Contact: Lisa Ross
Communications Coordinator
(217) 221-4489

July 30, 2004

Titan International, Inc. reports second quarter 2004 earnings increase of $.71 per share over last year’s quarter

Quincy, IL.— Titan International, Inc. (NYSE: TWI) reported net sales of $121.2 million for the second quarter ended June 30, 2004, an increase of 29% compared to $94.0 million pro forma (adjusted to reflect the sale of Titan Europe) for the previous year’s quarter . Net sales for second quarter 2003 including Titan Europe’s sales were $131.0 million. Net sales for the first half of 2004 were $288.2 million, up from $260.0 million for the first half of 2003.

Titan recorded net income of $5.6 million for the second quarter and $10.9 million year-to-date 2004, up substantially from net losses of $(8.2) million for second quarter 2003 and $(14.1) million for the first six months of 2003. Diluted earnings per share was $.32 for the second quarter, compared to a loss per share of $(.39) for the same quarter of 2003, for a $.71 increase quarter-over-quarter. Year-to-date earnings per share was $.57 versus a loss per share of $(.67) in the first half of 2003.

On April 7, 2004, Titan Europe Plc was admitted to trading as a separate public company on London’s AIM market. A wholly-owned subsidiary of Titan is the largest stockholder in the newly public company, retaining a 30% interest. The April 2004 sale of the 70% interest of Titan Europe resulted in an offering amount of approximately $62 million. Of the net proceeds, Titan dedicated $15 million to buy back approximately 4.9 million shares of Titan International stock held by Citicorp Venture Capital, Ltd. Beginning in second quarter, Titan Europe’s operating results are no longer consolidated with those of Titan International. However, Titan’s 30% ownership of the new European company is recorded as an equity investment on Titan International’s financial statements.

“The first half of 2004 has shown solid progress for Titan and the strength of our order book is evidence of our customers’ preference for Titan products,” stated Maurice Taylor Jr., Titan president and CEO. “This was the right time to secure Titan’s refinancing and position the company to take advantage of growth opportunities. The outlook through 2005 is positive and Titan is prepared to meet these challenges.”

Early in third quarter 2004, Titan secured a new $100 million revolving credit facility with agents LaSalle Bank National Association and General Electric Capital Corporation, terminating the former revolver and term loan agreements. Titan also sold 5.25% convertible senior unsecured notes due 2009 in a Rule 144A offering for $115 million principal amount. The notes are convertible into shares of Titan International’s common stock at an initial conversion price of $13.50 per common share. Additionally, Titan notified the trustee to redeem the $136.8 million outstanding on Titan’s 8.75% senior subordinated notes, setting a redemption date of August 26, 2004.

For additional financial information and Management’s Discussion and Analysis of Financial Condition and Results of Operations, see the company’s Form 10-Q filed with the Securities and Exchange Commission (SEC) on July 30, 2004.

This press release includes forward-looking statements that involve risks and uncertainties, including risks as detailed in Titan International, Inc.’s periodic filings with the Securities and Exchange Commission, including the annual report on Form 10-K for the year ended December 31, 2003.

Titan is a supplier of mounted wheel and tire systems for off-highway equipment used in agricultural,
earthmoving/construction, and consumer applications (i.e. all terrain vehicles and trailers).