TITAN MACHINERYThird Quarter FY2019

Earnings Conference Call

November 29, 2018

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Safe Harbor Statement

Forward-Looking StatementsThis presentation contains “forward-looking statements” within the meaning of the federal securities laws. Statements about our beliefs and expectations and statements containing thewords “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar expressions may constitute forward-looking statements.Except for historical information contained herein, the statements in this presentation are forward-looking and made pursuant to the safe harbor provisions of the Private Securities LitigationReform Act of 1995. Forward-looking statements made herein, which may include statements regarding Agriculture, Construction and International segment performance expectations,inventory levels, agricultural and macro-economic trends, effects of cost-cutting measures and realignment initiatives, rental fleet size, the balance sheet effects of our cash flow fromoperations, modeling assumptions, projections regarding agricultural production legislation and changes to tax policy, and income, growth, operating expense, cash flow, and profitabilityexpectations, and the expected results of operations for the fiscal year ending January 31, 2019, involve known and unknown risks and uncertainties that may cause Titan Machinery’sactual results in current or future periods to differ materially from forecasted results. The Company’s risks and uncertainties include, among other things, a substantial dependence on asingle equipment manufacturer, the continued availability of organic growth and acquisition opportunities, potential difficulties integrating acquired stores, industry supply levels, fluctuatingagriculture and construction industry economic conditions, the success of recently implemented performance improvement initiatives, the uncertainty and fluctuating conditions in the capitaland credit markets, difficulties in conducting international operations, governmental agriculture policies, seasonal fluctuations, climate conditions, disruption in receiving ample inventoryfinancing, the success of our inventory efforts and increased competition in the geographic areas served. These and other risks are more fully described in Titan Machinery’s filings with theSecurities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K, as updated in subsequently filed Quarterly Reports on Form 10-Q. TitanMachinery conducts its business in a highly competitive and rapidly changing environment. Accordingly, new risk factors may arise. It is not possible for management to predict all such riskfactors, nor to assess the impact of all such risk factors on Titan Machinery’s business or the extent to which any individual risk factor, or combination of factors, may cause results to differmaterially from those contained in any forward-looking statement. Except as required by applicable law, Titan Machinery disclaims any obligation to update such factors or to publiclyannounce results of revisions to any of the forward-looking statements contained herein to reflect future events or developments.

Non-GAAP Financial Measures Within this presentation, the Company makes reference to certain adjusted financial measures, which have directly comparable GAAP financial measures. These adjusted measures areprovided so that investors have the same financial data that management uses with the belief that it will assist the investment community in assessing the underlying performance of theCompany for the periods being reported. The presentation of this additional information is not meant to be considered a substitute for, or superior to, measures prepared in accordance withGAAP.

Industry InformationInformation regarding market and industry statistics contained in this presentation is based on information available to us that we believe is accurate.

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Financial Overview

▪ Third Quarter FY 2019 Results• Revenue $363.6 Million• Adjusted Pre-Tax Income $12.9 Million(1)

• Adjusted Diluted EPS $0.49(1)

▪ Conference Call Discussion Points• Industry Overviews• Financial Results • Updated Fiscal Year 2019 Modeling Assumptions

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Agriculture Segment Overview▪ Overall Market Conditions

• Wide variability in corn and soybean yield and quality across footprint. Overall average to above averageyields. Late harvest. Soybean harvest progress most notably trailing five year average

• Replacement demand continues to drive equipment purchases• Farmers negatively impacted by current low commodity prices but positively affected by announced

USDA support programs, yield trends, new tax laws, and YTD marketing / hedging activity▪ Detailed Market Conditions:

Market Conditions Key Actions

Challenging Harvest - Extended October wet spelldelaying harvest and impacting crop conditions

Intense focus on customer parts, service andequipment needs through this time sensitive andimportant harvest. Accentuates the importance ofreliable and productive farm machinery

Industry Inventory Levels Improving - Industrytractor and combine sales improvements along withmanaged lease returns creating improved industryinventory levels

Continue to focus on improved equipment margins andretail opportunities. Year-end purchases driven bycustomer tax planning

Grower Fleet Duty Cycle Increasing – With thecontinued lower base of industry tractor and combinesales, farmers are extending age and hours in theircurrent fleet of equipment

Target customers' replacement demand with pre-saleopportunities with deliveries into CY2019. Scheduleuptime inspections for off-season with anticipation ofhigher dollar repairs with aged fleet

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Construction Segment Overview▪ Overall Market Conditions

• Strength in industry sales volumes and rental activity along with improved inventory levels• CE Segment on track for improved top and bottom line performance in the second half of

fiscal 2019 resulting from operational initiatives

▪ Detailed Market Conditions:Market Conditions Key Actions

Improved Industry Inventory Levels – Demandoutpacing supply in certain product categories.Overall tighter supplies of and longer lead timesfor new and used CE equipment

Digital and web-based marketing opening upaccess to national markets and targeting highdemand product categories. Improved rentalutilization resulting from fleet rationalization

Stronger Economy – Improved GNP, strength inmajor metro markets, housing starts, andinvestment in oil and gas infrastructure despiterecent price volatility

Focus on new and used equipment margins,inventory reduction, improve quality and age ofnew and used inventory. Increased equipmentusage improves demand for parts and servicerevenue. Increased parts and service revenuesfrom off-season uptime inspections.

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International Segment Overview▪ Overall Market Conditions

• Ongoing stable business climate, available financing, and an aged machine populationcontinues to create good equipment demand across most of our footprint

• Cereal crop yields impacted by dry conditions• Good late season yields in most markets except Germany• Increased global investment in Eastern European production agriculture

▪ Detailed Market Conditions:Market Conditions Key Actions

Ukraine – Economic growth, ready financing, andongoing demand for more productive equipment andaftermarket support. Russian conflict concentrated inCrimea and regions of Luhansk and Donetsk along theEastern border

Developing key accounts, matching equipmentinventories to targeted demand, and continuing to buildout parts and service capabilities. Continue to mitigatethe financial risks associated with the potentialgeopolitical risk

Balkans – Overall positive economic conditions, growerrealization of late-model equipment ROI, and RomaniaEU funds driving equipment demand

Continuing to target equipment categories by territory,leveraging available EU funds, and improvingaftermarket support and precision to build loyalty andprofitability

Germany - Both cereal and late season crops impactedby drought. Crop insurance and government subsidesproviding safety-net to farmers

Continued integration of employees and systems.Strong marketing efforts with entry into new markets

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Third Quarter Revenue Analysis

(in millions ofdollars) Q3 FY2019 Q3 FY2018 Change

Total Revenue $363.6 $330.3 +10.1%

Equipment $241.2 $216.0 +11.7%

Parts $70.1 $64.7 +8.3%

Service $33.6 $31.5 +6.7%

Rental & Other $18.8 $18.1 +3.9%7

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Third Quarter Financials (in millions of dollars, except pershare) Q3 FY2019 Q3 FY2018 Change

Total Revenue $363.6 $330.3 +10.1%

Gross Profit $69.5 $61.5 +13.0%

Gross Profit Margin 19.1% 18.6% +50 bps

Operating Expenses $53.3 $50.4 -5.8%

Operating Expense Margin 14.7% 15.2% +50 bps

Restructuring & Impairment Costs $0.2 $2.6 +92.3%

Floorplan and Other Interest Expense $3.5 $4.0 +12.5%

Adjusted Net Income(1) $10.9 $4.4 +147.7%

Adjusted Diluted EPS(1) $0.49 $0.20 +145.0%

**NM = Not Meaningful 8

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(in millions of dollars) Q3 FY2019 Q3 FY2018 Change

Revenue $363.6 $330.3 +10.1%

Agriculture $210.7 $186.5 +13.0%

Construction $78.7 $72.9 +8.0%

International $74.2 $70.9 +4.7%

Adjusted Pre-Tax Income (Loss)(1) $12.9 $7.5 +72.0%

Agriculture(1) $9.9 $5.5 +80.0%

Construction(1) $0.8 $(0.7) **N/M

International(1) $2.6 $2.5 +4.0%

Third Quarter Segment Overview

**NM = Not Meaningful 9

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Nine Months Revenue Analysis

(in millions ofdollars)

First 9 MonthsFY2019

First 9 MonthsFY2018 Change

Total Revenue $909.2 $863.3 +5.3%

Equipment $590.8 $551.8 +7.1%

Parts $181.7 $176.9 +2.7%

Service $92.2 $90.8 +1.5%

Rental & Other $44.6 $43.9 +1.6%10

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Nine Months Financials

(in millions of dollars, except pershare)

First 9 MonthsFY2019

First 9 MonthsFY2018 Change

Total Revenue $909.2 $863.3 +5.3%

Gross Profit $176.0 $163.2 +7.8%

Gross Profit Margin 19.4% 18.9% +50 bps

Operating Expenses $147.7 $152.9 +3.4%

Operating Expense Margin 16.2% 17.7% +150 bps

Restructuring & Impairment Costs $0.9 $10.5 +91.4%

Floorplan and Other Interest Expense $11.1 $13.4 +17.2%

Adjusted Net Income (Loss)(1) $15.5 $(0.7) **N/M

Adjusted Diluted EPS(1) $0.71 $(0.03) **N/M

**NM = Not Meaningful 11

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(in millions of dollars) First 9 MonthsFY2019

First 9 MonthsFY2018 Change

Revenue $909.2 $863.3 +5.3%

Agriculture $506.4 $488.7 +3.6%

Construction $220.0 $214.3 +2.7%

International $182.8 $160.4 +14.0%

Adjusted Pre-Tax Income (Loss)(1) $19.9 $(0.2) **N/M

Agriculture(1) $16.4 $1.4 **N/M

Construction(1) $(1.8) $(2.1) +14.3%

International(1) $6.4 $3.4 +88.2%

Nine Months Segment Overview

**NM = Not Meaningful 12

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Operating Expenses and Absorption(2)

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Balance Sheet Highlights October 31, 2018

▪ $52.2 Million of Cash

▪ Equipment Inventory Increased $51 Million to $451 Million as of October 31,2018 vs. $400 Million as of January 31, 2018

• $74 million, or 28.7%, increase in new partially offset by $23 million decrease in used• Equipment inventory turns remained at 1.7 consistent with the prior year

▪ Rental Fleet Decreased to $114.1 Million as of October 31, 2018 from $123.4Million as of January 31, 2018

▪ $332.9 Million Outstanding Floorplan Payables on $652.5 Million FloorplanLines of Credit

▪ Total Liabilities to Tangible Net Worth of 1.5 as of October 31, 2018 vs. 1.6 asof October 31, 2017

▪ $45.6 Million Total Face Value of Senior Convertible Notes Outstanding

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Cash Flow Statement Highlights

(in millions of dollars) First 9 MonthsFY2019

First 9 MonthsFY2018

Cash Flow Provided by Operating Activities $11.7 $56.0

Net Change in Non-Manufacturer Floorplan Payable $43.9 $(14.4)

Adjustment for Constant Equity in Inventory* $(54.1) $(52.4)

Adjusted Cash Flow Provided by (Used for) OperatingActivities(3) $1.5 $(10.8)

Cash Flow Provided by (Used for) Operating Activities

*The equity in our equipment inventory decreased to 26.2% as of October 31, 2018 from 38.2% as of January 31, 2018 anddecreased to 29.6% as of October 31, 2017 from 41.1% as of January 31, 2017.

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FY 2019 Outlook

▪ Updating FY2019 Modeling Assumptions

CurrentAssumptions

PreviousAssumptions

Segment RevenueAgriculture Up 0-5% Up 0-5%Construction Up 0-5% Up 0-5%International* Up 10-15% Up 10-15%

Equipment Margin 9.1-9.4% 8.7-9.2%

Adjusted Diluted EPS(4) $0.65 - $0.75 $0.45 - $0.65

*International segment revenue includes the post-acquisition contribution from AGRAM

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Appendix

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Presentation Footnotes

(1) Adjusted Net Income (Loss), Adjusted Diluted EPS, Adjusted Pre-Tax Income (Loss) and Adjusted EBITDA are non-GAAP financial measures. Thefollowing slides provide reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure. These non-GAAP financial measures are not meant to be considered a substitute for, or superior to, measures prepared in accordance with GAAP.

(2) Absorption is calculated in a given period by dividing our gross profit from sales of parts, service and rental fleet activity (described as "Gross Profiton Recurring Revenue" when used in reference to absorption discussions) for the period by our operating expenses, less our variable expense of salescommissions on equipment sales, plus interest expense on floorplan payables and rental fleet debt (described as "Fixed Operating Expenses" whenused in reference to absorption discussions).

(3) Adjusted Cash Flow Provided by (Used for) Operating Activities is a non-GAAP financial measure. This non-GAAP financial measure is not meant tobe considered a substitute for, or superior to, measures prepared in accordance with GAAP.

(4) A reconciliation of projected Adjusted Diluted EPS, a forward-looking non-GAAP measure, to the most directly comparable GAAP measure of dilutedEPS is not provided because the Company is unable to provide such a reconciliation due to the uncertainty and inherent difficulty regarding theoccurrence, financial impact and periods in which non-GAAP adjustments may be recognized.

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Same Store Results

In millions

Three Months Ended October 31, Nine Months Ended October 31,

2018 2017PercentChange 2018 2017

PercentChange

Same Store Sales*Agriculture $ 209.7 $ 186.5 12.4 % $ 503.3 $ 478.4 5.2 %

Construction 78.7 72.9 7.9 % 220.0 214.0 2.7 %

International 66.0 70.9 (6.8)% 174.6 160.4 8.9 %

Total $ 354.4 $ 330.3 7.3 % $ 897.9 $ 853.0 5.3 %

Same Store Gross Profit*Agriculture $ 40.5 $ 35.7 13.4 % $ 100.4 $ 93.1 7.9 %

Construction 18.0 16.9 6.5 % 48.4 49.6 (2.5)%

International 9.1 8.9 1.9 % 24.7 20.8 18.7 %

Total $ 67.6 $ 61.5 9.8 % $ 173.5 $ 163.5 6.1 %

*Same-store results are calculated by including stores that were with the Company for the entire period of both fiscal years which we arecomparing. For the three and nine months ended October 31, 2018, 1 Agriculture store and our recently acquired Germany stores were excludedfrom our same-store results. For the three and nine months ended October 31, 2017, a total of 14 stores were excluded from our same-storeresults, consisting of 13 Agriculture stores and 1 Construction store.

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Equipment Inventory

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Non-GAAP Reconciliation Tables

In thousands, except per share data

Three Months Ended October 31, Nine Months Ended October 31,

2018 2017 2018 2017

Adjusted Income (Loss) Before Income Taxes

Income (Loss) Before Income Taxes $ 12,770 $ 4,886 $ 18,396 $ (11,734)

Adjustments(Gain) loss on repurchase of senior convertible notes — 18 615 (22)

Debt issuance cost write-off — — — 416Restructuring & impairment charges 153 2,587 873 10,480Interest rate swap termination & reclassification — — — 631

Total Adjustments 153 2,605 1,488 11,505Adjusted Income (Loss) Before Income Taxes $ 12,923 $ 7,491 $ 19,884 $ (229)

Adjusted Net Income (Loss)

Net Income (Loss) $ 10,776 $ 2,384 $ 14,341 $ (8,734)

Adjustments(Gain) loss on repurchase of senior convertible notes — 18 615 (22)

Debt issuance cost write-off — — — 416

Restructuring & impairment charges 153 2,587 873 10,480Interest rate swap termination & reclassification — — — 631

Total Pre-Tax Adjustments 153 2,605 1,488 11,505Less: Tax Effect of Adjustments (1) 32 895 280 4,010

Plus: Income Tax Valuation Allowance — 325 — 525Total Adjustments 121 2,035 1,208 8,020

Adjusted Net Income (Loss) $ 10,897 $ 4,419 $ 15,549 $ (714)

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Non-GAAP Reconciliation Tables, continued

In thousands, except per share dataThree Months Ended October 31, Nine Months Ended October 31,

2018 2017 2018 2017

Adjusted EBITDA

Net Income (Loss) $ 10,776 $ 2,384 $ 14,341 $ (8,734)

Adjustments

Interest expense, net of interest income 1,590 2,011 5,854 5,932

Provision for (benefit from) income taxes 1,994 2,502 4,055 (3,000)

Depreciation and amortization 6,442 6,681 17,889 18,949

EBITDA 20,802 13,578 42,139 13,147

Adjustments

(Gain) loss on repurchase of senior convertible notes — 18 — (22)

Debt issuance cost write-off — — — 416

Restructuring & impairment charges 153 2,587 873 10,480Interest rate swap termination & reclassification — — — 631

Total Adjustments 153 2,605 873 11,505

Adjusted EBITDA $ 20,955 $ 16,184 $ 43,012 $ 24,652

Adjusted Diluted EPS

Diluted EPS $ 0.48 $ 0.11 $ 0.65 $ (0.4)

Adjustments (2)(Gain) loss on repurchase of senior convertible notes — — 0.03 —

Debt issuance cost write-off — — — 0.02

Restructuring & impairment charges 0.01 0.12 0.04 0.49Interest rate swap termination & reclassification — — — 0.03

Total Pre-Tax Adjustments 0.01 0.12 0.07 0.54Less: Tax Effect of Adjustments (1) — 0.04 0.01 0.19

Plus: Income Tax Valuation Allowance — 0.01 — 0.02

Total Adjustments 0.01 0.09 0.06 0.37

Adjusted Diluted EPS $ 0.49 $ 0.2 $ 0.71 $ (0.03)

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Non-GAAP Reconciliation Tables, continued

In thousands, except per share data

Three Months Ended October 31, Nine Months Ended October 31,

2018 2017 2018 2017Adjusted Income (Loss) Before Income Taxes - Agriculture

Income (Loss) Before Income Taxes $ 9,383 $ 4,909 $ 15,666 $ (5,870)Restructuring & impairment charges 512 567 745 7,239

Adjusted Income (Loss) Before Income Taxes $ 9,895 $ 5,476 $ 16,411 $ 1,369

Adjusted Income (Loss) Before Income Taxes - Construction

Income (Loss) Before Income Taxes $ 1,154 $ (2,373) $ (1,773) $ (4,076)Restructuring & impairment charges (359) 1,671 (27) 2,009

Adjusted Income (Loss) Before Income Taxes $ 795 $ (702) $ (1,800) $ (2,067)

Adjusted Income (Loss) Before Income Taxes - InternationalIncome (Loss) Before Income Taxes $ 2,596 $ 2,453 $ 6,235 $ 3,331

Restructuring & impairment charges — 60 155 60Adjusted Income (Loss) Before Income Taxes $ 2,596 $ 2,513 $ 6,390 $ 3,391

(1) The tax effect of adjustments for the three and nine months ended October 31, 2018 was calculated using a 21% tax rate for all U.S. related items. This rate was determined based on a 21% federalstatutory rate and no impact for state taxes given our valuation allowance against state net operating loss carryforwards. No tax effect was recognized for foreign related items as all adjustments occurred in aforeign jurisdiction that has a full valuation allowance against its net operating loss carryforward. The tax effect of adjustments for the three and nine months ended October 31, 2017 was calculated using a35% tax rate for all U.S. related items and was determined based on a 35% federal statutory tax rate and no impact for state taxes given our valuation allowances against state net operating loss carryforwards.No tax effect was recognized for foreign related items as all adjustments occurred in foreign jurisdictions that have full valuation allowances against net operating loss carryforwards. 

(2) Adjustments are net of amounts allocated to participating securities where applicable.

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