Titan International, Inc. Completes $115 Million Sale of Convertible Senior Unsecured Notes

QUINCY, Ill.--July 26, 2004--Titan International, Inc. confirmed it has completed the previously announced sale of $100 million of 5.25% convertible senior unsecured notes due 2009 in a Rule 144A offering. The closing also included the exercise in full by the initial purchasers of their option to purchase an additional $15 million of the notes.

The net proceeds from this offering will be applied to the outstanding principal amount of the company's 8.75% senior subordinated notes due 2007.

The notes have been offered to only qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended. This press release does not constitute an offer to sell or solicitation of an offer to buy any security and shall not constitute an offer solicitation or sale in any jurisdiction in which such offering would be unlawful. The notes and the shares of common stock of Titan International issuable upon the conversion of the notes have not been registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

This press release contains certain statements relating to Titan's intended use of the proceeds from the offering and certain other information, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results, depending on a variety of factors, including market and other conditions. More detailed information about these and other factors is set forth in Titan's Annual Report on Form 10-K and in other reports which Titan from time to time files with the Securities and Exchange Commission, available publicly on the SEC's web site, http://www.sec.gov.

Titan International is a leading supplier of wheels, tires and assemblies for off-highway equipment used in agriculture, earthmoving/construction and consumer markets. The earthmoving/construction market includes products supplied to the U.S. military and other government entities, while the consumer market includes all terrain vehicle and recreational/utility trailer applications.