Titan Announces Shareholder Offer

Titan International, Inc. announced on February 21 that it has commenced an offer to the holders of its 5.25 per cent senior convertible notes that are due in 2009 to convert their notes into Titan’s common stock at an increased conversion rate. This offer is scheduled to expire at 5 p.m. New York City time on March 20, 2007, unless extended or terminated. As of February 20, 2007, there were US$81.2 million principal amount of convertible notes outstanding.

According to the terms of Titan’s offer, each $1,000 principal amount of notes is convertible into 81.0000 shares of common stock, the equivalent to a conversion price of approximately $12.35 per share. The offering price set forth will not include accrued interest; therefore, no accrued interest will be paid on the notes of those accepting this offering. Prior to the offer, each $1,000 principal amount of notes was convertible into 74.0741 shares of common stock, which was equivalent to a conversion price of approximately $13.50 per share.