   | Storage | See note (a) |
| Pendergrass, Georgia   |   |                       |      |   |   |   | 120,000 |   | Distribution | All segments |
| Elko, Nevada           |   |                       |      |   |   |   | 4,000 |   | Distribution | Earthmoving/Construction |

| (a)   | The Brownsville, Greenwood and Natchez facilities are currently being used for storage.  The Company’s facilities in Brownsville, Texas; Greenwood, South Carolina, and Natchez, Mississippi, are not in operation. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 5 – MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
|-----------------------------------------------------------------------------------------------------------------------------------|

| 2010           |   | High   |   |   | Low    |   |   | DividendsDeclared |   |
|----------------|--------|--------|--------|--------|--------|--------|--------|-------------------|--------|
| First quarter  |   | $      | 9.84   |   |   | $      | 7.15   |              |   | $ | 0.005 |   |
| Second quarter |   |   | 13.10  |   |   |   | 8.81   |              |   |   | 0.005 |   |
| Third quarter  |   |   | 14.27  |   |   |   | 9.37   |              |   |   | 0.005 |   |
| Fourth quarter |   |   | 19.86  |   |   |   | 12.85  |              |   |   | 0.005 |   |
|           |   |   |   |   |   |   |   |              |   |   |   |   |
| 2009           |   |   |   |   |   |   |   |              |   |   |   |   |
| First quarter  |   | $      | 11.44  |   |   | $      | 3.05   |              |   | $ | 0.005 |   |
| Second quarter |   |   | 10.45  |   |   |   | 4.82   |              |   |   | 0.005 |   |
| Third quarter  |   |   | 9.87   |   |   |   | 5.79   |              |   |   | 0.005 |   |
| Fourth quarter |   |   | 10.35  |   |   |   | 7.55   |              |   |   | 0.005 |   |

|                                                                    |   | Fiscal Year Ended December 31, |   |
|-------------------------------------------------------------------------|--------|--------------------------------|--------|
|                                                                    |   | 2005                           |   |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2010 |   |
| Titan International, Inc.                                               |   | $                              | 100.00 |   |   | $ | 116.94 |   |   | $ | 181.54 |   |   | $ | 59.96 |   |   | $ | 59.11 |   |   | $ | 142.65 |   |
| S&P 500 Index                                                       |   |                           | 100.00 |   |   |   | 115.79 |   |   |   | 122.16 |   |   |   | 76.96 |   |   |   | 97.33 |   |   |   | 111.99 |   |
| S&P 600 Construction. & Farm Machinery & Heavy Trucks Index |   |                           | 100.00 |   |   |   | 134.85 |   |   |   | 169.95 |   |   |   | 107.07 |   |   |   | 116.09 |   |   |   | 167.36 |   |

----

|                                                                         |   | Year Ended December 31, |    |
|------------------------------------------------------------------------------|--------|-------------------------|---------|
|                                                                         |   | 2010                    |    |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
| Net sales                                                                    |   | $                       | 881,591 |   |   | $ | 727,599 |   |   | $ | 1,036,700 |   |   | $ | 837,021 |   |   | $ | 679,454 |   |
| Gross profit                                                                 |   |                    | 113,929 |   |   |   | 55,965 |   |   |   | 139,714 |   |   |   | 84,131 |   |   |   | 72,778 |   |
| Noncash goodwill impairment charge                                           |   |                    | 0       |   |   |   | 11,702 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Income (loss) from operations                                                |   |                    | 40,784  |   |   |   | (18,894 | ) |   |   | 73,321 |   |   |   | 24,838 |   |   |   | 22,011 |   |
| Noncash Titan Europe Plc charge                                              |   |                    | 0       |   |   |   | 0 |   |   |   | (37,698 | ) |   |   | 0 |   |   |   | 0 |   |
| Noncash debt conversion charge                                               |   |                    | 0       |   |   |   | 0 |   |   |   | 0 |   |   |   | (13,376 | ) |   |   | 0 |   |
| Income (loss) before income taxes                                            |   |                    | 649     |   |   |   | (32,002 | ) |   |   | 23,010 |   |   |   | (3,884 | ) |   |   | 8,574 |   |
| Net income (loss)                                                            |   |                    | 358     |   |   |   | (24,645 | ) |   |   | 13,337 |   |   |   | (7,247 | ) |   |   | 5,144 |   |
| Net income (loss) per share – basic *                                  |   |                    | .01     |   |   |   | (.71 | ) |   |   | .39 |   |   |   | (.23 | ) |   |   | .21 |   |
| Net income (loss) per share – diluted *                                |   |                    | .01     |   |   |   | (.71 | ) |   |   | .38 |   |   |   | (.23 | ) |   |   | .21 |   |
| Dividends declared per common share *                                        |   |                    | .020    |   |   |   | .020 |   |   |   | .018 |   |   |   | .016 |   |   |   | .016 |   |
| * Adjusted to reflect the five-for-four stock split that took place in 2008. |   |

|                                                                                 |   |               |    |
|--------------------------------------------------------------------------------------|--------|--------------------|---------|
| (All amounts in thousands)                                                           |   | As of December 31, |    |
|                                                                                 |   | 2010               |    |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
| Working capital                                                                      |   | $                  | 395,587 |   |   | $ | 375,144 |   |   | $ | 232,564 |   |   | $ | 239,985 |   |   | $ | 247,009 |   |
| Current assets                                                                       |   |               | 487,940 |   |   |   | 445,216 |   |   |   | 369,199 |   |   |   | 327,765 |   |   |   | 309,933 |   |
| Total assets                                                                         |   |               | 787,470 |   |   |   | 736,463 |   |   |   | 654,782 |   |   |   | 590,495 |   |   |   | 585,126 |   |
| Long-term debt (a)                                                                   |   |               | 373,564 |   |   |   | 366,300 |   |   |   | 200,000 |   |   |   | 200,000 |   |   |   | 291,266 |   |
| Stockholders’ equity                                                           |   |               | 278,315 |   |   |   | 261,953 |   |   |   | 279,188 |   |   |   | 272,522 |   |   |   | 187,177 |   |
| (a) Excludes amounts due within one year and classified as a current liability. |   |

----

| ITEM 7 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|------------------------------------------------------------------------------------------------------------|

| ·   | Anticipated trends in the Company’s business |
|--------------------|----------------------------------------------------|

| ·   | Future expenditures for capital projects |
|--------------------|------------------------------------------|

| ·   | The Company’s ability to continue to control costs and maintain quality |
|--------------------|-------------------------------------------------------------------------------|

| ·   | Ability to meet financial covenants and conditions of loan agreements |
|--------------------|-----------------------------------------------------------------------|

| ·   | The Company’s business strategies, including its intention to introduce new products |
|--------------------|--------------------------------------------------------------------------------------------|

| ·   | Expectations concerning the performance and success of the Company’s existing and new products |
|--------------------|------------------------------------------------------------------------------------------------------|

| ·   | The Company’s intention to consider and pursue acquisition and divestiture opportunities |
|--------------------|------------------------------------------------------------------------------------------------|

| ·   | The effect of a recession on the Company and its customers and suppliers |
|--------------------|--------------------------------------------------------------------------|

| ·   | Changes in the Company’s end-user markets as a result of world economic or regulatory influences |
|--------------------|--------------------------------------------------------------------------------------------------------|

| ·   | Changes in the marketplace, including new products and pricing changes by the Company’s competitors |
|--------------------|-----------------------------------------------------------------------------------------------------------|

| ·   | Ability to maintain satisfactory labor relations, which may be affected by the closing of some facilities |
|--------------------|-----------------------------------------------------------------------------------------------------------|

| ·   | Unfavorable outcomes of legal proceedings |
|--------------------|-------------------------------------------|

| ·   | Availability and price of raw materials |
|--------------------|-----------------------------------------|

| ·   | Levels of operating efficiencies |
|--------------------|----------------------------------|

| ·   | Unfavorable product liability and warranty claims |
|--------------------|---------------------------------------------------|

| ·   | Actions of domestic and foreign governments |
|--------------------|---------------------------------------------|

| ·   | Results of investments |
|--------------------|------------------------|

| ·   | Fluctuations in currency translations |
|--------------------|---------------------------------------|

| ·   | Ability to secure financing at reasonable terms |
|--------------------|-------------------------------------------------|

| ·   | Laws and regulations related to climate change |
|--------------------|------------------------------------------------|

| ·   | Risks associated with environmental laws and regulations |
|--------------------|----------------------------------------------------------|

----

|                          |   | 2010   |    |   | 2009   |   |
|-------------------------------|--------|--------|---------|--------|--------|--------|
| Net sales                     |   | $      | 881,591 |   |   | $      | 727,599 |   |
| Income (loss) from operations |   |   | 40,784  |   |   |   | (18,894 | ) |
| Net income (loss)             |   |   | 358     |   |   |   | (24,645 | ) |

----

|                                         |   | As a Percentage of Net Sales |   |
|----------------------------------------------|--------|------------------------------|--------|
|                                         |   | Year ended December 31,      |   |
|                                         |   | 2010                         |   |   | 2009 |   |   | 2008 |   |
| Net sales                                    |   |                         | 100.0  | % |   |   | 100.0 | % |   |   | 100.0 | % |
| Cost of sales                                |   |                         | 87.1   |   |   |   | 92.3 |   |   |   | 86.5 |   |
| Gross profit                                 |   |                         | 12.9   |   |   |   | 7.7 |   |   |   | 13.5 |   |
|                                         |   |                         |   |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses |   |                         | 6.5    |   |   |   | 6.4 |   |   |   | 5.2 |   |
| Research and development                     |   |                         | 0.7    |   |   |   | 1.2 |   |   |   | 0.3 |   |
| Royalty expense                              |   |                         | 1.1    |   |   |   | 1.1 |   |   |   | 0.9 |   |
| Noncash goodwill impairment charge           |   |                         | 0.0    |   |   |   | 1.6 |   |   |   | 0.0 |   |
| Income (loss) from operations                |   |                         | 4.6    |   |   |   | (2.6 | ) |   |   | 7.1 |   |
|                                         |   |                         |   |   |   |   |   |   |   |   |   |   |
| Interest expense                             |   |                         | (3.0   | ) |   |   | (2.2 | ) |   |   | (1.5 | ) |
| Gain (loss) on note repurchase               |   |                         | (1.6   | ) |   |   | 0.2 |   |   |   | 0.0 |   |
| Noncash Titan Europe Plc charge              |   |                         | 0.0    |   |   |   | 0.0 |   |   |   | (3.6 | ) |
| Other income, net                            |   |                         | 0.1    |   |   |   | 0.2 |   |   |   | 0.2 |   |
| Income (loss) before income taxes            |   |                         | 0.1    |   |   |   | (4.4 | ) |   |   | 2.2 |   |
| Income tax provision (benefit)               |   |                         | 0.0    |   |   |   | (1.0 | ) |   |   | 0.9 |   |
| Net income (loss)                            |   |                         | 0.1    | % |   |   | (3.4 | )% |   |   | 1.3 | % |

|                     |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|--------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Agricultural             |   | $      | 675,178 |   |   | $      | 563,528 |   |   | $ | 729,895 |   |
| Earthmoving/Construction |   |   | 191,042 |   |   |   | 144,589 |   |   |   | 281,008 |   |
| Consumer                 |   |   | 15,371  |   |   |   | 19,482  |   |   |   | 25,797 |   |
| Total                    |   | $      | 881,591 |   |   | $      | 727,599 |   |   | $ | 1,036,700 |   |

----

|                      |   |       |   |   | December 31, 2010 |   |           | 2011       |   |
|---------------------------|--------|------------|--------|--------|-------------------|--------|----------------|------------|--------|
|                      |   |       |   |   | Increase          |   |           | Increase   |   |   | Increase |   |
|                      |   | Percentage |   |   | (Decrease)        |   |           | (Decrease) |   |   | (Decrease) |   |
| Assumptions               |   | Change     |   |   | PBO (a)           |   |           | Equity     |   |   | Expense |   |
| Pension                   |   |       |   |   |              |   |           |       |   |   |   |   |
| Discount rate             |   |       | +/-.5  |   |              | $      | (4,747)/$5,170 |       |   | $ | 4,747/$(5,170) |   |   | $ | (481)/$156 |   |
| Expected return on assets |   |       | +/-.5  |   |              |   |           |       |   |   |   |   |   | $ | (351)/$351 |   |

| (a)   | Projected benefit obligation (PBO) for pension plans. |
|-----------------|-------------------------------------------------------|

----

|                    |   | 2010   |    |   | 2009   |   |    | % Increase |   |
|-------------------------|--------|--------|---------|--------|--------|--------|---------|------------|--------|
| Net sales               |   | $      | 881,591 |   |   | $      | 727,599 |       |   |   | 21 | % |
| Cost of sales           |   |   | 767,662 |   |   |   | 671,634 |       |   |   | 14 | % |
| Gross profit            |   |   | 113,929 |   |   |   | 55,965  |       |   |   | 104 | % |
| Gross profit percentage |   |   | 12.9    | %      |   |   | 7.7     | %          |   |   |   |   |

|                                |   | 2010   |   |   | 2009   |   |   | % Increase |   |
|-------------------------------------|--------|--------|--------|--------|--------|--------|--------|------------|--------|
| Selling, general and administrative |   | $      | 57,565 |   |   | $      | 46,734 |       |   |   | 23 | % |
| Percentage of net sales             |   |   | 6.5    | %      |   |   | 6.4    | %          |   |   |   |   |

|                     |   | 2010   |   |   | 2009   |   |   | % Decrease |   |
|--------------------------|--------|--------|--------|--------|--------|--------|--------|------------|--------|
| Research and development |   | $      | 6,317  |   |   | $      | 8,850  |       |   |   | (29 | )% |
| Percentage of net sales  |   |   | 0.7    | %      |   |   | 1.2    | %          |   |   |   |   |

----

|            |   | 2010 |   |   | 2009   |   |   | % Increase |   |
|-----------------|--------|------|--------|--------|--------|--------|--------|------------|--------|
| Royalty expense |   | $    | 9,263  |   |   | $      | 7,573  |       |   |   | 22 | % |

|                    |   | 2010 |   |   | 2009   |   |   | % Decrease |   |
|-------------------------|--------|------|--------|--------|--------|--------|--------|------------|--------|
| Noncash goodwill charge |   | $    | 0      |   |   | $      | 11,702 |       |   |   | (100 | )% |

|                          |   | 2010   |   |   | 2009   |   |    | % Increase |   |
|-------------------------------|--------|--------|--------|--------|--------|--------|---------|------------|--------|
| Income (loss) from operations |   | $      | 40,784 |   |   | $      | (18,894 | )          |   |   | n/a |   |
| Percentage of net sales       |   |   | 4.6    | %      |   |   | (2.6    | )%         |   |   |   |   |

|             |   | 2010 |   |   | 2009   |   |   | % Increase |   |
|------------------|--------|------|--------|--------|--------|--------|--------|------------|--------|
| Interest expense |   | $    | 26,667 |   |   | $      | 16,246 |       |   |   | 64 | % |

----

|                           |   | 2010 |    |   | 2009   |   |   | % Decrease |   |
|--------------------------------|--------|------|---------|--------|--------|--------|--------|------------|--------|
| Gain (loss) on note repurchase |   | $    | (14,573 | )      |   | $      | 1,398  |       |   |   | n/a |   |

|         |   | 2010 |   |   | 2009   |   |   | % Decrease |   |
|--------------|--------|------|--------|--------|--------|--------|--------|------------|--------|
| Other income |   | $    | 1,105  |   |   | $      | 1,740  |       |   |   | (36 | )% |

|                           |   | 2010 |   |   | 2009   |   |   | % Increase |   |
|--------------------------------|--------|------|--------|--------|--------|--------|--------|------------|--------|
| Income tax provision (benefit) |   | $    | 291    |   |   | $      | (7,357 | )          |   |   | n/a |   |

|              |   | 2010 |   |   | 2009   |   |    | % Increase |   |
|-------------------|--------|------|--------|--------|--------|--------|---------|------------|--------|
| Net income (loss) |   | $    | 358    |   |   | $      | (24,645 | )          |   |   | n/a |   |

----

|                   |   | 2010   |    |   | 2009   |   |    | % Increase |   |
|------------------------|--------|--------|---------|--------|--------|--------|---------|------------|--------|
| Net sales              |   | $      | 675,178 |   |   | $      | 563,528 |       |   |   | 20 | % |
| Gross profit           |   |   | 108,102 |   |   |   | 51,955  |       |   |   | 108 | % |
| Income from operations |   |   | 91,953  |   |   |   | 26,980  |       |   |   | 241 | % |

|                 |   | 2010   |    |   | 2009   |   |    | % Increase (Decrease) |   |
|----------------------|--------|--------|---------|--------|--------|--------|---------|-----------------------|--------|
| Net sales            |   | $      | 191,042 |   |   | $      | 144,589 |                  |   |   | 32 | % |
| Gross profit         |   |   | 6,439   |   |   |   | 3,595   |                  |   |   | 79 | % |
| Loss from operations |   |   | (1,457  | )      |   |   | (7,999  | )                     |   |   | (82 | )% |

----

|                          |   | 2010   |   |   | 2009   |   |   | % Increase (Decrease) |   |
|-------------------------------|--------|--------|--------|--------|--------|--------|--------|-----------------------|--------|
| Net sales                     |   | $      | 15,371 |   |   | $      | 19,482 |                  |   |   | (21 | )% |
| Gross profit                  |   |   | 2,867  |   |   |   | 1,604  |                  |   |   | 79 | % |
| Income (loss) from operations |   |   | 2,542  |   |   |   | (206   | )                     |   |   | n/a |   |

|  2010                    |   | Agricultural |    |   | Earthmoving/Construction |   |    | Consumer |   |   | Corporate Expenses |   |   | Consolidated Totals |    |
|-------------------------------|--------|--------------|---------|--------|--------------------------|--------|---------|----------|--------|--------|-------------------------|--------|--------|--------------------------|---------|
| Net sales                     |   | $            | 675,178 |   |                     | $      | 191,042 |     |   | $      | 15,371                  |   |   | $                        | 0       |   |   | $ | 881,591 |   |
| Gross profit (loss)           |   |         | 108,102 |   |                     |   | 6,439   |     |   |   | 2,867                   |   |   |                     | (3,479  | ) |   |   | 113,929 |   |
| Income (loss) from operations |   |         | 91,953  |   |                     |   | (1,457  | )        |   |   | 2,542                   |   |   |                     | (52,254 | ) |   |   | 40,784 |   |
|                          |   |         |    |   |                     |   |    |     |   |   |                    |   |   |                     |    |   |   |   |   |   |
| 2009                          |   |         |    |   |                     |   |    |     |   |   |                    |   |   |                     |    |   |   |   |   |   |
| Net sales                     |   | $            | 563,528 |   |                     | $      | 144,589 |     |   | $      | 19,482                  |   |   | $                        | 0       |   |   | $ | 727,599 |   |
| Gross profit (loss)           |   |         | 51,955  |   |                     |   | 3,595   |     |   |   | 1,604                   |   |   |                     | (1,189  | ) |   |   | 55,965 |   |
| Income (loss) from operations |   |         | 26,980  |   |                     |   | (7,999  | )        |   |   | (206                    | )      |   |                     | (37,669 | ) |   |   | (18,894 | ) |

----

|                    |   | 2009   |    |   | 2008   |   |      | % Decrease |   |
|-------------------------|--------|--------|---------|--------|--------|--------|-----------|------------|--------|
| Net sales               |   | $      | 727,599 |   |   | $      | 1,036,700 |       |   |   | (30 | )% |
| Cost of sales           |   |   | 671,634 |   |   |   | 896,986   |       |   |   | (25 | )% |
| Gross profit            |   |   | 55,965  |   |   |   | 139,714   |       |   |   | (60 | )% |
| Gross profit percentage |   |   | 7.7     | %      |   |   | 13.5      | %          |   |   |   |   |

|                                |   | 2009   |   |   | 2008   |   |   | % Decrease |   |
|-------------------------------------|--------|--------|--------|--------|--------|--------|--------|------------|--------|
| Selling, general and administrative |   | $      | 46,734 |   |   | $      | 53,661 |       |   |   | (13 | )% |
| Percentage of net sales             |   |   | 6.4    | %      |   |   | 5.2    | %          |   |   |   |   |

|                     |   | 2009   |   |   | 2008   |   |   | % Increase |   |
|--------------------------|--------|--------|--------|--------|--------|--------|--------|------------|--------|
| Research and development |   | $      | 8,850  |   |   | $      | 3,490  |       |   |   | 154 | % |
| Percentage of net sales  |   |   | 1.2    | %      |   |   | 0.3    | %          |   |   |   |   |

----

|            |   | 2009 |   |   | 2008   |   |   | % Decrease |   |
|-----------------|--------|------|--------|--------|--------|--------|--------|------------|--------|
| Royalty expense |   | $    | 7,573  |   |   | $      | 9,242  |       |   |   | (18 | )% |

|                    |   | 2009 |   |   | 2008   |   |   | % Increase |   |
|-------------------------|--------|------|--------|--------|--------|--------|--------|------------|--------|
| Noncash goodwill charge |   | $    | 11,702 |   |   | $      | 0      |       |   |   | n/a |   |

|                          |   | 2009   |    |   | 2008   |   |   | % Decrease |   |
|-------------------------------|--------|--------|---------|--------|--------|--------|--------|------------|--------|
| Income (loss) from operations |   | $      | (18,894 | )      |   | $      | 73,321 |       |   |   | n/a |   |
| Percentage of net sales       |   |   | (2.6    | )%     |   |   | 7.1    | %          |   |   |   |   |

|             |   | 2009 |   |   | 2008   |   |   | % Increase |   |
|------------------|--------|------|--------|--------|--------|--------|--------|------------|--------|
| Interest expense |   | $    | 16,246 |   |   | $      | 15,122 |       |   |   | 7 | % |

|                           |   | 2009 |   |   | 2008   |   |   | % Increase |   |
|--------------------------------|--------|------|--------|--------|--------|--------|--------|------------|--------|
| Gain (loss) on note repurchase |   | $    | 1,398  |   |   | $      | 0      |       |   |   | n/a |   |

----

|                            |   | 2009 |   |   | 2008   |   |    | % Decrease |   |
|---------------------------------|--------|------|--------|--------|--------|--------|---------|------------|--------|
| Noncash Titan Europe Plc charge |   | $    | 0      |   |   | $      | (37,698 | )          |   |   | (100 | )% |

|         |   | 2009 |   |   | 2008   |   |   | % Decrease |   |
|--------------|--------|------|--------|--------|--------|--------|--------|------------|--------|
| Other income |   | $    | 1,740  |   |   | $      | 2,509  |       |   |   | (31 | )% |

|                           |   | 2009 |   |   | 2008   |   |   | % Decrease |   |
|--------------------------------|--------|------|--------|--------|--------|--------|--------|------------|--------|
| Income tax provision (benefit) |   | $    | (7,357 | )      |   | $      | 9,673  |       |   |   | n/a |   |

|              |   | 2009 |    |   | 2008   |   |   | % Increase |   |
|-------------------|--------|------|---------|--------|--------|--------|--------|------------|--------|
| Net income (loss) |   | $    | (24,645 | )      |   | $      | 13,337 |       |   |   | n/a |   |

----

|                   |   | 2009   |    |   | 2008   |   |    | % Decrease |   |
|------------------------|--------|--------|---------|--------|--------|--------|---------|------------|--------|
| Net sales              |   | $      | 563,528 |   |   | $      | 729,895 |       |   |   | (23 | )% |
| Gross profit           |   |   | 51,955  |   |   |   | 89,782  |       |   |   | (42 | )% |
| Income from operations |   |   | 26,980  |   |   |   | 74,241  |       |   |   | (64 | )% |

|                          |   | 2009   |    |   | 2008   |   |    | % Decrease |   |
|-------------------------------|--------|--------|---------|--------|--------|--------|---------|------------|--------|
| Net sales                     |   | $      | 144,589 |   |   | $      | 281,008 |       |   |   | (49 | )% |
| Gross profit                  |   |   | 3,595   |   |   |   | 46,047  |       |   |   | (92 | )% |
| Income (loss) from operations |   |   | (7,999  | )      |   |   | 38,422  |       |   |   | n/a |   |

----

|                          |   | 2009   |   |   | 2008   |   |   | % Decrease |   |
|-------------------------------|--------|--------|--------|--------|--------|--------|--------|------------|--------|
| Net sales                     |   | $      | 19,482 |   |   | $      | 25,797 |       |   |   | (24 | )% |
| Gross profit                  |   |   | 1,604  |   |   |   | 3,938  |       |   |   | (59 | )% |
| Income (loss) from operations |   |   | (206   | )      |   |   | 3,303  |       |   |   | n/a |   |

|  2009                    |   | Agricultural |    |   | Earthmoving/Construction |   |    | Consumer |   |   | Corporate Expenses |   |   | Consolidated Totals |    |
|-------------------------------|--------|--------------|---------|--------|--------------------------|--------|---------|----------|--------|--------|-------------------------|--------|--------|--------------------------|---------|
| Net sales                     |   | $            | 563,528 |   |                     | $      | 144,589 |     |   | $      | 19,482                  |   |   | $                        | 0       |   |   | $ | 727,599 |   |
| Gross profit (loss)           |   |         | 51,955  |   |                     |   | 3,595   |     |   |   | 1,604                   |   |   |                     | (1,189  | ) |   |   | 55,965 |   |
| Income (loss) from operations |   |         | 26,980  |   |                     |   | (7,999  | )        |   |   | (206                    | )      |   |                     | (37,669 | ) |   |   | (18,894 | ) |
|                          |   |         |    |   |                     |   |    |     |   |   |                    |   |   |                     |    |   |   |   |   |   |
| 2008                          |   |         |    |   |                     |   |    |     |   |   |                    |   |   |                     |    |   |   |   |   |   |
| Net sales                     |   | $            | 729,895 |   |                     | $      | 281,008 |     |   | $      | 25,797                  |   |   | $                        | 0       |   |   | $ | 1,036,700 |   |
| Gross profit (loss)           |   |         | 89,782  |   |                     |   | 46,047  |     |   |   | 3,938                   |   |   |                     | (53     | ) |   |   | 139,714 |   |
| Income (loss) from operations |   |         | 74,241  |   |                     |   | 38,422  |     |   |   | 3,303                   |   |   |                     | (42,645 | ) |   |   | 73,321 |   |

----

| (amounts in thousands) |   | Year ended December 31, |    |   |   |   |
|------------------------|--------|-------------------------|---------|--------|--------|--------|
|                   |   | 2010                    |    |   | 2009   |   |   | Change |   |
| Cash                   |   | $                       | 239,500 |   |   | $      | 229,182 |   |   | $ | 10,318 |   |

| (Amounts in thousands)                |   | Year ended December 31, |    |   |   |   |
|---------------------------------------|--------|-------------------------|---------|--------|--------|--------|
|                                  |   | 2010                    |    |   | 2009   |   |   | Change |   |
| Net income (loss)                     |   | $                       | 358     |   |   | $      | (24,645 | ) |   | $ | 25,003 |   |
| Depreciation and amortization         |   |                    | 37,567  |   |   |   | 34,296 |   |   |   | 3,271 |   |
| Deferred income tax provision         |   |                    | 1,476   |   |   |   | (2,950 | ) |   |   | 4,426 |   |
| (Gain) loss on note repurchase        |   |                    | 14,573  |   |   |   | (1,398 | ) |   |   | 15,971 |   |
| Noncash goodwill impairment charge    |   |                    | 0       |   |   |   | 11,702 |   |   |   | (11,702 | ) |
| Accounts receivable                   |   |                    | (21,491 | )      |   |   | 59,018 |   |   |   | (80,509 | ) |
| Inventories                           |   |                    | (17,846 | )      |   |   | 37,170 |   |   |   | (55,016 | ) |
| Accounts payable                      |   |                    | 11,035  |   |   |   | (41,301 | ) |   |   | 52,336 |   |
| Other current liabilities             |   |                    | 11,426  |   |   |   | (462 | ) |   |   | 11,888 |   |
| Other operating activities            |   |                    | 13,613  |   |   |   | 883 |   |   |   | 12,730 |   |
| Cash provided by operating activities |   | $                       | 50,711  |   |   | $      | 72,313 |   |   | $ | (21,602 | ) |

----

| (Amounts in thousands)                    |   | Year ended December 31, |    |   |   |   |
|-------------------------------------------|--------|-------------------------|---------|--------|--------|--------|
|                                      |   | 2010                    |    |   | 2009   |   |   | Change |   |
| Capital expenditures                      |   | $                       | (28,854 | )      |   | $      | (39,537 | ) |   | $ | 10,683 |   |
| Acquisition of shares of Titan Europe Plc |   |                    | 0       |   |   |   | (2,399 | ) |   |   | 2,399 |   |
| Other investing activities                |   |                    | 106     |   |   |   | 1,042 |   |   |   | (936 | ) |
| Cash used for investing activities        |   | $                       | (28,748 | )      |   | $      | (40,894 | ) |   | $ | 12,146 |   |

| (Amounts in thousands)                           |   | Year ended December 31, |     |   |   |   |
|--------------------------------------------------|--------|-------------------------|----------|--------|--------|--------|
|                                             |   | 2010                    |     |   | 2009   |   |   | Change |   |
| Proceeds from borrowings                         |   | $                       | 200,000  |   |   | $      | 172,500 |   |   | $ | 27,500 |   |
| Repurchase of senior notes                       |   |                    | (206,166 | )      |   |   | (4,726 | ) |   |   | (201,440 | ) |
| Payments on credit facility                      |   |                    | 0        |   |   |   | (25,000 | ) |   |   | 25,000 |   |
| Proceeds from exercise of stock options          |   |                    | 285      |   |   |   | 1,142 |   |   |   | (857 | ) |
| Payment of financing fees                        |   |                    | (5,057   | )      |   |   | (7,107 | ) |   |   | 2,050 |   |
| Other financing activities                       |   |                    | (707     | )      |   |   | (704 | ) |   |   | (3 | ) |
| Cash provided by (used for) financing activities |   | $                       | (11,645  | )      |   | $      | 136,105 |   |   | $ | (147,750 | ) |

----

| ·   | Collateral coverage be equal to or greater than 1.2 times the outstanding credit facility balance. |
|--------------------|----------------------------------------------------------------------------------------------------|

| ·   | If the 30-day average of the outstanding credit facility balance exceeds $70 million, the fixed charge coverage ratio be equal to or greater than a 1.1 to 1.0 ratio. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Limits on payments of dividends and repurchases of the Company’s stock. |
|--------------------|-------------------------------------------------------------------------------|

| ·   | Restrictions on the ability of the Company to make additional borrowings, or to consolidate, merge or otherwise fundamentally change the ownership of the Company. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Limitations on investments, dispositions of assets and guarantees of indebtedness. |
|--------------------|------------------------------------------------------------------------------------|

| ·   | Other customary affirmative and negative covenants. |
|--------------------|-----------------------------------------------------|

----

|                                                      |   | Payments due by period |    |
|-----------------------------------------------------------|--------|------------------------|---------|
| Contractual Obligations                                   |   | Total                  |    |   | Less than 1 year |   |   | 1-3 years |   |   | 3-5 years |   |   | More than 5 years |   |
| 7.875% senior secured notes due 2017                      |   | $                      | 200,000 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 200,000 |   |
| 5.625% senior subordinated convertible notes due 2017 (a) |   |                   | 112,881 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 112,881 |   |
| 8% senior unsecured notes due 2012                        |   |                   | 1,064   |   |   |   | 0 |   |   |   | 1,064 |   |   |   | 0 |   |   |   | 0 |   |
| Interest expense (b)                                      |   |                   | 132,734 |   |   |   | 22,232 |   |   |   | 44,203 |   |   |   | 44,199 |   |   |   | 22,100 |   |
| Operating leases                                          |   |                   | 449     |   |   |   | 370 |   |   |   | 78 |   |   |   | 1 |   |   |   | 0 |   |
| Purchase obligations                                      |   |                   | 4,829   |   |   |   | 2,180 |   |   |   | 2,649 |   |   |   | 0 |   |   |   | 0 |   |
| Other long-term liabilities (c)                           |   |                   | 25,700  |   |   |   | 3,000 |   |   |   | 7,700 |   |   |   | 6,700 |   |   |   | 8,300 |   |
| Royalty payment (d)                                       |   |                   | 18,600  |   |   |   | 9,300 |   |   |   | 9,300 |   |   |   | 0 |   |   |   | 0 |   |
| Total                                                     |   | $                      | 496,257 |   |   | $ | 37,082 |   |   | $ | 64,994 |   |   | $ | 50,900 |   |   | $ | 343,281 |   |

| (a)   | The December 31, 2010, convertible note balance has been adjusted for the January 19, 2011, exchange agreement in which a note holder exchanged convertible notes for stock. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Interest expense is estimated based on the Company’s year-end 2010 debt balances, maturities and interest rates.  The estimates have been decreased for the known decrease in the convertible notes balance on January 19, 2011.  The estimates assume no credit facility borrowings.  The Company’s actual debt balances and interest rates may fluctuate in the future.  Therefore, actual interest payments may vary from those payments detailed in the above table. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Other long-term liabilities represent the Company’s estimated funding requirements for the frozen defined benefit pension plans. The Company’s liability for pensions is based on a number of assumptions, including discount rates, rates of return on investments, mortality rates and other factors.  Certain of these assumptions are determined with the assistance of outside actuaries.  Assumptions are based on past experience and anticipated future trends and are subject to a number of risks and uncertainties and may lead to significantly different pension liability funding requirements. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | The Company pays a royalty relating to a license agreement with The Goodyear Tire & Rubber Company to manufacture and sell certain off-highway tires in North America.  Titan currently plans to continue using the Goodyear trademark until circumstances require a change.  Titan’s royalty payment to Goodyear for the next two years, the current term of the agreement, using the annual 2010 royalty payment of approximately $9.3 million as an estimate would total approximately $18.6 million.  The actual royalty amount paid to Goodyear in the future will vary based on the sales of certain off-highway tires in North America and the continuation of the license agreement. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | Revolving credit facility  The Company has a $100 million credit facility that has a variable interest rate.  If the credit facility were fully drawn, a change in the interest rate of 100 basis points, or 1%, would change the Company’s interest expense by approximately $1.0 million.  At December 31, 2010, there were no borrowings under the credit facility. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 8% senior unsecured notes due 2012  At December 31, 2010, the fair value of the 8% senior unsecured notes due January 2012, based on market prices obtained through independent pricing sources, was approximately $1.2 million, compared to a carrying value of $1.1 million. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 5.625% convertible senior subordinated notes due 2017  At December 31, 2010, the fair value of the 5.625% convertible senior subordinated notes due January 2017, based on market prices obtained through independent pricing sources, was approximately $362.9 million, compared to a carrying value of $172.5 million. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 7.875% senior secured notes due 2017  At December 31, 2010, the fair value of the 7.875% senior secured notes due 2017, based on market prices obtained through independent pricing sources, was approximately $213.0 million, compared to a carrying value of $200.0 million. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| ITEM 9 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
|-----------------------------------------------------------------------------------------------------|

| ITEM 9A – CONTROLS AND PROCEDURES |
|-----------------------------------------|

| ITEM 9B – OTHER INFORMATION |
|-----------------------------------|

----

----

| ITEM 12 – SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
|----------------------------------------------------------------------------------------------------------------|

|       Plan Category          |   |  (i)Number of securities to be issued upon exercise of outstanding options,warrants and rights |     |   |  (ii)Weighted-averageexercise price of outstanding options, warrants and rights |   |             | (iii)Number of securitiesremaining available forfuture issuance under equity compensation plans (excluding securities reflected in column (i)) |   |
|------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|----------|--------|--------------------------------------------------------------------------------------|--------|------------------|------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Equity compensation plans approved by security holders     |   |                                                                                                | 829,224  | (a)    |                                                                                 |   |   13.75     |                                                                                                                                           |   |   |   722,782 |   |
| Equity compensation plans not approved by security holders |   |                                                                                                |   0 |   |                                                                                 |   |    n/a |                                                                                                                                           |   |   |   0 |   |
| Total                                                      |   |                                                                                                | 829,224  |   |                                                                                 |   | 13.75            |                                                                                                                                           |   |   | 722,782 |   |

| (a)   | Amount includes outstanding stock options under the Company’s 1994 Non-Employee Director Stock Option Plan and 2005 Equity Incentive Plan. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 13 – CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
|-------------------------------------------------------------------------------------------|

----

| ITEM 15 –                     | EXHIBITS, FINANCIAL STATEMENT SCHEDULES                                                                               |             |
|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------|------------------|
|                                |                                                                                                                  |             |
|    (a)  1. | Financial Statements                                                                                                  |             |
|                                |                                                                                                                  |             |
|                                | Management’s Responsibility for Financial Statements and Report on Internal Control Over Financial Reporting    | F-1              |
|                                |                                                                                                                  |             |
|                                | Report of Independent Registered Public Accounting Firm                                                               | F-2              |
|                                |                                                                                                                  |             |
|                                | Consolidated Statements of Operations for the years ended December 31, 2010, 2009 and 2008                            | F-3              |
|                                |                                                                                                                  |             |
|                                | Consolidated Balance Sheets at December 31, 2010 and 2009                                                             | F-4              |
|                                |                                                                                                                  |             |
|                                | Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2008, 2009 and 2010 | F-5              |
|                                |                                                                                                                  |             |
|                                | Consolidated Statements of Cash Flows for the years ended December 31, 2010, 2009 and 2008                            | F-6              |
|                                |                                                                                                                  |             |
|                                | Notes to Consolidated Financial Statements                                                                            | F-7 through F-37 |
|                                |                                                                                                                  |             |
| 2.                                  | Financial Statement Schedule                                                                                          |             |
|                                |                                                                                                                  |             |
|                                | Schedule II – Valuation Reserves                                                                                | S-1              |
|                                |                                                                                                                  |             |
| 3.                                  | Exhibits                                                                                                              |             |
|                                |                                                                                                                  |             |
|                                | The accompanying Exhibit Index is incorporated herein by reference.                                                   |             |

----

|   | TITAN INTERNATIONAL, INC. |
|--------|---------------------------|
|   | (Registrant)              |

| Date:   | February 23, 2011 | By:   | /s/  MAURICE M. TAYLOR JR. |
|-------------------|-------------------|-----------------|--------------------------------------|
|              |              |            | Maurice M. Taylor Jr.                |
|              |              |            | Chairman and Chief Executive Officer |

| Signatures                                                                                                                                                                                                                                                                                                                                                                                                               | Capacity                             |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                     |                                 |
| /s/  MAURICE M. TAYLOR JR.                                                                                                                                                                                                                                                                                                                                                                                     | Chairman and Chief Executive Officer |
|          Maurice M. Taylor Jr.                                                                                                                                                                                                                                                                                                                                              | (Principal Executive Officer)        |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |                                 |
|  /s/  PAUL G. REITZ                                                                                                                                                                                                                                                                                                                                                                                       | Chief Financial Officer              |
|          Paul G. Reitz                                                                                                                                                                                                                                                                                                                                                      | (Principal Financial Officer and     |
|                                                                                                                                                                                                                                                                                                                                                                                                                     | Principal Accounting Officer)        |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |                                 |
| /s/  J. MICHAEL A. AKERS                                                                                                                        | Director                             |
|          J. Michael A. Akers                                                                                                                                                                                                                                                                                                                                                |                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |                                 |
| /s/  ERWIN H. BILLIG                                                                                                                                                                                   | Director                             |
|          Erwin H. Billig                                                                                                                                                                                                                                                                                                                                                    |                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |                                 |
| /s/  RICHARD M. CASHIN JR.                                                               | Director                             |
| Richard M. Cashin Jr.                                                                                                                                                                                                                                                                                                                                                                                                    |                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |                                 |
|    /s/  ALBERT J. FEBBO                                                                                                          | Director                             |
| Albert J. Febbo                                                                                                                                                                                                                                                                                                                                                                                                          |                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |                                 |
| /s/  MITCHELL I. QUAIN                                                                                                                          | Director                             |
| Mitchell I. Quain                                                                                                                                                                                                                                                                                                                                                                                                        |                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |                                 |
| /s/  ANTHONY L. SOAVE                                                                                                                           | Director                             |
| Anthony L. Soave                                                                                                                                                                                                                                                                                                                                                                                                         |                                 |

----

| Exhibit               |                                                                                                                                          |
|-----------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|    No. | DESCRIPTION                                                                                                                                   |
| 3.1 (a)               | Amended Restated Articles of Incorporation of the Company                                                                                     |
| 3.2 (b)               | Bylaws of the Company                                                                                                                         |
| 4.1 (c)               | Indenture between the Company and U.S. Bank National Association dated December 28, 2006                                                      |
| 4.2 (d)               | First Supplemental Indenture dated September 14, 2010 to December 28, 2006 Indenture between the Company and U.S. Bank National Association   |
| 4.3 (e)               | Indenture between the Company and U.S. Bank National Association dated December 21, 2009                                                      |
| 4.4 (d)               | Indenture between the Company and U.S. Bank National Association dated October 1, 2010                                                        |
| 10.1 (f)              | 1994 Non-Employee Director Stock Option Plan                                                                                                  |
| 10.2 (g)              | 2005 Equity Incentive Plan                                                                                                                    |
| 10.3 (h)              | Amended and Restated Credit Agreement among the Company and Bank of America, N.A. dated as of January 30, 2009                                |
| 10.4 (i)              | First Amendment to Amended and Restated Credit Agreement dated as of September 9, 2010                                                        |
| 10.5 (j)              | Second Amendment to Amended and Restated Credit Agreement dated as of January 7, 2011                                                         |
| 10.6 (j)              | Form of Exchange Agreement for 5.625% Convertible Senior Subordinated Notes due 2017                                                          |
| 10.7 (k)              | Maurice M. Taylor, Jr. Employment Agreement                                                                                                   |
| 10.8 (k)              | Kent W. Hackamack Employment Agreement                                                                                                        |
| 10.9 (k)              | Cheri T. Holley Employment Agreement                                                                                                          |
| 10.10*                | Maurice M. Taylor, Jr. Employment Agreement Amendment                                                                                         |
| 10.11 (a)             | Trademark License Agreement with The Goodyear Tire & Rubber Company **                                                                    |
| 10.12 (a)             | Supply Agreement with Deere & Company – August 2006 **                                                                              |
| 10.13 (a)             | Supply Agreement with Deere & Company – April 2008 **                                                                               |
| 10.14*                | Wheel Purchase Agreement with Deere & Company – November 2010 **                                                                    |
| 10.15*                | Purchase Agreement – Latin America between The Goodyear Tire & Rubber Company and Titan Tire Corporation dated December 13, 2010    |
| 10.16 *               | Put Option between The Goodyear Tire & Rubber Company, Goodyear Dunlop Tires France SA and Titan Tire Corporation dated December 13, 2010 |
| 21*                   | Subsidiaries of the Registrant                                                                                                                |
| 23*                   | Consent of Independent Registered Public Accounting Firm                                                                                      |
| 31.1*                 | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                        |
| 31.2*                 | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                        |
| 32*                   | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                       |

| (a)   | Incorporated by reference to the same numbered exhibit contained in the Company’s Form 10-Q for the quarterly period ended September 30, 2010 (No. 1-12936). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Incorporated by reference to the same numbered exhibit contained in the Company’s Registration Statement on Form S-4 (No. 33-69228). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Incorporated by reference to the same numbered exhibit contained in the Company’s Form S-4 (No. 333-141865). |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

| (d)   | Incorporated by reference to the same numbered exhibit contained in the Company’s Current Report on Form 8-K filed October 5, 2010.  (No. 1-12936). |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | Incorporated by reference to the same numbered exhibit contained in the Company’s Current Report on Form 8-K filed on December 21, 2009 (No. 1-12936). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | Incorporated by reference to the Company’s Registration Statement on Form S-3 (No. 333-61743). |
|-----------------|------------------------------------------------------------------------------------------------------|

| (g)   | Incorporated by reference to Appendix A of the Company’s Definitive Proxy Statement filed on March 30, 2005. |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

| (h)   | Incorporated by reference to the same numbered exhibit contained in the Company’s Form 10-K for the year ended December 31, 2009 (No 1-12936). |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | Incorporated by reference to the same numbered exhibit contained in the Company’s Current Report on Form 8-K filed on September 9, 2010 (No. 1-12936). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j)   | Incorporated by reference to the same numbered exhibit contained in the Company’s Current Report on Form 8-K filed on January 7, 2011 (No. 1-12936). |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k)   | Incorporated by reference to the same numbered exhibit contained in the Company’s Form 10-Q for the quarterly period ended June 30, 2006 (No. 1-12936). |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                                               |   | Year ended December 31, |    |
|----------------------------------------------------|--------|-------------------------|---------|
|                                               |   | 2010                    |    |   | 2009 |   |   | 2008 |   |
| Net sales                                          |   | $                       | 881,591 |   |   | $ | 727,599 |   |   | $ | 1,036,700 |   |
| Cost of sales                                      |   |                    | 767,662 |   |   |   | 671,634 |   |   |   | 896,986 |   |
| Gross profit                                       |   |                    | 113,929 |   |   |   | 55,965 |   |   |   | 139,714 |   |
| Selling, general and administrative expenses       |   |                    | 57,565  |   |   |   | 46,734 |   |   |   | 53,661 |   |
| Research and development expenses                  |   |                    | 6,317   |   |   |   | 8,850 |   |   |   | 3,490 |   |
| Royalty expense                                    |   |                    | 9,263   |   |   |   | 7,573 |   |   |   | 9,242 |   |
| Noncash goodwill impairment charge                 |   |                    | 0       |   |   |   | 11,702 |   |   |   | 0 |   |
| Income (loss) from operations                      |   |                    | 40,784  |   |   |   | (18,894 | ) |   |   | 73,321 |   |
| Interest expense                                   |   |                    | (26,667 | ) |   |   | (16,246 | ) |   |   | (15,122 | ) |
| Gain (loss) on note repurchase                     |   |                    | (14,573 | ) |   |   | 1,398 |   |   |   | 0 |   |
| Noncash Titan Europe Plc charge                    |   |                    | 0       |   |   |   | 0 |   |   |   | (37,698 | ) |
| Other income                                       |   |                    | 1,105   |   |   |   | 1,740 |   |   |   | 2,509 |   |
| Income (loss) before income taxes                  |   |                    | 649     |   |   |   | (32,002 | ) |   |   | 23,010 |   |
| Income tax provision (benefit)                     |   |                    | 291     |   |   |   | (7,357 | ) |   |   | 9,673 |   |
| Net income (loss)                                  |   | $                       | 358     |   |   | $ | (24,645 | ) |   | $ | 13,337 |   |
| Earnings (loss) per common share:                  |   |                    |    |   |   |   |   |   |   |   |   |   |
|   Basic                                  |   | $                       | .01     |   |   | $ | (.71 | ) |   | $ | .39 |   |
|   Diluted                                |   |                    | .01     |   |   |   | (.71 | ) |   |   | .38 |   |
| Average common shares and equivalents outstanding: |   |                    |    |   |   |   |   |   |   |   |   |   |
|   Basic                                  |   |                    | 34,896  |   |   |   | 34,708 |   |   |   | 34,410 |   |
|   Diluted                                |   |                    | 35,391  |   |   |   | 34,708 |   |   |   | 34,838 |   |

----

|                                                                                  |   | December 31, |    |
|---------------------------------------------------------------------------------------|--------|--------------|---------|
| Assets                                                                                |   | 2010         |    |   | 2009 |   |
| Current assets                                                                        |   |         |    |   |   |   |
|   Cash and cash equivalents                                                 |   | $            | 239,500 |   |   | $ | 229,182 |   |
|   Accounts receivable (net of allowance of $3,889 and $3,958, respectively) |   |         | 89,004  |   |   |   | 67,513 |   |
|   Inventories                                                               |   |         | 127,982 |   |   |   | 110,136 |   |
|   Deferred income taxes                                                     |   |         | 12,791  |   |   |   | 11,108 |   |
|   Prepaid and other current assets                                          |   |         | 18,663  |   |   |   | 27,277 |   |
|     Total current assets                                          |   |         | 487,940 |   |   |   | 445,216 |   |
|                                                                                  |   |         |    |   |   |   |   |   |
|   Property, plant and equipment, net                                        |   |         | 248,054 |   |   |   | 254,461 |   |
|   Deferred income taxes                                                     |   |         | 0       |   |   |   | 7,253 |   |
|   Other assets                                                              |   |         | 51,476  |   |   |   | 29,533 |   |
|                                                                                  |   |         |    |   |   |   |   |   |
| Total assets                                                                          |   | $            | 787,470 |   |   | $ | 736,463 |   |
|                                                                                  |   |         |    |   |   |   |   |   |
| Liabilities and Stockholders’ Equity                                            |   |         |    |   |   |   |   |   |
| Current liabilities                                                                   |   |         |    |   |   |   |   |   |
|   Accounts payable                                                          |   | $            | 35,281  |   |   | $ | 24,246 |   |
|   Other current liabilities                                                 |   |         | 57,072  |   |   |   | 45,826 |   |
|     Total current liabilities                                     |   |         | 92,353  |   |   |   | 70,072 |   |
|                                                                                  |   |         |    |   |   |   |   |   |
|   Long-term debt                                                            |   |         | 373,564 |   |   |   | 366,300 |   |
|   Deferred income taxes                                                     |   |         | 1,970   |   |   |   | 0 |   |
|   Other long-term liabilities                                               |   |         | 41,268  |   |   |   | 38,138 |   |
| Total liabilities                                                                     |   |         | 509,155 |   |   |   | 474,510 |   |
|                                                                                  |   |         |    |   |   |   |   |   |
| Commitments and contingencies: Notes 12, 22 and 23                                    |   |         |    |   |   |   |   |   |
|                                                                                  |   |         |    |   |   |   |   |   |
| Stockholders’ equity                                                            |   |         |    |   |   |   |   |   |
|   Common stock (no par, 120,000,000 shares authorized, 37,475,288 issued)   |   |         | 30      |   |   |   | 30 |   |
|   Additional paid-in capital                                                |   |         | 300,540 |   |   |   | 299,519 |   |
|   Retained earnings                                                         |   |         | 16,028  |   |   |   | 16,377 |   |
|   Treasury stock (at cost, 2,108,561 and 2,214,347 shares, respectively)    |   |         | (19,324 | ) |   |   | (20,274 | ) |
|   Treasury stock reserved for contractual obligations                       |   |         | (1,917  | ) |   |   | (5,393 | ) |
|   Accumulated other comprehensive loss                                      |   |         | (17,042 | ) |   |   | (28,306 | ) |
| Total stockholders’ equity                                                      |   |         | 278,315 |   |   |   | 261,953 |   |
|                                                                                  |   |         |    |   |   |   |   |   |
| Total liabilities and stockholders’ equity                                      |   | $            | 787,470 |   |   | $ | 736,463 |   |

----

|                                                                                 |   |  Number of common shares |        |   |   Common Stock |   |   |  Additionalpaid-incapital |   |   |   Retained earnings |   |   |   Treasurystock |    |   | Treasury stock reserved for contractual obligations |   |    | Accumulated other comprehensive income (loss) |   |   |    Total |   |
|--------------------------------------------------------------------------------------|--------|-------------------------------|-------------|--------|--------------------------|--------|--------|--------------------------------|--------|--------|-------------------------------|--------|--------|---------------------------|---------|--------|-----------------------------------------------------|--------|---------|-----------------------------------------------|--------|--------|-------------------------|--------|
| Balance January 1, 2008                                                              |   |                          | #34,183,484 |   |                     | $      | 30     |                           |   | $      | 303,908                       |   |   | $                         | 29,012  |   |                                                | $      | (29,384 | )                                             |   | $      | 0                       |   |   | $ | (31,044 | ) |   | $ | 272,522 |   |
|                                                                                 |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   |   |   |
| Comprehensive income (loss):                                                         |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   |   |   |
| Net income                                                                           |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      | 13,337  |   |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   | 13,337 |   |
| Noncash Titan Europe Plc charge                                                      |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   | 14,249 |   |   |   | 14,249 |   |
| Pension liability adjustments, net of tax                                            |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   | (17,964 | ) |   |   | (17,964 | ) |
| Comprehensive income                                                                 |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   | 9,622 |   |
| Dividends paid on common stock                                                       |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      | (623    | )      |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   | (623 | ) |
| Noncash Titan Europe Plc charge                                                      |   |                          |        |   |                     |   |   |                           |   |   | (10,471                       | )      |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   | (10,471 | ) |
| Cash paid for fractional shares resulting from stock split                           |   |                          |        |   |                     |   |   |                           |   |   | (70                           | )      |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   | (70 | ) |
| Exercise of stock options                                                            |   |                          | 313,463     |   |                     |   |   |                           |   |   | 5,389                         |   |   |                      |    |   |                                                |   | 2,278   |                                          |   |   |                    |   |   |   |   |   |   |   | 7,667 |   |
| Issuance of treasury stock for funding contractual obligations on employee contracts |   |                          | 512,640     |   |                     |   |   |                           |   |   | 898                           |   |   |                      |    |   |                                                |   | 4,603   |                                          |   |   | (5,501                  | )      |   |   |   |   |   |   | 0 |   |
| Issuance of treasury stock under 401(k) plan                                         |   |                          | 22,097      |   |                     |   |   |                           |   |   | 370                           |   |   |                      |    |   |                                                |   | 171     |                                          |   |   |                    |   |   |   |   |   |   |   | 541 |   |
| Balance December 31, 2008                                                            |   |                          | 35,031,684  |   |                     |   | 30     |                           |   |   | 300,024                       |   |   |                      | 41,726  |   |                                                |   | (22,332 | )                                             |   |   | (5,501                  | )      |   |   | (34,759 | ) |   |   | 279,188 |   |
|                                                                                 |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   |   |   |
| Comprehensive income (loss):                                                         |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   |   |   |
| Net loss                                                                             |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      | (24,645 | )      |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   | (24,645 | ) |
| Pension liability adjustments, net of tax                                            |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   | 5,538 |   |   |   | 5,538 |   |
| Unrealized gain on investment, net of tax                                            |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   | 915 |   |   |   | 915 |   |
| Comprehensive loss                                                                   |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   | (18,192 | ) |
| Dividends paid on common stock                                                       |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      | (704    | )      |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   | (704 | ) |
| Exercise of stock options                                                            |   |                          | 170,000     |   |                     |   |   |                           |   |   | (384                          | )      |   |                      |    |   |                                                |   | 1,526   |                                          |   |   |                    |   |   |   |   |   |   |   | 1,142 |   |
| Contractual obligation transactions                                                  |   |                          |        |   |                     |   |   |                           |   |   | (7                            | )      |   |                      |    |   |                                                |   |    |                                          |   |   | 108                     |   |   |   |   |   |   |   | 101 |   |
| Issuance of treasury stock under 401(k) plan                                         |   |                          | 59,257      |   |                     |   |   |                           |   |   | (114                          | )      |   |                      |    |   |                                                |   | 532     |                                          |   |   |                    |   |   |   |   |   |   |   | 418 |   |
| Balance December 31, 2009                                                            |   |                          | 35,260,941  |   |                     |   | 30     |                           |   |   | 299,519                       |   |   |                      | 16,377  |   |                                                |   | (20,274 | )                                             |   |   | (5,393                  | )      |   |   | (28,306 | ) |   |   | 261,953 |   |
|                                                                                 |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   |   |   |
| Comprehensive income:                                                                |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   |   |   |
| Net income                                                                           |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      | 358     |   |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   | 358 |   |
| Pension liability adjustments, net of tax                                            |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   | 710 |   |   |   | 710 |   |
| Unrealized gain on investment, net of tax                                            |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   | 10,554 |   |   |   | 10,554 |   |
| Comprehensive income                                                                 |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   | 11,622 |   |
| Dividends paid on common stock                                                       |   |                          |        |   |                     |   |   |                           |   |   |                          |   |   |                      | (707    | )      |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   | (707 | ) |
| Exercise of stock options                                                            |   |                          | 56,250      |   |                     |   |   |                           |   |   | (220                          | )      |   |                      |    |   |                                                |   | 505     |                                          |   |   |                    |   |   |   |   |   |   |   | 285 |   |
| Stock-based compensation                                                             |   |                          |        |   |                     |   |   |                           |   |   | 201                           |   |   |                      |    |   |                                                |   |    |                                          |   |   |                    |   |   |   |   |   |   |   | 201 |   |
| Contractual obligation transactions                                                  |   |                          |        |   |                     |   |   |                           |   |   | 999                           |   |   |                      |    |   |                                                |   |    |                                          |   |   | 3,476                   |   |   |   |   |   |   |   | 4,475 |   |
| Issuance of treasury stock under 401(k) plan                                         |   |                          | 49,536      |   |                     |   |   |                           |   |   | 41                            |   |   |                      |    |   |                                                |   | 445     |                                          |   |   |                    |   |   |   |   |   |   |   | 486 |   |
| Balance December 31, 2010                                                            |   |                          | #35,366,727 |   |                     | $      | 30     |                           |   | $      | 300,540                       |   |   | $                         | 16,028  |   |                                                | $      | (19,324 | )                                             |   | $      | (1,917                  | )      |   | $ | (17,042 | ) |   | $ | 278,315 |   |

----

|                                                 |   | Year ended December 31, |     |
|------------------------------------------------------|--------|-------------------------|----------|
| Cash flows from operating activities:                |   | 2010                    |     |   | 2009 |   |   | 2008 |   |
| Net income (loss)                                    |   | $                       | 358      |   |   | $ | (24,645 | ) |   | $ | 13,337 |   |
| Adjustments to reconcile net income to net cash      |   |                    |     |   |   |   |   |   |   |   |   |   |
| provided by operating activities:                    |   |                    |     |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                        |   |                    | 37,567   |   |   |   | 34,296 |   |   |   | 30,368 |   |
| Deferred income tax provision                        |   |                    | 1,476    |   |   |   | (2,950 | ) |   |   | 13,987 |   |
| (Gain) loss on note repurchase                       |   |                    | 14,573   |   |   |   | (1,398 | ) |   |   | 0 |   |
| Noncash goodwill impairment charge                   |   |                    | 0        |   |   |   | 11,702 |   |   |   | 0 |   |
| Noncash Titan Europe Plc charge                      |   |                    | 0        |   |   |   | 0 |   |   |   | 24,504 |   |
| Stock-based compensation                             |   |                    | 201      |   |   |   | 0 |   |   |   | 0 |   |
| Excess tax benefit from stock options exercised      |   |                    | 0        |   |   |   | 0 |   |   |   | (4,131 | ) |
| Issuance of treasury stock under 401(k) plan         |   |                    | 486      |   |   |   | 418 |   |   |   | 541 |   |
| (Increase) decrease in assets:                       |   |                    |     |   |   |   |   |   |   |   |   |   |
| Accounts receivable                                  |   |                    | (21,491  | ) |   |   | 59,018 |   |   |   | (28,137 | ) |
| Inventories                                          |   |                    | (17,846  | ) |   |   | 37,170 |   |   |   | (19,258 | ) |
| Prepaid and other current assets                     |   |                    | 8,614    |   |   |   | (5,615 | ) |   |   | (3,823 | ) |
| Other assets                                         |   |                    | 91       |   |   |   | (2,031 | ) |   |   | 575 |   |
| Increase (decrease) in liabilities:                  |   |                    |     |   |   |   |   |   |   |   |   |   |
| Accounts payable                                     |   |                    | 11,035   |   |   |   | (41,301 | ) |   |   | 21,555 |   |
| Other current liabilities                            |   |                    | 11,426   |   |   |   | (462 | ) |   |   | 6,393 |   |
| Other liabilities                                    |   |                    | 4,221    |   |   |   | 8,111 |   |   |   | (4,741 | ) |
| Net cash provided by operating activities            |   |                    | 50,711   |   |   |   | 72,313 |   |   |   | 51,170 |   |
|                                                 |   |                    |     |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                |   |                    |     |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                 |   |                    | (28,854  | ) |   |   | (39,537 | ) |   |   | (79,953 | ) |
| Acquisition of shares of Titan Europe Plc            |   |                    | 0        |   |   |   | (2,399 | ) |   |   | 0 |   |
| Other                                                |   |                    | 106      |   |   |   | 1,042 |   |   |   | 104 |   |
| Net cash used for investing activities               |   |                    | (28,748  | ) |   |   | (40,894 | ) |   |   | (79,849 | ) |
|                                                 |   |                    |     |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                |   |                    |     |   |   |   |   |   |   |   |   |   |
| Proceeds from borrowings                             |   |                    | 200,000  |   |   |   | 172,500 |   |   |   | 0 |   |
| Repurchase of senior notes                           |   |                    | (206,166 | ) |   |   | (4,726 | ) |   |   | 0 |   |
| Proceeds (payment) on revolving credit facility, net |   |                    | 0        |   |   |   | (25,000 | ) |   |   | 25,000 |   |
| Proceeds from exercise of stock options              |   |                    | 285      |   |   |   | 1,142 |   |   |   | 3,536 |   |
| Excess tax benefit from stock options exercised      |   |                    | 0        |   |   |   | 0 |   |   |   | 4,131 |   |
| Payment of financing fees                            |   |                    | (5,057   | ) |   |   | (7,107 | ) |   |   | (70 | ) |
| Dividends paid                                       |   |                    | (707     | ) |   |   | (704 | ) |   |   | (585 | ) |
| Net cash provided by (used for) financing activities |   |                    | (11,645  | ) |   |   | 136,105 |   |   |   | 32,012 |   |
|                                                 |   |                    |     |   |   |   |   |   |   |   |   |   |
| Net increase in cash and cash equivalents            |   |                    | 10,318   |   |   |   | 167,524 |   |   |   | 3,333 |   |
| Cash and cash equivalents, beginning of year         |   |                    | 229,182  |   |   |   | 61,658 |   |   |   | 58,325 |   |
| Cash and cash equivalents, end of year               |   | $                       | 239,500  |   |   | $ | 229,182 |   |   | $ | 61,658 |   |

----

| 1.   | DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES |
|----------------|-------------------------------------------------------------|

----

|                      |   | Years  |   |
|---------------------------|--------|--------|--------|
|                      |   |   |   |
| Building and improvements |   |   | 25     |   |
| Machinery and equipment   |   |   | 10     |   |
| Tools, dies and molds     |   |   | 5      |   |

----

----

----

----

| 2.   |  ACCOUNTS RECEIVABLE |
|----------------|---------------------------|

|                            |   | 2010   |   |   | 2009   |   |
|---------------------------------|--------|--------|--------|--------|--------|--------|
| Accounts receivable             |   | $      | 92,893 |   |   | $      | 71,471 |   |
| Allowance for doubtful accounts |   |   | (3,889 | )      |   |   | (3,958 | ) |
| Accounts receivable, net        |   | $      | 89,004 |   |   | $      | 67,513 |   |

| 3.   | INVENTORIES |
|----------------|-------------|

|                     |   | 2010   |    |   | 2009   |   |
|--------------------------|--------|--------|---------|--------|--------|--------|
| Raw material             |   | $      | 56,414  |   |   | $      | 44,336 |   |
| Work-in-process          |   |   | 16,860  |   |   |   | 21,378 |   |
| Finished goods           |   |   | 59,680  |   |   |   | 46,067 |   |
|                     |   |   | 132,954 |   |   |   | 111,781 |   |
| Adjustment to LIFO basis |   |   | (4,972  | )      |   |   | (1,645 | ) |
|                     |   | $      | 127,982 |   |   | $      | 110,136 |   |

| 4.   | PREPAID AND OTHER CURRENT ASSETS |
|----------------|----------------------------------|

|                 |   | 2010   |   |   | 2009   |   |
|----------------------|--------|--------|--------|--------|--------|--------|
| Prepaid supplies     |   | $      | 14,056 |   |   | $      | 14,019 |   |
| Prepaid income taxes |   |   | 0      |   |   |   | 3,514 |   |
| Other                |   |   | 4,607  |   |   |   | 9,744 |   |
|                 |   | $      | 18,663 |   |   | $      | 27,277 |   |

----

| 5.   |  PROPERTY, PLANT AND EQUIPMENT |
|----------------|-------------------------------------|

|                          |   | 2010   |     |   | 2009   |   |
|-------------------------------|--------|--------|----------|--------|--------|--------|
| Land and improvements         |   | $      | 3,061    |   |   | $      | 2,993 |   |
| Buildings and improvements    |   |   | 98,233   |   |   |   | 97,238 |   |
| Machinery and equipment       |   |   | 383,231  |   |   |   | 359,244 |   |
| Tools, dies and molds         |   |   | 84,134   |   |   |   | 77,926 |   |
| Construction-in-process       |   |   | 8,741    |   |   |   | 16,383 |   |
|                          |   |   | 577,400  |   |   |   | 553,784 |   |
| Less accumulated depreciation |   |   | (329,346 | )      |   |   | (299,323 | ) |
|                          |   | $      | 248,054  |   |   | $      | 254,461 |   |

| 6.   | INVESTMENT IN TITAN EUROPE |
|----------------|----------------------------|

|                           |   | 2010 |   |   | 2009   |   |
|--------------------------------|--------|------|--------|--------|--------|--------|
| Investment in Titan Europe Plc |   | $    | 22,693 |   |   | $      | 6,456 |   |

| 7.   | OTHER ASSETS |
|----------------|--------------|

|                                               |   | 2010   |   |   | 2009   |   |
|----------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Investment in Titan Europe Plc                     |   | $      | 22,693 |   |   | $      | 6,456 |   |
| Investments for management contractual obligations |   |   | 11,168 |   |   |   | 5,869 |   |
| Deferred financing costs                           |   |   | 10,410 |   |   |   | 9,084 |   |
| Other                                              |   |   | 7,205  |   |   |   | 8,124 |   |
|                                               |   | $      | 51,476 |   |   | $      | 29,533 |   |

----

| 8.   | GOODWILL |
|----------------|----------|

|                                                       |   | AgriculturalSegment |   |   | Earthmoving/ConstructionSegment |   |   | ConsumerSegment |   |   |  Total |   |
|------------------------------------------------------------|--------|---------------------|--------|--------|---------------------------------|--------|--------|-----------------|--------|--------|-------------|--------|
| Balance at January 1, 2009                                 |   | $                   | 6,912  |   |                            | $      | 3,552  |            |   | $      | 1,238       |   |   | $ | 11,702 |   |
|     Noncash goodwill impairment charge |   |                | (6,912 | )      |                            |   | (3,552 | )               |   |   | (1,238      | )      |   |   | (11,702 | ) |
| Balance at December 31, 2009 and 2010                      |   | $                   | 0      |   |                            | $      | 0      |            |   | $      | 0           |   |   | $ | 0 |   |

| 9.   | OTHER CURRENT LIABILITIES |
|----------------|---------------------------|

|                                      |   | 2010   |   |   | 2009   |   |
|-------------------------------------------|--------|--------|--------|--------|--------|--------|
| Warranty                                  |   | $      | 12,471 |   |   | $      | 9,169 |   |
| Wages and commissions                     |   |   | 10,435 |   |   |   | 8,384 |   |
| Accrued interest                          |   |   | 8,579  |   |   |   | 7,656 |   |
| Insurance                                 |   |   | 6,037  |   |   |   | 5,958 |   |
| CEO and management incentive compensation |   |   | 5,663  |   |   |   | 0 |   |
| Other                                     |   |   | 13,887 |   |   |   | 14,659 |   |
|                                      |   | $      | 57,072 |   |   | $      | 45,826 |   |

----

| 10.   | WARRANTY COSTS |
|-----------------|----------------|

|                                                 |   | 2010   |    |   | 2009   |   |
|------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Warranty liability, January 1                        |   | $      | 9,169   |   |   | $      | 7,488 |   |
|    Provision for warranty liabilities |   |   | 19,795  |   |   |   | 18,629 |   |
|    Warranty payments made             |   |   | (16,493 | )      |   |   | (16,948 | ) |
| Warranty liability, December 31                      |   | $      | 12,471  |   |   | $      | 9,169 |   |

| 11.   | OTHER LONG-TERM LIABILITIES |
|-----------------|-----------------------------|

|                           |   | 2010   |   |   | 2009   |   |
|--------------------------------|--------|--------|--------|--------|--------|--------|
| Accrued pension liabilities    |   | $      | 26,218 |   |   | $      | 25,091 |   |
| Accrued employment liabilities |   |   | 11,495 |   |   |   | 9,481 |   |
| Other                          |   |   | 3,555  |   |   |   | 3,566 |   |
|                           |   | $      | 41,268 |   |   | $      | 38,138 |   |

| 12.   | REVOLVING CREDIT FACILITY AND LONG-TERM DEBT |
|-----------------|----------------------------------------------|

|                                                  |   | 2010   |    |   | 2009   |   |
|-------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| 7.875% senior secured notes due 2017                  |   | $      | 200,000 |   |   | $      | 0 |   |
| 5.625% convertible senior subordinated notes due 2017 |   |   | 172,500 |   |   |   | 172,500 |   |
| 8% senior unsecured notes due January 2012            |   |   | 1,064   |   |   |   | 193,800 |   |
|                                                  |   |   | 373,564 |   |   |   | 366,300 |   |
| Less amounts due within one year                      |   |   | 0       |   |   |   | 0 |   |
|                                                  |   | $      | 373,564 |   |   | $      | 366,300 |   |

| 2011       |   | $      | 0       |   |
|------------|--------|--------|---------|--------|
| 2012       |   |   | 1,064   |   |
| 2013       |   |   | 0       |   |
| 2014       |   |   | 0       |   |
| 2015       |   |   | 0       |   |
| Thereafter |   |   | 372,500 |   |
|       |   | $      | 373,564 |   |

----

----

| 13.   | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
|-----------------|-----------------------------------------------|

|                                                               |   | CurrencyTranslationAdjustments |   |   | UnrealizedGain (Loss) onInvestments |   |   | UnrecognizedLosses andPrior ServiceCost |   |   |   Total |   |
|--------------------------------------------------------------------|--------|--------------------------------|--------|--------|-------------------------------------|--------|--------|-----------------------------------------|--------|--------|-------------------|--------|
| Balance at January 1, 2009                                         |   | $                              | (1,183 | )      |                                | $      | 0      |                                    |   | $      | (33,576           | )      |   | $ | (34,759 | ) |
| Unrealized gain on investment, net of tax of $493                  |   |                           | 0      |   |                                |   | 915    |                                    |   |   | 0                 |   |   |   | 915 |   |
| Defined benefit pension plan entries:                              |   |                           |   |   |                                |   |   |                                    |   |   |              |   |   |   |   |   |
|   Unrecognized prior service cost, net of tax of $51     |   |                           | 0      |   |                                |   | 0      |                                    |   |   | 85                |   |   |   | 85 |   |
|   Unrecognized net gain, net of tax of $3,364            |   |                           | 0      |   |                                |   | 0      |                                    |   |   | 5,488             |   |   |   | 5,488 |   |
|   Unrecognized deferred tax liability, net of tax of $21 |   |                           | 0      |   |                                |   | 0      |                                    |   |   | (35               | )      |   |   | (35 | ) |
| Balance at December 31, 2009                                       |   |                           | (1,183 | )      |                                |   | 915    |                                    |   |   | (28,038           | )      |   |   | (28,306 | ) |
| Unrealized gain on investment, net of tax of $5,683                |   |                           | 0      |   |                                |   | 10,554 |                                    |   |   | 0                 |   |   |   | 10,554 |   |
| Defined benefit pension plan entries:                              |   |                           |   |   |                                |   |   |                                    |   |   |              |   |   |   |   |   |
|   Unrecognized prior service cost, net of tax of $53     |   |                           | 0      |   |                                |   | 0      |                                    |   |   | 83                |   |   |   | 83 |   |
|   Unrecognized net gain, net of tax of $350              |   |                           | 0      |   |                                |   | 0      |                                    |   |   | 661               |   |   |   | 661 |   |
|   Unrecognized deferred tax liability, net of tax of $22 |   |                           | 0      |   |                                |   | 0      |                                    |   |   | (34               | )      |   |   | (34 | ) |
| Balance at December 31, 2010                                       |   | $                              | (1,183 | )      |                                | $      | 11,469 |                                    |   | $      | (27,328           | )      |   | $ | (17,042 | ) |

| 14.   | STOCKHOLDERS’ EQUITY |
|-----------------|----------------------------|

| 15.   | FAIR VALUE MEASUREMENTS |
|-----------------|-------------------------|

|   | Level 1 – Quoted prices in active markets for identical instruments; |
|--------|----------------------------------------------------------------------------|

|   | Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable. |
|--------|----------------------------------------------------------------------------------------------------------------------|

|   | Level 3 – Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|                                    |   | December 31, 2010 |   |   | December 31, 2009 |   |
|-----------------------------------------|--------|-------------------|--------|--------|-------------------|--------|
|                                    |   | Total             |   |   | Level 1           |   |   | Levels 2&3 |   |   | Total |   |   | Level 1 |   |   | Levels 2&3 |   |
| Investment in Titan Europe Plc          |   | $                 | 22,693 |   |              | $      | 22,693 |   |   | $ | 0 |   |   | $ | 6,456 |   |   | $ | 6,456 |   |   | $ | 0 |   |
| Investments for contractual obligations |   |              | 11,168 |   |              |   | 11,168 |   |   |   | 0 |   |   |   | 5,869 |   |   |   | 5,869 |   |   |   | 0 |   |
| Total                                   |   | $                 | 33,861 |   |              | $      | 33,861 |   |   | $ | 0 |   |   | $ | 12,325 |   |   | $ | 12,325 |   |   | $ | 0 |   |

----

| 16.   | ROYALTY EXPENSE |
|-----------------|-----------------|

|            |   | 2010 |   |   | 2009   |   |   | 2008   |   |
|-----------------|--------|------|--------|--------|--------|--------|--------|--------|--------|
| Royalty expense |   | $    | 9,263  |   |   | $      | 7,573  |   |   | $ | 9,242 |   |

| 17.   | GAIN (LOSS) ON NOTE REPURCHASE |
|-----------------|--------------------------------|

|                           |   | 2010 |    |   | 2009   |   |   | 2008   |   |
|--------------------------------|--------|------|---------|--------|--------|--------|--------|--------|--------|
| Gain (loss) on note repurchase |   | $    | (14,573 | )      |   | $      | 1,398  |   |   | $ | 0 |   |

| 18.   | OTHER INCOME, NET |
|-----------------|-------------------|

|                                                           |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|----------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Investment gain (loss) related to contractual obligations |   | $      | 824    |   |   | $      | 1,343  |   |   | $ | (1,852 | ) |
| Interest income                                                |   |   | 394    |   |   |   | 211    |   |   |   | 1,352 |   |
| Dividend income – Titan Europe Plc                       |   |   | 0      |   |   |   | 0      |   |   |   | 1,711 |   |
| Other income (expense)                                         |   |   | (113   | )      |   |   | 186    |   |   |   | 1,298 |   |
|                                                           |   | $      | 1,105  |   |   | $      | 1,740  |   |   | $ | 2,509 |   |

----

| 19.   | INCOME TAXES |
|-----------------|--------------|

|     |   | 2010   |   |   | 2009   |   |    | 2008 |   |
|----------|--------|--------|--------|--------|--------|--------|---------|------|--------|
| Domestic |   | $      | 691    |   |   | $      | (31,863 | )    |   | $ | 21,727 |   |
| Foreign  |   |   | (42    | )      |   |   | (139    | )    |   |   | 1,283 |   |
|     |   | $      | 649    |   |   | $      | (32,002 | )    |   | $ | 23,010 |   |

|                           |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|--------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Current                        |   |   |   |   |   |   |   |   |   |
|   Federal            |   | $      | (854   | )      |   | $      | (3,526 | )      |   | $ | 7,814 |   |
|   State              |   |   | (331   | )      |   |   | 160    |   |   |   | 34 |   |
|   Foreign            |   |   | 0      |   |   |   | (1,041 | )      |   |   | 1,031 |   |
|                           |   |   | (1,185 | )      |   |   | (4,407 | )      |   |   | 8,879 |   |
| Deferred                       |   |   |   |   |   |   |   |   |   |   |   |   |
|   Federal            |   |   | 913    |   |   |   | (2,721 | )      |   |   | 811 |   |
|   State              |   |   | 563    |   |   |   | (229   | )      |   |   | (17 | ) |
|   Foreign            |   |   | 0      |   |   |   | 0      |   |   |   | 0 |   |
|                           |   |   | 1,476  |   |   |   | (2,950 | )      |   |   | 794 |   |
| Income tax provision (benefit) |   | $      | 291    |   |   | $      | (7,357 | )      |   | $ | 9,673 |   |

|                              |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Statutory U.S. federal tax rate   |   |   | 35.0   | %      |   |   | 35.0   | %      |   |   | 35.0 | % |
| Nondeductible goodwill impairment |   |   | 0.0    |   |   |   | (12.8  | )      |   |   | 0.0 |   |
| Repatriation of foreign earnings  |   |   | 0.0    |   |   |   | 0.0    |   |   |   | 1.9 |   |
| Foreign taxes, net                |   |   | 2.3    |   |   |   | 1.6    |   |   |   | (1.9 | ) |
| State taxes, net                  |   |   | 27.6   |   |   |   | (0.1   | )      |   |   | 4.8 |   |
| Other, net                        |   |   | (20.0  | )      |   |   | (0.7   | )      |   |   | 2.2 |   |
| Effective tax rate                |   |   | 44.9   | %      |   |   | 23.0   | %      |   |   | 42.0 | % |

----

|                                                         |   | 2010   |    |   | 2009   |   |
|--------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Deferred tax assets:                                         |   |   |    |   |   |   |
|    Net operating loss carryforwards           |   | $      | 9,389   |   |   | $      | 13,481 |   |
|    Pension                                    |   |   | 9,022   |   |   |   | 9,789 |   |
|    Unrealized loss on investments             |   |   | 7,719   |   |   |   | 13,401 |   |
|    Warranty                                   |   |   | 4,365   |   |   |   | 3,533 |   |
|    Employee benefits and related costs        |   |   | 3,369   |   |   |   | 4,821 |   |
|    Inventory                                  |   |   | 2,265   |   |   |   | 968 |   |
|    Allowance for bad debts                    |   |   | 1,991   |   |   |   | 1,963 |   |
|    EPA reserve                                |   |   | 703     |   |   |   | 858 |   |
|    Other                                      |   |   | 6,047   |   |   |   | 3,894 |   |
|       Deferred tax assets      |   |   | 44,870  |   |   |   | 52,708 |   |
|                                                         |   |   |    |   |   |   |   |   |
| Deferred tax liabilities:                                    |   |   |    |   |   |   |   |   |
|    Fixed assets                               |   |   | (34,049 | )      |   |   | (34,347 | ) |
|       Deferred tax liabilities |   |   | (34,049 | )      |   |   | (34,347 | ) |
|                                                         |   |   |    |   |   |   |   |   |
|       Net deferred tax asset   |   | $      | 10,821  |   |   | $      | 18,361 |   |

----

| 20.   | EMPLOYEE BENEFIT PLANS |
|-----------------|------------------------|

| Change in benefit obligation:                           |   | 2010   |    |   | 2009   |   |
|---------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Benefit obligation at beginning of year                 |   | $      | 93,708  |   |   | $      | 90,545 |   |
| Interest cost                                           |   |   | 5,200   |   |   |   | 5,456 |   |
| Actuarial (gain) loss                                   |   |   | 6,839   |   |   |   | 4,657 |   |
| Benefits paid                                           |   |   | (6,916  | )      |   |   | (6,950 | ) |
| Benefit obligation at end of year                       |   | $      | 98,831  |   |   | $      | 93,708 |   |
|                                                    |   |   |    |   |   |   |   |   |
| Change in plan assets:                                  |   |   |    |   |   |   |   |   |
| Fair value of plan assets at beginning of year          |   | $      | 69,160  |   |   | $      | 61,796 |   |
| Actual return on plan assets                            |   |   | 9,131   |   |   |   | 14,145 |   |
| Employer contributions                                  |   |   | 1,781   |   |   |   | 169 |   |
| Benefits paid                                           |   |   | (6,916  | )      |   |   | (6,950 | ) |
| Fair value of plan assets at end of year                |   | $      | 73,156  |   |   | $      | 69,160 |   |
|                                                    |   |   |    |   |   |   |   |   |
| Unfunded status at end of year                          |   | $      | (25,675 | )      |   | $      | (24,548 | ) |
|                                                    |   |   |    |   |   |   |   |   |
| Amounts recognized in consolidated balance sheet:       |   |   |    |   |   |   |   |   |
| Noncurrent assets                                       |   | $      | 543     |   |   | $      | 543 |   |
| Noncurrent liabilities                                  |   |   | (26,218 | )      |   |   | (25,091 | ) |
| Net amount recognized in the consolidated balance sheet |   | $      | (25,675 | )      |   | $      | (24,548 | ) |

----

| Amounts recognized in accumulated other comprehensive loss:   |   |   |    |   |
|---------------------------------------------------------------|--------|--------|---------|--------|
|                                                          |   | 2010   |    |   | 2009 |   |
| Unrecognized prior service cost                               |   | $      | (1,164  | )      |   | $ | (1,301 | ) |
| Unrecognized net loss                                         |   |   | (43,024 | )      |   |   | (44,034 | ) |
| Deferred tax effect of unrecognized items                     |   |   | 16,860  |   |   |   | 17,297 |   |
| Net amount recognized in accumulated other comprehensive loss |   | $      | (27,328 | )      |   | $ | (28,038 | ) |

| The weighted-average assumptions used in the actuarial computation that derived the benefit obligations at December 31 were as follows: |   | 2010   |         |   | 2009   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------|--------|--------|--------|
|   Discount rate                                                                                                               |   |   | 5.25% - 5.50 | %      |   |   | 5.75 | % |
|   Expected long-term return on plan assets                                                                                    |   |   | 7.50         | %      |   |   | 7.50 | % |

| Components of net periodic benefit cost and otheramounts recognized in other comprehensive income |   |   |   |   |   |   |   |   |   |
|---------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Net periodic benefit cost:                                                                        |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|   Interest cost                                                                         |   | $      | 5,200  |   |   | $      | 5,456  |   |   | $ | 5,295 |   |
|   Assumed return on assets                                                              |   |   | (4,911 | )      |   |   | (4,939 | )      |   |   | (7,828 | ) |
|   Amortization of unrecognized prior service cost                                       |   |   | 137    |   |   |   | 137    |   |   |   | 137 |   |
|   Amortization of unrecognized deferred taxes                                           |   |   | (56    | )      |   |   | (56    | )      |   |   | (56 | ) |
|   Amortization of net unrecognized loss                                                 |   |   | 3,628  |   |   |   | 4,303  |   |   |   | 1,588 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Net periodic pension (income) cost                                                                |   | $      | 3,998  |   |   | $      | 4,901  |   |   | $ | (864 | ) |

|                                                 |   | 2010   |   |   | 2009   |   |   | 2008 |   |
|------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|------|--------|
|   Discount rate                            |   |   | 5.75   | %      |   |   | 6.25   | %    |   |   | 5.75 | % |
|   Expected long-term return on plan assets |   |   | 7.50   | %      |   |   | 8.50   | %    |   |   | 8.50 | % |

----

|                       |   | Percentage of Plan Assetsat December 31, |   |   | TargetAllocation |   |
|----------------------------|--------|------------------------------------------|--------|--------|------------------|--------|
| Asset Category             |   | 2010                                     |   |   | 2009             |   |   | 2011 |   |
| U.S. equities (a)          |   |                                     | 59     | %      |             |   | 61 | % |   |   | 40% - 80 | % |
| Fixed income               |   |                                     | 24     | %      |             |   | 26 | % |   |   | 20% - 50 | % |
| Cash and cash equivalents  |   |                                     | 7      | %      |             |   | 4 | % |   |   | 0% - 20 | % |
| International equities (a) |   |                                     | 10     | %      |             |   | 9 | % |   |   | 0% - 16 | % |
|                       |   |                                     | 100    | %      |             |   | 100 | % |   |   |   |   |

| (a)   | Total equities may not exceed 80% of total plan assets. |
|-----------------|---------------------------------------------------------|

|   | Level 1 – Quoted prices in active markets for identical instruments; |
|--------|----------------------------------------------------------------------------|

|   | Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable. |
|--------|----------------------------------------------------------------------------------------------------------------------|

|   | Level 3 – Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|                        |   | Fair Value Measurements as of December 31, 2010 |   |
|-----------------------------|--------|-------------------------------------------------|--------|
|                        |   | Total                                           |   |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
| Money market funds          |   | $                                               | 4,674  |   |   | $ | 4,674 |   |   | $ | 0 |   |   | $ | 0 |   |
| Domestic common stock       |   |                                            | 29,429 |   |   |   | 29,429 |   |   |   | 0 |   |   |   | 0 |   |
| Foreign common stock        |   |                                            | 3,976  |   |   |   | 3,976 |   |   |   | 0 |   |   |   | 0 |   |
| Corporate bonds             |   |                                            | 4,050  |   |   |   | 4,050 |   |   |   | 0 |   |   |   | 0 |   |
| Foreign bonds               |   |                                            | 536    |   |   |   | 536 |   |   |   | 0 |   |   |   | 0 |   |
| U.S. government securities  |   |                                            | 577    |   |   |   | 577 |   |   |   | 0 |   |   |   | 0 |   |
| Mortgaged-backed securities |   |                                            | 8      |   |   |   | 0 |   |   |   | 8 |   |   |   | 0 |   |
| Mutual funds                |   |                                            | 1,239  |   |   |   | 1,239 |   |   |   | 0 |   |   |   | 0 |   |
| Common / collective trusts  |   |                                            | 28,667 |   |   |   | 0 |   |   |   | 28,667 |   |   |   | 0 |   |
| Totals                      |   | $                                               | 73,156 |   |   | $ | 44,481 |   |   | $ | 28,675 |   |   | $ | 0 |   |

----

| 2011      |   | $      | 6,677  |   |
|-----------|--------|--------|--------|--------|
| 2012      |   |   | 6,779  |   |
| 2013      |   |   | 6,976  |   |
| 2014      |   |   | 7,111  |   |
| 2015      |   |   | 7,248  |   |
| 2016-2020 |   |   | 36,808 |   |

| 21.   | STOCK OPTION PLANS |
|-----------------|--------------------|

|                           |   | Shares Subjectto Option |    |   | Weighted- AverageExercise Price |   | Weighted- AverageRemaining Contractual Life |   | Aggregate Intrinsic Value (in thousands) |   |
|--------------------------------|--------|-------------------------|---------|--------|---------------------------------|--------|---------------------------------------------|--------|------------------------------------------|--------|
| Outstanding, December 31, 2009 |   |                    | 390,536 |   |                            | $      | 9.96                                        |   |                                     |   |   |   |
|   Granted            |   |                    | 494,938 |   |                            |   | 15.75                                       |   |                                     |   |   |   |
|   Exercised          |   |                    | (56,250 | )      |                            |   | 5.07                                        |   |                                     |   |   |   |
|   Canceled/Expired   |   |                    | 0       |   |                            |   | -                                           |   |                                     |   |   |   |
| Outstanding, December 31, 2010 |   |                    | 829,224 |   |                            |   | 13.75                                       |   | 7.52 years                               |   | $ | 4,777 |   |
| Exercisable, December 31, 2010 |   |                    | 334,286 |   |                            |   | 10.79                                       |   | 4.01 years                               |   | $ | 2,916 |   |

----

|                                |   | 2010      |   |
|-------------------------------------|--------|-----------|--------|
|   Expected life           |   | 6.1 Years |   |
|   Expected volatility     |   |      | 55.5   | % |
|   Expected dividends      |   |      | -      |   |
|   Risk-free interest rate |   |      | 1.82   | % |

| 22.   |  LITIGATION |
|-----------------|------------------|

----

| 23.   | LEASE COMMITMENTS |
|-----------------|-------------------|

| 2011                                |   | $      | 370 |   |
|-------------------------------------|--------|--------|-----|--------|
| 2012                                |   |   | 64  |   |
| 2013                                |   |   | 14  |   |
| Thereafter                          |   |   | 1   |   |
| Total future minimum lease payments |   | $      | 449 |   |

| 24.   | CONCENTRATION OF CREDIT RISK |
|-----------------|------------------------------|

| 25.   |  RELATED PARTY TRANSACTIONS |
|-----------------|----------------------------------|

| 26.   | SEGMENT AND GEOGRAPHICAL INFORMATION |
|-----------------|--------------------------------------|

----

|                                        |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|---------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Revenues from external customers            |   |   |    |   |   |   |    |   |   |
|    Agricultural              |   | $      | 675,178 |   |   | $      | 563,528 |   |   | $ | 729,895 |   |
|    Earthmoving/construction  |   |   | 191,042 |   |   |   | 144,589 |   |   |   | 281,008 |   |
|    Consumer                  |   |   | 15,371  |   |   |   | 19,482  |   |   |   | 25,797 |   |
|                                        |   | $      | 881,591 |   |   | $      | 727,599 |   |   | $ | 1,036,700 |   |
| Gross profit (loss)                         |   |   |    |   |   |   |    |   |   |   |   |   |
|    Agricultural              |   | $      | 108,102 |   |   | $      | 51,955  |   |   | $ | 89,782 |   |
|    Earthmoving/construction  |   |   | 6,439   |   |   |   | 3,595   |   |   |   | 46,047 |   |
|    Consumer                  |   |   | 2,867   |   |   |   | 1,604   |   |   |   | 3,938 |   |
|    Unallocated corporate     |   |   | (3,479  | )      |   |   | (1,189  | )      |   |   | (53 | ) |
|                                        |   | $      | 113,929 |   |   | $      | 55,965  |   |   | $ | 139,714 |   |
| Income (loss) from operations               |   |   |    |   |   |   |    |   |   |   |   |   |
|    Agricultural              |   | $      | 91,953  |   |   | $      | 26,980  |   |   | $ | 74,241 |   |
|    Earthmoving/construction  |   |   | (1,457  | )      |   |   | (7,999  | )      |   |   | 38,422 |   |
|    Consumer                  |   |   | 2,542   |   |   |   | (206    | )      |   |   | 3,303 |   |
|    Unallocated corporate     |   |   | (52,254 | )      |   |   | (37,669 | )      |   |   | (42,645 | ) |
| Consolidated income (loss) from operations  |   |   | 40,784  |   |   |   | (18,894 | )      |   |   | 73,321 |   |
| Interest expense                            |   |   | (26,667 | )      |   |   | (16,246 | )      |   |   | (15,122 | ) |
| Gain (loss) on note repurchase              |   |   | (14,573 | )      |   |   | 1,398   |   |   |   | 0 |   |
| Noncash Titan Europe Plc charge             |   |   | 0       |   |   |   | 0       |   |   |   | (37,698 | ) |
| Other income, net                           |   |   | 1,105   |   |   |   | 1,740   |   |   |   | 2,509 |   |
| Income (loss) before income taxes           |   | $      | 649     |   |   | $      | (32,002 | )      |   | $ | 23,010 |   |
|                                        |   |   |    |   |   |   |    |   |   |   |   |   |
| Capital expenditures                        |   |   |    |   |   |   |    |   |   |   |   |   |
|    Agricultural              |   | $      | 16,017  |   |   | $      | 8,461   |   |   | $ | 10,946 |   |
|    Earthmoving/construction  |   |   | 5,628   |   |   |   | 29,593  |   |   |   | 67,203 |   |
|    Consumer                  |   |   | 478     |   |   |   | 254     |   |   |   | 406 |   |
|    Unallocated corporate     |   |   | 6,731   |   |   |   | 1,229   |   |   |   | 1,398 |   |
|                                        |   | $      | 28,854  |   |   | $      | 39,537  |   |   | $ | 79,953 |   |
| Depreciation & amortization             |   |   |    |   |   |   |    |   |   |   |   |   |
|    Agricultural              |   | $      | 18,899  |   |   | $      | 17,531  |   |   | $ | 16,004 |   |
|    Earthmoving/construction  |   |   | 14,375  |   |   |   | 12,836  |   |   |   | 10,831 |   |
|    Consumer                  |   |   | 458     |   |   |   | 535     |   |   |   | 594 |   |
|    Unallocated corporate     |   |   | 3,835   |   |   |   | 3,394   |   |   |   | 2,939 |   |
|                                        |   | $      | 37,567  |   |   | $      | 34,296  |   |   | $ | 30,368 |   |
| Total assets                                |   |   |    |   |   |   |    |   |   |   |   |   |
|    Agricultural              |   | $      | 304,048 |   |   | $      | 257,523 |   |   | $ | 360,030 |   |
|    Earthmoving/construction  |   |   | 181,249 |   |   |   | 188,169 |   |   |   | 188,486 |   |
|    Consumer                  |   |   | 5,863   |   |   |   | 8,305   |   |   |   | 9,401 |   |
|    Unallocated corporate (a) |   |   | 296,310 |   |   |   | 282,466 |   |   |   | 96,865 |   |
|                                        |   | $      | 787,470 |   |   | $      | 736,463 |   |   | $ | 654,782 |   |

----

| 2010                             |   | United States |      |   | Other Countries |   |   | ConsolidatedTotals |   |
|----------------------------------|--------|---------------|-----------|--------|-----------------|--------|--------|--------------------|--------|
| Revenues from external customers |   | $             | 881,591   |   |            | $      | 0      |               |   | $ | 881,591 |   |
| Long-lived assets                |   |          | 248,054   |   |            |   | 0      |               |   |   | 248,054 |   |
|                             |   |          |      |   |            |   |   |               |   |   |   |   |
| 2009                             |   |          |      |   |            |   |   |               |   |   |   |   |
| Revenues from external customers |   | $             | 727,599   |   |            | $      | 0      |               |   | $ | 727,599 |   |
| Long-lived assets                |   |          | 254,461   |   |            |   | 0      |               |   |   | 254,461 |   |
|                             |   |          |      |   |            |   |   |               |   |   |   |   |
| 2008                             |   |          |      |   |            |   |   |               |   |   |   |   |
| Revenues from external customers |   | $             | 1,036,700 |   |            | $      | 0      |               |   | $ | 1,036,700 |   |
| Long-lived assets                |   |          | 260,144   |   |            |   | 0      |               |   |   | 260,144 |   |

| 27.   | SUBSEQUENT EVENTS |
|-----------------|-------------------|

----

| 28.   | EARNINGS PER SHARE |
|-----------------|--------------------|

| 2010                                 |   | Net income (loss) |    |   | Weighted-average shares |   |       | Per share amount |   |
|--------------------------------------|--------|-------------------|---------|--------|-------------------------|--------|------------|-----------------------|--------|
| Basic earnings per share             |   | $                 | 358     |   |                    |   | 34,895,527 |                  |   | $ | .01 |   |
| Effect of stock options/trusts       |   |              | 0       |   |                    |   | 495,789    |                  |   |   |   |   |
| Diluted earnings per share (a)       |   | $                 | 358     |   |                    |   | 35,391,316 |                  |   | $ | .01 |   |
|                                 |   |              |    |   |                    |   |       |                  |   |   |   |   |
| 2009                                 |   |              |    |   |                    |   |       |                  |   |   |   |   |
| Basic and diluted loss per share (b) |   | $                 | (24,645 | )      |                    |   | 34,707,891 |                  |   | $ | (.71 | ) |
|                                 |   |              |    |   |                    |   |       |                  |   |   |   |   |
| 2008                                 |   |              |    |   |                    |   |       |                  |   |   |   |   |
| Basic earnings per share             |   | $                 | 13,337  |   |                    |   | 34,409,754 |                  |   | $ | .39 |   |
| Effect of stock options/trusts       |   |              | 0       |   |                    |   | 428,474    |                  |   |   |   |   |
| Diluted earnings per share           |   | $                 | 13,337  |   |                    |   | 34,838,228 |                  |   | $ | .38 |   |

| (a)   | The effect of convertible notes has not been included as they were anti-dilutive.  The weighted-average share amount excluded for convertible notes totaled 16,764,701 shares. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The effect of stock options/trusts has been excluded as they were anti-dilutive.  The weighted-average share amount excluded for stock options/trusts totaled 559,110 shares.  The effect of convertible notes has not been included as they were anti-dilutive.  The weighted-average share amount excluded for convertible notes totaled 483,481 shares. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.   |  SUPPLEMENTARY DATA – QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
|-----------------|------------------------------------------------------------------------------|

|  Quarter ended |   | March 31 |    |   | June 30 |   |    | September 30 |   |   | December 31 |   |   |   | Year endedDecember 31 |   |
|---------------------|--------|----------|---------|--------|---------|--------|---------|--------------|--------|--------|-------------|--------|--------|--------|-----------------------|--------|
|                |   |     |    |   |    |   |    |         |   |   |        |   |   |   |                  |   |
| 2010                |   |     |    |   |    |   |    |         |   |   |        |   |   |   |                  |   |
| Net sales           |   | $        | 196,448 |   |    | $      | 229,656 |         |   | $      | 222,818     |   |   | $      | 232,669               |   |   |   | $ | 881,591 |   |
| Gross profit (loss) |   |     | 26,087  |   |    |   | 33,903  |         |   |   | 27,946      |   |   |   | 25,993                |   | (a) |   |   | 113,929 |   |
| Net income (loss)   |   |     | 2,078   |   |    |   | 4,569   |         |   |   | 4,015       |   |   |   | (10,304               | )      | (b) |   |   | 358 |   |
| Per share amounts:  |   |     |    |   |    |   |    |         |   |   |        |   |   |   |                  |   |   |   |   |   |   |
|   Basic   |   |     | .06     |   |    |   | .13     |         |   |   | .12         |   |   |   | (.29                  | )      | (b) |   |   | .01 |  (c) |
|   Diluted |   |     | .06     |   |    |   | .12     |         |   |   | .11         |   |   |   | (.29                  | )      | (b) |   |   | .01 |  (c) |
|                |   |     |    |   |    |   |    |         |   |   |        |   |   |   |                  |   |   |   |   |   |   |
| 2009                |   |     |    |   |    |   |    |         |   |   |        |   |   |   |                  |   |   |   |   |   |   |
| Net sales           |   | $        | 232,604 |   |    | $      | 206,983 |         |   | $      | 141,496     |   |   | $      | 146,516               |   |   |   | $ | 727,599 |   |
| Gross profit (loss) |   |     | 30,063  |   |    |   | 29,746  |         |   |   | (3,030      | )      |   |   | (814                  | )      |   |   |   | 55,965 |   |
| Net income (loss)   |   |     | 7,041   |   |    |   | 5,910   |         |   |   | (11,113     | )      |   |   | (26,483               | )      | (d) |   |   | (24,645 | ) |
| Per share amounts:  |   |     |    |   |    |   |    |         |   |   |        |   |   |   |                  |   |   |   |   |   |   |
|   Basic   |   |     | .20     |   |    |   | .17     |         |   |   | (.32        | )      |   |   | (.76                  | )      | (d) |   |   | (.71 | ) |
|   Diluted |   |     | .20     |   |    |   | .17     |         |   |   | (.32        | )      |   |   | (.76                  | )      | (d) |   |   | (.71 | ) |

| (a)   | Inventory reserves of $5.1 million for certain large earthmoving/construction tires were included in the quarter ended December 31, 2010. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Loss on note repurchase of $11.4 million was included in the quarter ended December 31, 2010. |
|-----------------|-----------------------------------------------------------------------------------------------|

| (c)   | As a result of changes in outstanding share balances and dilution factors, year-end per share amounts do not agree to the sum of the quarters. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Noncash goodwill impairment charge of $11.7 million was included in the quarter ended December 31, 2009. |
|-----------------|----------------------------------------------------------------------------------------------------------|

----

| 30.   | SUBSIDIARY GUARANTOR FINANCIAL INFORMATION |
|-----------------|--------------------------------------------|

|                                         |   | Consolidating Condensed Statements of Operations |    |
|----------------------------------------------|--------|--------------------------------------------------|---------|
|                                         |   | Year Ended December 31, 2010                     |    |
| (Amounts in thousands)                       |   |                                             |    |
|                                         |   | Titan                                            |    |   |   |   |   | Non- |   |   |   |   |   |   |   |
|                                         |   | Intl., Inc.                                      |    |   | Guarantor |   |   | Guarantor |   |   |   |   |   |   |   |
|                                         |   | (Parent)                                         |    |   | Subsidiaries |   |   | Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Net sales                                    |   | $                                                | 0       |   |   | $ | 881,591 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 881,591 |   |
| Cost of sales                                |   |                                             | 2,340   |   |   |   | 765,322 |   |   |   | 0 |   |   |   | 0 |   |   |   | 767,662 |   |
| Gross profit (loss)                          |   |                                             | (2,340  | ) |   |   | 116,269 |   |   |   | 0 |   |   |   | 0 |   |   |   | 113,929 |   |
| Selling, general and administrative expenses |   |                                             | 27,400  |   |   |   | 30,114 |   |   |   | 51 |   |   |   | 0 |   |   |   | 57,565 |   |
| Research and development expenses            |   |                                             | 0       |   |   |   | 6,317 |   |   |   | 0 |   |   |   | 0 |   |   |   | 6,317 |   |
| Royalty expense                              |   |                                             | 0       |   |   |   | 9,263 |   |   |   | 0 |   |   |   | 0 |   |   |   | 9,263 |   |
| Income (loss) from operations                |   |                                             | (29,740 | ) |   |   | 70,575 |   |   |   | (51 | ) |   |   | 0 |   |   |   | 40,784 |   |
| Interest expense                             |   |                                             | (26,667 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (26,667 | ) |
| Loss on note repurchase                      |   |                                             | (14,573 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (14,573 | ) |
| Other income                                 |   |                                             | 921     |   |   |   | 183 |   |   |   | 1 |   |   |   | 0 |   |   |   | 1,105 |   |
| Income (loss) before income taxes            |   |                                             | (70,059 | ) |   |   | 70,758 |   |   |   | (50 | ) |   |   | 0 |   |   |   | 649 |   |
| Income tax provision (benefit)               |   |                                             | (31,409 | ) |   |   | 31,723 |   |   |   | (23 | ) |   |   | 0 |   |   |   | 291 |   |
| Equity in earnings of subsidiaries           |   |                                             | 39,008  |   |   |   | 0 |   |   |   | 0 |   |   |   | (39,008 | ) |   |   | 0 |   |
| Net income (loss)                            |   | $                                                | 358     |   |   | $ | 39,035 |   |   | $ | (27 | ) |   | $ | (39,008 | ) |   | $ | 358 |   |

|                                         |   | Consolidating Condensed Statements of Operations |    |
|----------------------------------------------|--------|--------------------------------------------------|---------|
|                                         |   | Year Ended December 31, 2009                     |    |
| (Amounts in thousands)                       |   |                                             |    |
|                                         |   | Titan                                            |    |   |   |   |   | Non- |   |   |   |   |   |   |   |
|                                         |   | Intl., Inc.                                      |    |   | Guarantor |   |   | Guarantor |   |   |   |   |   |   |   |
|                                         |   | (Parent)                                         |    |   | Subsidiaries |   |   | Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Net sales                                    |   | $                                                | 0       |   |   | $ | 727,599 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 727,599 |   |
| Cost of sales                                |   |                                             | (6      | ) |   |   | 671,640 |   |   |   | 0 |   |   |   | 0 |   |   |   | 671,634 |   |
| Gross profit                                 |   |                                             | 6       |   |   |   | 55,959 |   |   |   | 0 |   |   |   | 0 |   |   |   | 55,965 |   |
| Selling, general and administrative expenses |   |                                             | 16,549  |   |   |   | 30,093 |   |   |   | 92 |   |   |   | 0 |   |   |   | 46,734 |   |
| Research and development expenses            |   |                                             | 67      |   |   |   | 8,783 |   |   |   | 0 |   |   |   | 0 |   |   |   | 8,850 |   |
| Royalty expense                              |   |                                             | 0       |   |   |   | 7,573 |   |   |   | 0 |   |   |   | 0 |   |   |   | 7,573 |   |
| Noncash goodwill impairment charge           |   |                                             | 0       |   |   |   | 11,702 |   |   |   | 0 |   |   |   | 0 |   |   |   | 11,702 |   |
| Loss from operations                         |   |                                             | (16,610 | ) |   |   | (2,192 | ) |   |   | (92 | ) |   |   | 0 |   |   |   | (18,894 | ) |
| Interest expense                             |   |                                             | (16,246 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (16,246 | ) |
| Gain on note repurchase                      |   |                                             | 1,398   |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 1,398 |   |
| Other income                                 |   |                                             | 1,452   |   |   |   | 288 |   |   |   | 0 |   |   |   | 0 |   |   |   | 1,740 |   |
| Loss before income taxes                     |   |                                             | (30,006 | ) |   |   | (1,904 | ) |   |   | (92 | ) |   |   | 0 |   |   |   | (32,002 | ) |
| Income tax benefit                           |   |                                             | (6,897  | ) |   |   | (439 | ) |   |   | (21 | ) |   |   | 0 |   |   |   | (7,357 | ) |
| Equity in earnings of subsidiaries           |   |                                             | (1,536  | ) |   |   | 0 |   |   |   | 0 |   |   |   | 1,536 |   |   |   | 0 |   |
| Net income (loss)                            |   | $                                                | (24,645 | ) |   | $ | (1,465 | ) |   | $ | (71 | ) |   | $ | 1,536 |   |   | $ | (24,645 | ) |

----

|                                         |   | Consolidating Condensed Statements of Operations |    |
|----------------------------------------------|--------|--------------------------------------------------|---------|
|                                         |   | Year Ended December 31, 2008                     |    |
| (Amounts in thousands)                       |   |                                             |    |
|                                         |   | Titan                                            |    |   |   |   |   | Non- |   |   |   |   |   |   |   |
|                                         |   | Intl., Inc.                                      |    |   | Guarantor |   |   | Guarantor |   |   |   |   |   |   |   |
|                                         |   | (Parent)                                         |    |   | Subsidiaries |   |   | Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Net sales                                    |   | $                                                | 0       |   |   | $ | 1,036,700 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 1,036,700 |   |
| Cost of sales                                |   |                                             | (922    | ) |   |   | 897,908 |   |   |   | 0 |   |   |   | 0 |   |   |   | 896,986 |   |
| Gross profit                                 |   |                                             | 922     |   |   |   | 138,792 |   |   |   | 0 |   |   |   | 0 |   |   |   | 139,714 |   |
| Selling, general and administrative expenses |   |                                             | 20,332  |   |   |   | 33,251 |   |   |   | 78 |   |   |   | 0 |   |   |   | 53,661 |   |
| Research and development expenses            |   |                                             | 17      |   |   |   | 3,473 |   |   |   | 0 |   |   |   | 0 |   |   |   | 3,490 |   |
| Royalty expense                              |   |                                             | 0       |   |   |   | 9,242 |   |   |   | 0 |   |   |   | 0 |   |   |   | 9,242 |   |
| Income (loss) from operations                |   |                                             | (19,427 | ) |   |   | 92,826 |   |   |   | (78 | ) |   |   | 0 |   |   |   | 73,321 |   |
| Interest expense                             |   |                                             | (15,122 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (15,122 | ) |
| Noncash Titan Europe Plc charge              |   |                                             | (37,698 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (37,698 | ) |
| Other income (expense)                       |   |                                             | 832     |   |   |   | (33 | ) |   |   | 1,710 |   |   |   | 0 |   |   |   | 2,509 |   |
| Income (loss) before income taxes            |   |                                             | (71,415 | ) |   |   | 92,793 |   |   |   | 1,632 |   |   |   | 0 |   |   |   | 23,010 |   |
| Income tax provision (benefit)               |   |                                             | (30,024 | ) |   |   | 39,011 |   |   |   | 686 |   |   |   | 0 |   |   |   | 9,673 |   |
| Equity in earnings of subsidiaries           |   |                                             | 54,728  |   |   |   | 0 |   |   |   | 0 |   |   |   | (54,728 | ) |   |   | 0 |   |
| Net income                                   |   | $                                                | 13,337  |   |   | $ | 53,782 |   |   | $ | 946 |   |   | $ | (54,728 | ) |   | $ | 13,337 |   |

|                                             |   | Consolidating Condensed Balance Sheets |     |
|--------------------------------------------------|--------|----------------------------------------|----------|
|                                             |   | December 31, 2010                      |     |
| (Amounts in thousands)                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |
|                                             |   | Titan                                  |     |   |   |   |   | Non- |   |   |   |   |   |   |   |
|                                             |   | Intl., Inc.                            |     |   | Guarantor |   |   | Guarantor |   |   |   |   |   |   |   |
|                                             |   | (Parent)                               |     |   | Subsidiaries |   |   | Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Assets                                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                        |   | $                                      | 239,362  |   |   | $ | 6 |   |   | $ | 132 |   |   | $ | 0 |   |   | $ | 239,500 |   |
| Accounts receivable                              |   |                                   | 0        |   |   |   | 89,004 |   |   |   | 0 |   |   |   | 0 |   |   |   | 89,004 |   |
| Inventories                                      |   |                                   | 0        |   |   |   | 127,982 |   |   |   | 0 |   |   |   | 0 |   |   |   | 127,982 |   |
| Prepaid and other current assets                 |   |                                   | 14,732   |   |   |   | 16,722 |   |   |   | 0 |   |   |   | 0 |   |   |   | 31,454 |   |
| Total current assets                             |   |                                   | 254,094  |   |   |   | 233,714 |   |   |   | 132 |   |   |   | 0 |   |   |   | 487,940 |   |
| Property, plant and equipment, net               |   |                                   | 7,678    |   |   |   | 240,376 |   |   |   | 0 |   |   |   | 0 |   |   |   | 248,054 |   |
| Investment in subsidiaries                       |   |                                   | 39,465   |   |   |   | 0 |   |   |   | 0 |   |   |   | (39,465 | ) |   |   | 0 |   |
| Other assets                                     |   |                                   | 22,183   |   |   |   | 6,600 |   |   |   | 22,693 |   |   |   | 0 |   |   |   | 51,476 |   |
| Total assets                                     |   | $                                      | 323,420  |   |   | $ | 480,690 |   |   | $ | 22,825 |   |   | $ | (39,465 | ) |   | $ | 787,470 |   |
|                                             |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities and Stockholders’ Equity       |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                 |   | $                                      | 1,406    |   |   | $ | 33,875 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 35,281 |   |
| Other current liabilities                        |   |                                   | 16,066   |   |   |   | 41,006 |   |   |   | 0 |   |   |   | 0 |   |   |   | 57,072 |   |
| Total current liabilities                        |   |                                   | 17,472   |   |   |   | 74,881 |   |   |   | 0 |   |   |   | 0 |   |   |   | 92,353 |   |
| Long-term debt                                   |   |                                   | 373,564  |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 373,564 |   |
| Other long-term liabilities                      |   |                                   | 9,161    |   |   |   | 34,077 |   |   |   | 0 |   |   |   | 0 |   |   |   | 43,238 |   |
| Intercompany accounts                            |   |                                   | (355,092 | ) |   |   | 363,800 |   |   |   | (8,708 | ) |   |   | 0 |   |   |   | 0 |   |
| Stockholders’ equity                       |   |                                   | 278,315  |   |   |   | 7,932 |   |   |   | 31,533 |   |   |   | (39,465 | ) |   |   | 278,315 |   |
| Total liabilities and stockholders’ equity |   | $                                      | 323,420  |   |   | $ | 480,690 |   |   | $ | 22,825 |   |   | $ | (39,465 | ) |   | $ | 787,470 |   |

----

|                                             |   | Consolidating Condensed Balance Sheets |     |
|--------------------------------------------------|--------|----------------------------------------|----------|
|                                             |   | December 31, 2009                      |     |
| (Amounts in thousands)                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |
|                                             |   |                                   |     |
|                                             |   | Titan                                  |     |   |   |   |   | Non- |   |   |   |   |   |   |   |
|                                             |   | Intl., Inc.                            |     |   | Guarantor |   |   | Guarantor |   |   |   |   |   |   |   |
|                                             |   | (Parent)                               |     |   | Subsidiaries |   |   | Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Assets                                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                        |   | $                                      | 229,004  |   |   | $ | 11 |   |   | $ | 167 |   |   | $ | 0 |   |   | $ | 229,182 |   |
| Accounts receivable                              |   |                                   | (201     | ) |   |   | 67,714 |   |   |   | 0 |   |   |   | 0 |   |   |   | 67,513 |   |
| Inventories                                      |   |                                   | 0        |   |   |   | 110,136 |   |   |   | 0 |   |   |   | 0 |   |   |   | 110,136 |   |
| Prepaid and other current assets                 |   |                                   | 19,857   |   |   |   | 18,528 |   |   |   | 0 |   |   |   | 0 |   |   |   | 38,385 |   |
| Total current assets                             |   |                                   | 248,660  |   |   |   | 196,389 |   |   |   | 167 |   |   |   | 0 |   |   |   | 445,216 |   |
| Property, plant and equipment, net               |   |                                   | 7,602    |   |   |   | 246,859 |   |   |   | 0 |   |   |   | 0 |   |   |   | 254,461 |   |
| Investment in subsidiaries                       |   |                                   | 10,748   |   |   |   | 0 |   |   |   | 0 |   |   |   | (10,748 | ) |   |   | 0 |   |
| Other assets                                     |   |                                   | 23,870   |   |   |   | 6,460 |   |   |   | 6,456 |   |   |   | 0 |   |   |   | 36,786 |   |
| Total assets                                     |   | $                                      | 290,880  |   |   | $ | 449,708 |   |   | $ | 6,623 |   |   | $ | (10,748 | ) |   | $ | 736,463 |   |
|                                             |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities and Stockholders’ Equity       |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                 |   | $                                      | 1,086    |   |   | $ | 23,160 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 24,246 |   |
| Other current liabilities                        |   |                                   | 8,288    |   |   |   | 37,538 |   |   |   | 0 |   |   |   | 0 |   |   |   | 45,826 |   |
| Total current liabilities                        |   |                                   | 9,374    |   |   |   | 60,698 |   |   |   | 0 |   |   |   | 0 |   |   |   | 70,072 |   |
| Long-term debt                                   |   |                                   | 366,300  |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 366,300 |   |
| Other long-term liabilities                      |   |                                   | 5,574    |   |   |   | 32,564 |   |   |   | 0 |   |   |   | 0 |   |   |   | 38,138 |   |
| Intercompany accounts                            |   |                                   | (352,321 | ) |   |   | 377,281 |   |   |   | (24,960 | ) |   |   | 0 |   |   |   | 0 |   |
| Stockholders’ equity                       |   |                                   | 261,953  |   |   |   | (20,835 | ) |   |   | 31,583 |   |   |   | (10,748 | ) |   |   | 261,953 |   |
| Total liabilities and stockholders’ equity |   | $                                      | 290,880  |   |   | $ | 449,708 |   |   | $ | 6,623 |   |   | $ | (10,748 | ) |   | $ | 736,463 |   |

|                                                 |   | Consolidating Condensed Statements of Cash Flows |     |
|------------------------------------------------------|--------|--------------------------------------------------|----------|
|                                                 |   | Year Ended December 31, 2010                     |     |
| (Amounts in thousands)                               |   |                                             |     |   |   |   |   |   |   |   |   |   |
|                                                 |   |                                             |     |
|                                                 |   | Titan                                            |     |   |   |   |   | Non- |   |   |   |   |
|                                                 |   | Intl., Inc.                                      |     |   | Guarantor |   |   | Guarantor |   |   |   |   |
|                                                 |   | (Parent)                                         |     |   | Subsidiaries |   |   | Subsidiaries |   |   | Consolidated |   |
| Net cash provided by (used for) operating activities |   | $                                                | 28,158   |   |   | $ | 22,588 |   |   | $ | (35 | ) |   | $ | 50,711 |   |
|                                                 |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                 |   |                                             | (6,155   | ) |   |   | (22,699 | ) |   |   | 0 |   |   |   | (28,854 | ) |
| Other, net                                           |   |                                             | 0        |   |   |   | 106 |   |   |   | 0 |   |   |   | 106 |   |
| Net cash used for investing activities               |   |                                             | (6,155   | ) |   |   | (22,593 | ) |   |   | 0 |   |   |   | (28,748 | ) |
|                                                 |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from borrowings                             |   |                                             | 200,000  |   |   |   | 0 |   |   |   | 0 |   |   |   | 200,000 |   |
|   Repurchase of senior notes               |   |                                             | (206,166 | ) |   |   | 0 |   |   |   | 0 |   |   |   | (206,166 | ) |
| Proceeds from exercise of stock options              |   |                                             | 285      |   |   |   | 0 |   |   |   | 0 |   |   |   | 285 |   |
| Payment of financing fees                            |   |                                             | (5,057   | ) |   |   | 0 |   |   |   | 0 |   |   |   | (5,057 | ) |
| Other, net                                           |   |                                             | (707     | ) |   |   | 0 |   |   |   | 0 |   |   |   | (707 | ) |
| Net cash used for financing activities               |   |                                             | (11,645  | ) |   |   | 0 |   |   |   | 0 |   |   |   | (11,645 | ) |
|                                                 |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents |   |                                             | 10,358   |   |   |   | (5 | ) |   |   | (35 | ) |   |   | 10,318 |   |
| Cash and cash equivalents, beginning of period       |   |                                             | 229,004  |   |   |   | 11 |   |   |   | 167 |   |   |   | 229,182 |   |
| Cash and cash equivalents, end of period             |   | $                                                | 239,362  |   |   | $ | 6 |   |   | $ | 132 |   |   | $ | 239,500 |   |

----

|                                                  |   | Consolidating Condensed Statements of Cash Flows |    |
|-------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                  |   | Year Ended December 31, 2009                     |    |
| (Amounts in thousands)                                |   |                                             |    |   |   |   |   |   |   |   |   |   |
|                                                  |   | Titan                                            |    |   |   |   |   | Non- |   |   |   |   |
|                                                  |   | Intl., Inc.                                      |    |   | Guarantor |   |   | Guarantor |   |   |   |   |
|                                                  |   | (Parent)                                         |    |   | Subsidiaries |   |   | Subsidiaries |   |   | Consolidated |   |
| Net cash provided by (used for) operating activities  |   | $                                                | 36,592  |   |   | $ | 35,742 |   |   | $ | (21 | ) |   | $ | 72,313 |   |
|                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                 |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                  |   |                                             | (2,704  | ) |   |   | (36,833 | ) |   |   | 0 |   |   |   | (39,537 | ) |
|   Acquisition of shares of Titan Europe Plc |   |                                             | 0       |   |   |   | 0 |   |   |   | (2,399 | ) |   |   | (2,399 | ) |
| Other, net                                            |   |                                             | 0       |   |   |   | 1,042 |   |   |   | 0 |   |   |   | 1,042 |   |
| Net cash used for investing activities                |   |                                             | (2,704  | ) |   |   | (35,791 | ) |   |   | (2,399 | ) |   |   | (40,894 | ) |
|                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                 |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from borrowings                              |   |                                             | 172,500 |   |   |   | 0 |   |   |   | 0 |   |   |   | 172,500 |   |
|   Repurchase of senior notes                |   |                                             | (4,726  | ) |   |   | 0 |   |   |   | 0 |   |   |   | (4,726 | ) |
|   Payment on debt                           |   |                                             | (25,000 | ) |   |   | 0 |   |   |   | 0 |   |   |   | (25,000 | ) |
| Proceeds from exercise of stock options               |   |                                             | 1,142   |   |   |   | 0 |   |   |   | 0 |   |   |   | 1,142 |   |
| Payment of financing fees                             |   |                                             | (7,107  | ) |   |   | 0 |   |   |   | 0 |   |   |   | (7,107 | ) |
| Other, net                                            |   |                                             | (704    | ) |   |   | 0 |   |   |   | 0 |   |   |   | (704 | ) |
| Net cash provided by financing activities             |   |                                             | 136,105 |   |   |   | 0 |   |   |   | 0 |   |   |   | 136,105 |   |
|                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents  |   |                                             | 169,993 |   |   |   | (49 | ) |   |   | (2,420 | ) |   |   | 167,524 |   |
| Cash and cash equivalents, beginning of period        |   |                                             | 59,011  |   |   |   | 60 |   |   |   | 2,587 |   |   |   | 61,658 |   |
| Cash and cash equivalents, end of period              |   | $                                                | 229,004 |   |   | $ | 11 |   |   | $ | 167 |   |   | $ | 229,182 |   |

|                                                 |   | Consolidating Condensed Statements of Cash Flows |    |
|------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                 |   | Year Ended December 31, 2008                     |    |
| (Amounts in thousands)                               |   |                                             |    |
|                                                 |   | Titan                                            |    |   |   |   |   | Non- |   |   |   |   |
|                                                 |   | Intl., Inc.                                      |    |   | Guarantor |   |   | Guarantor |   |   |   |   |
|                                                 |   | (Parent)                                         |    |   | Subsidiaries |   |   | Subsidiaries |   |   | Consolidated |   |
| Net cash provided by (used for) operating activities |   | $                                                | (25,759 | ) |   | $ | 75,319 |   |   | $ | 1,610 |   |   | $ | 51,170 |   |
|                                                 |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                 |   |                                             | (4,534  | ) |   |   | (75,419 | ) |   |   | 0 |   |   |   | (79,953 | ) |
| Other, net                                           |   |                                             | 7       |   |   |   | 97 |   |   |   | 0 |   |   |   | 104 |   |
| Net cash used for investing activities               |   |                                             | (4,527  | ) |   |   | (75,322 | ) |   |   | 0 |   |   |   | (79,849 | ) |
|                                                 |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds on revolving credit facility                |   |                                             | 25,000  |   |   |   | 0 |   |   |   | 0 |   |   |   | 25,000 |   |
| Proceeds from exercise of stock options              |   |                                             | 3,536   |   |   |   | 0 |   |   |   | 0 |   |   |   | 3,536 |   |
| Excess tax benefit from stock options exercised      |   |                                             | 4,131   |   |   |   | 0 |   |   |   | 0 |   |   |   | 4,131 |   |
| Other, net                                           |   |                                             | (655    | ) |   |   | 0 |   |   |   | 0 |   |   |   | (655 | ) |
| Net cash provided by financing activities            |   |                                             | 32,012  |   |   |   | 0 |   |   |   | 0 |   |   |   | 32,012 |   |
|                                                 |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents |   |                                             | 1,726   |   |   |   | (3 | ) |   |   | 1,610 |   |   |   | 3,333 |   |
| Cash and cash equivalents, beginning of year         |   |                                             | 57,285  |   |   |   | 63 |   |   |   | 977 |   |   |   | 58,325 |   |
| Cash and cash equivalents, end of year               |   | $                                                | 59,011  |   |   | $ | 60 |   |   | $ | 2,587 |   |   | $ | 61,658 |   |

----

| 31.   | SUBSIDIARY GUARANTOR FINANCIAL INFORMATION |
|-----------------|--------------------------------------------|

|                                         |   | Consolidating Condensed Statements of Operations |    |
|----------------------------------------------|--------|--------------------------------------------------|---------|
|                                         |   | Year Ended December 31, 2010                     |    |
| (Amounts in thousands)                       |   |                                             |    |
|                                         |   | Titan                                            |    |   |   |   |   | Non- |   |   |   |   |   |   |   |
|                                         |   | Intl., Inc.                                      |    |   | Guarantor |   |   | Guarantor |   |   |   |   |   |   |   |
|                                         |   | (Parent)                                         |    |   | Subsidiaries |   |   | Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Net sales                                    |   | $                                                | 0       |   |   | $ | 863,575 |   |   | $ | 18,016 |   |   | $ | 0 |   |   | $ | 881,591 |   |
| Cost of sales                                |   |                                             | 2,340   |   |   |   | 742,380 |   |   |   | 22,942 |   |   |   | 0 |   |   |   | 767,662 |   |
| Gross profit (loss)                          |   |                                             | (2,340  | ) |   |   | 121,195 |   |   |   | (4,926 | ) |   |   | 0 |   |   |   | 113,929 |   |
| Selling, general and administrative expenses |   |                                             | 27,400  |   |   |   | 8,491 |   |   |   | 21,674 |   |   |   | 0 |   |   |   | 57,565 |   |
| Research and development expenses            |   |                                             | 0       |   |   |   | 6,190 |   |   |   | 127 |   |   |   | 0 |   |   |   | 6,317 |   |
| Royalty expense                              |   |                                             | 0       |   |   |   | 9,263 |   |   |   | 0 |   |   |   | 0 |   |   |   | 9,263 |   |
| Income (loss) from operations                |   |                                             | (29,740 | ) |   |   | 97,251 |   |   |   | (26,727 | ) |   |   | 0 |   |   |   | 40,784 |   |
| Interest expense                             |   |                                             | (26,667 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (26,667 | ) |
| Loss on note repurchase                      |   |                                             | (14,573 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (14,573 | ) |
| Other income                                 |   |                                             | 921     |   |   |   | 59 |   |   |   | 125 |   |   |   | 0 |   |   |   | 1,105 |   |
| Income (loss) before income taxes            |   |                                             | (70,059 | ) |   |   | 97,310 |   |   |   | (26,602 | ) |   |   | 0 |   |   |   | 649 |   |
| Income tax provision (benefit)               |   |                                             | (31,409 | ) |   |   | 43,631 |   |   |   | (11,931 | ) |   |   | 0 |   |   |   | 291 |   |
| Equity in earnings of subsidiaries           |   |                                             | 39,008  |   |   |   | (272 | ) |   |   | 272 |   |   |   | (39,008 | ) |   |   | 0 |   |
| Net income (loss)                            |   | $                                                | 358     |   |   | $ | 53,407 |   |   | $ | (14,399 | ) |   | $ | (39,008 | ) |   | $ | 358 |   |

|                                         |   | Consolidating Condensed Statements of Operations |    |
|----------------------------------------------|--------|--------------------------------------------------|---------|
|                                         |   | Year Ended December 31, 2009                     |    |
| (Amounts in thousands)                       |   |                                             |    |
|                                         |   |                                             |    |
|                                         |   | Titan                                            |    |   |   |   |   | Non- |   |   |   |   |   |   |   |
|                                         |   | Intl., Inc.                                      |    |   | Guarantor |   |   | Guarantor |   |   |   |   |   |   |   |
|                                         |   | (Parent)                                         |    |   | Subsidiaries |   |   | Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Net sales                                    |   | $                                                | 0       |   |   | $ | 713,487 |   |   | $ | 14,112 |   |   | $ | 0 |   |   | $ | 727,599 |   |
| Cost of sales                                |   |                                             | (6      | ) |   |   | 650,820 |   |   |   | 20,820 |   |   |   | 0 |   |   |   | 671,634 |   |
| Gross profit (loss)                          |   |                                             | 6       |   |   |   | 62,667 |   |   |   | (6,708 | ) |   |   | 0 |   |   |   | 55,965 |   |
| Selling, general and administrative expenses |   |                                             | 16,549  |   |   |   | 9,719 |   |   |   | 20,466 |   |   |   | 0 |   |   |   | 46,734 |   |
| Research and development expenses            |   |                                             | 67      |   |   |   | 8,616 |   |   |   | 167 |   |   |   | 0 |   |   |   | 8,850 |   |
| Royalty expense                              |   |                                             | 0       |   |   |   | 7,573 |   |   |   | 0 |   |   |   | 0 |   |   |   | 7,573 |   |
| Noncash goodwill impairment charge           |   |                                             | 0       |   |   |   | 0 |   |   |   | 11,702 |   |   |   | 0 |   |   |   | 11,702 |   |
| Income (loss) from operations                |   |                                             | (16,610 | ) |   |   | 36,759 |   |   |   | (39,043 | ) |   |   | 0 |   |   |   | (18,894 | ) |
| Interest expense                             |   |                                             | (16,246 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (16,246 | ) |
| Gain on note repurchase                      |   |                                             | 1,398   |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 1,398 |   |
| Other income                                 |   |                                             | 1,452   |   |   |   | 125 |   |   |   | 163 |   |   |   | 0 |   |   |   | 1,740 |   |
| Income (loss) before income taxes            |   |                                             | (30,006 | ) |   |   | 36,884 |   |   |   | (38,880 | ) |   |   | 0 |   |   |   | (32,002 | ) |
| Income tax provision (benefit)               |   |                                             | (6,897  | ) |   |   | 8,479 |   |   |   | (8,939 | ) |   |   | 0 |   |   |   | (7,357 | ) |
| Equity in earnings of subsidiaries           |   |                                             | (1,536  | ) |   |   | (635 | ) |   |   | 4,233 |   |   |   | (2,062 | ) |   |   | 0 |   |
| Net income (loss)                            |   | $                                                | (24,645 | ) |   | $ | 27,770 |   |   | $ | (25,708 | ) |   | $ | (2,062 | ) |   | $ | (24,645 | ) |

----

|                                         |   | Consolidating Condensed Statements of Operations |    |
|----------------------------------------------|--------|--------------------------------------------------|---------|
|                                         |   | Year Ended December 31, 2008                     |    |
| (Amounts in thousands)                       |   |                                             |    |
|                                         |   | Titan                                            |    |   |   |   |   | Non- |   |   |   |   |   |   |   |
|                                         |   | Intl., Inc.                                      |    |   | Guarantor |   |   | Guarantor |   |   |   |   |   |   |   |
|                                         |   | (Parent)                                         |    |   | Subsidiaries |   |   | Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Net sales                                    |   | $                                                | 0       |   |   | $ | 1,013,881 |   |   | $ | 22,819 |   |   | $ | 0 |   |   | $ | 1,036,700 |   |
| Cost of sales                                |   |                                             | (922    | ) |   |   | 873,439 |   |   |   | 24,469 |   |   |   | 0 |   |   |   | 896,986 |   |
| Gross profit (loss)                          |   |                                             | 922     |   |   |   | 140,442 |   |   |   | (1,650 | ) |   |   | 0 |   |   |   | 139,714 |   |
| Selling, general and administrative expenses |   |                                             | 20,332  |   |   |   | 10,543 |   |   |   | 22,786 |   |   |   | 0 |   |   |   | 53,661 |   |
| Research and development expenses            |   |                                             | 17      |   |   |   | 3,472 |   |   |   | 1 |   |   |   | 0 |   |   |   | 3,490 |   |
| Royalty expense                              |   |                                             | 0       |   |   |   | 9,242 |   |   |   | 0 |   |   |   | 0 |   |   |   | 9,242 |   |
| Income (loss) from operations                |   |                                             | (19,427 | ) |   |   | 117,185 |   |   |   | (24,437 | ) |   |   | 0 |   |   |   | 73,321 |   |
| Interest expense                             |   |                                             | (15,122 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (15,122 | ) |
| Noncash Titan Europe Plc charge              |   |                                             | (37,698 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (37,698 | ) |
| Other income (expense)                       |   |                                             | 832     |   |   |   | (267 | ) |   |   | 1,944 |   |   |   | 0 |   |   |   | 2,509 |   |
| Income (loss) before income taxes            |   |                                             | (71,415 | ) |   |   | 116,918 |   |   |   | (22,493 | ) |   |   | 0 |   |   |   | 23,010 |   |
| Income tax provision (benefit)               |   |                                             | (30,024 | ) |   |   | 49,152 |   |   |   | (9,455 | ) |   |   | 0 |   |   |   | 9,673 |   |
| Equity in earnings of subsidiaries           |   |                                             | 54,728  |   |   |   | (1,062 | ) |   |   | 32,200 |   |   |   | (85,866 | ) |   |   | 0 |   |
| Net income                                   |   | $                                                | 13,337  |   |   | $ | 66,704 |   |   | $ | 19,162 |   |   | $ | (85,866 | ) |   | $ | 13,337 |   |

|                                             |   | Consolidating Condensed Balance Sheets |     |
|--------------------------------------------------|--------|----------------------------------------|----------|
|                                             |   | December 31, 2010                      |     |
| (Amounts in thousands)                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |
|                                             |   | Titan                                  |     |   |   |   |   | Non- |   |   |   |   |   |   |   |
|                                             |   | Intl., Inc.                            |     |   | Guarantor |   |   | Guarantor |   |   |   |   |   |   |   |
|                                             |   | (Parent)                               |     |   | Subsidiaries |   |   | Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Assets                                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                        |   | $                                      | 239,362  |   |   | $ | 3 |   |   | $ | 135 |   |   | $ | 0 |   |   | $ | 239,500 |   |
| Accounts receivable                              |   |                                   | 0        |   |   |   | 85,335 |   |   |   | 3,669 |   |   |   | 0 |   |   |   | 89,004 |   |
| Inventories                                      |   |                                   | 0        |   |   |   | 113,104 |   |   |   | 14,878 |   |   |   | 0 |   |   |   | 127,982 |   |
| Prepaid and other current assets                 |   |                                   | 14,732   |   |   |   | 15,937 |   |   |   | 785 |   |   |   | 0 |   |   |   | 31,454 |   |
| Total current assets                             |   |                                   | 254,094  |   |   |   | 214,379 |   |   |   | 19,467 |   |   |   | 0 |   |   |   | 487,940 |   |
| Property, plant and equipment, net               |   |                                   | 7,678    |   |   |   | 218,999 |   |   |   | 21,377 |   |   |   | 0 |   |   |   | 248,054 |   |
| Investment in subsidiaries                       |   |                                   | 39,465   |   |   |   | 9,057 |   |   |   | 10 |   |   |   | (48,532 | ) |   |   | 0 |   |
| Other assets                                     |   |                                   | 22,183   |   |   |   | 869 |   |   |   | 28,424 |   |   |   | 0 |   |   |   | 51,476 |   |
| Total assets                                     |   | $                                      | 323,420  |   |   | $ | 443,304 |   |   | $ | 69,278 |   |   | $ | (48,532 | ) |   | $ | 787,470 |   |
|                                             |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities and Stockholders’ Equity       |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                 |   | $                                      | 1,406    |   |   | $ | 32,305 |   |   | $ | 1,570 |   |   | $ | 0 |   |   | $ | 35,281 |   |
| Other current liabilities                        |   |                                   | 16,066   |   |   |   | 38,689 |   |   |   | 2,317 |   |   |   | 0 |   |   |   | 57,072 |   |
| Total current liabilities                        |   |                                   | 17,472   |   |   |   | 70,994 |   |   |   | 3,887 |   |   |   | 0 |   |   |   | 92,353 |   |
| Long-term debt                                   |   |                                   | 373,564  |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 373,564 |   |
| Other long-term liabilities                      |   |                                   | 9,161    |   |   |   | 28,083 |   |   |   | 5,994 |   |   |   | 0 |   |   |   | 43,238 |   |
| Intercompany accounts                            |   |                                   | (355,092 | ) |   |   | 110,361 |   |   |   | 244,731 |   |   |   | 0 |   |   |   | 0 |   |
| Stockholders’ equity                       |   |                                   | 278,315  |   |   |   | 233,866 |   |   |   | (185,334 | ) |   |   | (48,532 | ) |   |   | 278,315 |   |
| Total liabilities and stockholders’ equity |   | $                                      | 323,420  |   |   | $ | 443,304 |   |   | $ | 69,278 |   |   | $ | (48,532 | ) |   | $ | 787,470 |   |

----

|                                             |   | Consolidating Condensed Balance Sheets |     |
|--------------------------------------------------|--------|----------------------------------------|----------|
|                                             |   | December 31, 2009                      |     |
| (Amounts in thousands)                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |
|                                             |   | Titan                                  |     |   |   |   |   | Non- |   |   |   |   |   |   |   |
|                                             |   | Intl., Inc.                            |     |   | Guarantor |   |   | Guarantor |   |   |   |   |   |   |   |
|                                             |   | (Parent)                               |     |   | Subsidiaries |   |   | Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Assets                                           |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                        |   | $                                      | 229,004  |   |   | $ | 8 |   |   | $ | 170 |   |   | $ | 0 |   |   | $ | 229,182 |   |
| Accounts receivable                              |   |                                   | (201     | ) |   |   | 65,533 |   |   |   | 2,181 |   |   |   | 0 |   |   |   | 67,513 |   |
| Inventories                                      |   |                                   | 0        |   |   |   | 92,116 |   |   |   | 18,020 |   |   |   | 0 |   |   |   | 110,136 |   |
| Prepaid and other current assets                 |   |                                   | 19,857   |   |   |   | 17,881 |   |   |   | 647 |   |   |   | 0 |   |   |   | 38,385 |   |
| Total current assets                             |   |                                   | 248,660  |   |   |   | 175,538 |   |   |   | 21,018 |   |   |   | 0 |   |   |   | 445,216 |   |
| Property, plant and equipment, net               |   |                                   | 7,602    |   |   |   | 222,184 |   |   |   | 24,675 |   |   |   | 0 |   |   |   | 254,461 |   |
| Investment in subsidiaries                       |   |                                   | 10,748   |   |   |   | 9,057 |   |   |   | 10 |   |   |   | (19,815 | ) |   |   | 0 |   |
| Other assets                                     |   |                                   | 23,870   |   |   |   | 760 |   |   |   | 12,156 |   |   |   | 0 |   |   |   | 36,786 |   |
| Total assets                                     |   | $                                      | 290,880  |   |   | $ | 407,539 |   |   | $ | 57,859 |   |   | $ | (19,815 | ) |   | $ | 736,463 |   |
|                                             |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities and Stockholders’ Equity       |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                 |   | $                                      | 1,086    |   |   | $ | 22,248 |   |   | $ | 912 |   |   | $ | 0 |   |   | $ | 24,246 |   |
| Other current liabilities                        |   |                                   | 8,288    |   |   |   | 35,817 |   |   |   | 1,721 |   |   |   | 0 |   |   |   | 45,826 |   |
| Total current liabilities                        |   |                                   | 9,374    |   |   |   | 58,065 |   |   |   | 2,633 |   |   |   | 0 |   |   |   | 70,072 |   |
| Long-term debt                                   |   |                                   | 366,300  |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 366,300 |   |
| Other long-term liabilities                      |   |                                   | 5,574    |   |   |   | 26,475 |   |   |   | 6,089 |   |   |   | 0 |   |   |   | 38,138 |   |
| Intercompany accounts                            |   |                                   | (352,321 | ) |   |   | 128,302 |   |   |   | 224,019 |   |   |   | 0 |   |   |   | 0 |   |
| Stockholders’ equity                       |   |                                   | 261,953  |   |   |   | 194,697 |   |   |   | (174,882 | ) |   |   | (19,815 | ) |   |   | 261,953 |   |
| Total liabilities and stockholders’ equity |   | $                                      | 290,880  |   |   | $ | 407,539 |   |   | $ | 57,859 |   |   | $ | (19,815 | ) |   | $ | 736,463 |   |

|                                                 |   | Consolidating Condensed Statements of Cash Flows |     |
|------------------------------------------------------|--------|--------------------------------------------------|----------|
|                                                 |   | Year Ended December 31, 2010                     |     |
| (Amounts in thousands)                               |   |                                             |     |   |   |   |   |   |   |   |   |   |
|                                                 |   | Titan                                            |     |   |   |   |   | Non- |   |   |   |   |
|                                                 |   | Intl., Inc.                                      |     |   | Guarantor |   |   | Guarantor |   |   |   |   |
|                                                 |   | (Parent)                                         |     |   | Subsidiaries |   |   | Subsidiaries |   |   | Consolidated |   |
| Net cash provided by operating activities       |   | $                                                | 28,158   |   |   | $ | 21,809 |   |   | $ | 744 |   |   | $ | 50,711 |   |
|                                                 |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                 |   |                                             | (6,155   | ) |   |   | (21,865 | ) |   |   | (834 | ) |   |   | (28,854 | ) |
| Other, net                                           |   |                                             | 0        |   |   |   | 51 |   |   |   | 55 |   |   |   | 106 |   |
| Net cash used for investing activities               |   |                                             | (6,155   | ) |   |   | (21,814 | ) |   |   | (779 | ) |   |   | (28,748 | ) |
|                                                 |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from borrowings                             |   |                                             | 200,000  |   |   |   | 0 |   |   |   | 0 |   |   |   | 200,000 |   |
|   Repurchase of senior notes               |   |                                             | (206,166 | ) |   |   | 0 |   |   |   | 0 |   |   |   | (206,166 | ) |
| Proceeds from exercise of stock options              |   |                                             | 285      |   |   |   | 0 |   |   |   | 0 |   |   |   | 285 |   |
| Payment of financing fees                            |   |                                             | (5,057   | ) |   |   | 0 |   |   |   | 0 |   |   |   | (5,057 | ) |
| Other, net                                           |   |                                             | (707     | ) |   |   | 0 |   |   |   | 0 |   |   |   | (707 | ) |
| Net cash used for financing activities               |   |                                             | (11,645  | ) |   |   | 0 |   |   |   | 0 |   |   |   | (11,645 | ) |
|                                                 |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents |   |                                             | 10,358   |   |   |   | (5 | ) |   |   | (35 | ) |   |   | 10,318 |   |
| Cash and cash equivalents, beginning of period       |   |                                             | 229,004  |   |   |   | 8 |   |   |   | 170 |   |   |   | 229,182 |   |
| Cash and cash equivalents, end of period             |   | $                                                | 239,362  |   |   | $ | 3 |   |   | $ | 135 |   |   | $ | 239,500 |   |

----

|                                                  |   | Consolidating Condensed Statements of Cash Flows |    |
|-------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                  |   | Year Ended December 31, 2009                     |    |
| (Amounts in thousands)                                |   |                                             |    |   |   |   |   |   |   |   |   |   |
|                                                  |   | Titan                                            |    |   |   |   |   | Non- |   |   |   |   |
|                                                  |   | Intl., Inc.                                      |    |   | Guarantor |   |   | Guarantor |   |   |   |   |
|                                                  |   | (Parent)                                         |    |   | Subsidiaries |   |   | Subsidiaries |   |   | Consolidated |   |
| Net cash provided by (used for) operating activities  |   | $                                                | 36,592  |   |   | $ | 35,986 |   |   | $ | (265 | ) |   | $ | 72,313 |   |
|                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                 |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                  |   |                                             | (2,704  | ) |   |   | (36,061 | ) |   |   | (772 | ) |   |   | (39,537 | ) |
|   Acquisition of shares of Titan Europe Plc |   |                                             | 0       |   |   |   | 0 |   |   |   | (2,399 | ) |   |   | (2,399 | ) |
| Other, net                                            |   |                                             | 0       |   |   |   | 25 |   |   |   | 1,017 |   |   |   | 1,042 |   |
| Net cash used for investing activities                |   |                                             | (2,704  | ) |   |   | (36,036 | ) |   |   | (2,154 | ) |   |   | (40,894 | ) |
|                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                 |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from borrowings                              |   |                                             | 172,500 |   |   |   | 0 |   |   |   | 0 |   |   |   | 172,500 |   |
|   Repurchase of senior notes                |   |                                             | (4,726  | ) |   |   | 0 |   |   |   | 0 |   |   |   | (4,726 | ) |
|   Payment on debt                           |   |                                             | (25,000 | ) |   |   | 0 |   |   |   | 0 |   |   |   | (25,000 | ) |
| Proceeds from exercise of stock options               |   |                                             | 1,142   |   |   |   | 0 |   |   |   | 0 |   |   |   | 1,142 |   |
| Payment of financing fees                             |   |                                             | (7,107  | ) |   |   | 0 |   |   |   | 0 |   |   |   | (7,107 | ) |
| Other, net                                            |   |                                             | (704    | ) |   |   | 0 |   |   |   | 0 |   |   |   | (704 | ) |
| Net cash provided by financing activities             |   |                                             | 136,105 |   |   |   | 0 |   |   |   | 0 |   |   |   | 136,105 |   |
|                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents  |   |                                             | 169,993 |   |   |   | (50 | ) |   |   | (2,419 | ) |   |   | 167,524 |   |
| Cash and cash equivalents, beginning of period        |   |                                             | 59,011  |   |   |   | 58 |   |   |   | 2,589 |   |   |   | 61,658 |   |
| Cash and cash equivalents, end of period              |   | $                                                | 229,004 |   |   | $ | 8 |   |   | $ | 170 |   |   | $ | 229,182 |   |

|                                                 |   | Consolidating Condensed Statements of Cash Flows |    |
|------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                 |   | Year Ended December 31, 2008                     |    |
| (Amounts in thousands)                               |   |                                             |    |
|                                                 |   | Titan                                            |    |   |   |   |   | Non- |   |   |   |   |
|                                                 |   | Intl., Inc.                                      |    |   | Guarantor |   |   | Guarantor |   |   |   |   |
|                                                 |   | (Parent)                                         |    |   | Subsidiaries |   |   | Subsidiaries |   |   | Consolidated |   |
| Net cash provided by (used for) operating activities |   | $                                                | (25,759 | ) |   | $ | 73,451 |   |   | $ | 3,478 |   |   | $ | 51,170 |   |
|                                                 |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                 |   |                                             | (4,534  | ) |   |   | (73,461 | ) |   |   | (1,958 | ) |   |   | (79,953 | ) |
| Other, net                                           |   |                                             | 7       |   |   |   | 6 |   |   |   | 91 |   |   |   | 104 |   |
| Net cash used for investing activities               |   |                                             | (4,527  | ) |   |   | (73,455 | ) |   |   | (1,867 | ) |   |   | (79,849 | ) |
|                                                 |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds on revolving credit facility                |   |                                             | 25,000  |   |   |   | 0 |   |   |   | 0 |   |   |   | 25,000 |   |
| Proceeds from exercise of stock options              |   |                                             | 3,536   |   |   |   | 0 |   |   |   | 0 |   |   |   | 3,536 |   |
| Excess tax benefit from stock options exercised      |   |                                             | 4,131   |   |   |   | 0 |   |   |   | 0 |   |   |   | 4,131 |   |
| Other, net                                           |   |                                             | (655    | ) |   |   | 0 |   |   |   | 0 |   |   |   | (655 | ) |
| Net cash provided by financing activities            |   |                                             | 32,012  |   |   |   | 0 |   |   |   | 0 |   |   |   | 32,012 |   |
|                                                 |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents |   |                                             | 1,726   |   |   |   | (4 | ) |   |   | 1,611 |   |   |   | 3,333 |   |
| Cash and cash equivalents, beginning of year         |   |                                             | 57,285  |   |   |   | 62 |   |   |   | 978 |   |   |   | 58,325 |   |
| Cash and cash equivalents, end of year               |   | $                                                | 59,011  |   |   | $ | 58 |   |   | $ | 2,589 |   |   | $ | 61,658 |   |

----

|  Description                                                         |   | Balance at beginningof year |      |   | Additions to costs and expenses |   |      |  Deductions |   |   | Balanceat endof year |   |
|---------------------------------------------------------------------------|--------|-----------------------------|-----------|--------|---------------------------------|--------|-----------|------------------|--------|--------|----------------------|--------|
|                                                                      |   |                        |      |   |                            |   |      |             |   |   |                 |   |
| Year ended December 31, 2010                                              |   |                        |      |   |                            |   |      |             |   |   |                 |   |
| Reserve deducted in the balance sheet from the assets to which it applies |   |                        |      |   |                            |   |      |             |   |   |                 |   |
|                                                                      |   |                        |      |   |                            |   |      |             |   |   |                 |   |
| Allowance for doubtful accounts                                           |   | $                           | 3,958,000 |   |                            | $      | 255,000   |             |   | $      | (324,000             | )      |   | $ | 3,889,000 |   |
| Allowance for inventory obsolescence                                      |   | $                           | 2,296,000 |   |                            | $      | 5,294,000 |             |   | $      | (222,000             | )      |   | $ | 7,368,000 |   |
|                                                                      |   |                        |      |   |                            |   |      |             |   |   |                 |   |   |   |   |   |
| Year ended December 31, 2009                                              |   |                        |      |   |                            |   |      |             |   |   |                 |   |   |   |   |   |
| Reserve deducted in the balance sheet from the assets to which it applies |   |                        |      |   |                            |   |      |             |   |   |                 |   |   |   |   |   |
|                                                                      |   |                        |      |   |                            |   |      |             |   |   |                 |   |   |   |   |   |
| Allowance for doubtful accounts                                           |   | $                           | 6,639,000 |   |                            | $      | 1,248,000 |             |   | $      | (3,929,000           | )      |   | $ | 3,958,000 |   |
| Allowance for inventory obsolescence                                      |   | $                           | 3,818,000 |   |                            | $      | (991,000  | )                |   | $      | (531,000             | )      |   | $ | 2,296,000 |   |
|                                                                      |   |                        |      |   |                            |   |      |             |   |   |                 |   |   |   |   |   |
| Year ended December 31, 2008                                              |   |                        |      |   |                            |   |      |             |   |   |                 |   |   |   |   |   |
| Reserve deducted in the balance sheet from the assets to which it applies |   |                        |      |   |                            |   |      |             |   |   |                 |   |   |   |   |   |
|                                                                      |   |                        |      |   |                            |   |      |             |   |   |                 |   |   |   |   |   |
| Allowance for doubtful accounts                                           |   | $                           | 5,258,000 |   |                            | $      | 1,489,000 |             |   | $      | (108,000             | )      |   | $ | 6,639,000 |   |
| Allowance for inventory obsolescence                                      |   | $                           | 4,671,000 |   |                            | $      | (162,000  | )                |   | $      | (691,000             | )      |   | $ | 3,818,000 |   |

|   |   |
|--------|--------|