Titan Machinery

ICR Conference
January 8, 2018
 Legal Disclaimers
Forward-Looking Statements
This presentation contains “forward-looking statements” within the meaning of the federal securities laws. Statements about our beliefs and
expectations and statements containing the words “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 Litigation Reform Act
of 1995. Forward-looking statements made herein, which 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 from operations, modeling assumptions, projections regarding agricultural production
legislation and changes to tax policy, and income, growth, operating expense, cash flow, and profitability expectations, and the expected results of
operations for the fiscal year ending January 31, 2018, involve known and unknown risks and uncertainties that may cause Titan Machinery’s
actual 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 a single distributor, the continued availability of organic growth and acquisition opportunities, potential
difficulties integrating acquired stores, industry supply levels, fluctuating agriculture and construction industry economic conditions, the success of
recently implemented performance improvement initiatives, the uncertainty and fluctuating conditions in the capital and credit markets, difficulties in
conducting international operations, governmental agriculture policies, seasonal fluctuations, climate conditions, disruption in receiving ample
inventory financing, 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 the Securities and Exchange Commission, including the Company’s most recently filed Annual
Report on Form 10-K. Titan Machinery 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 risk factors, 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 differ materially 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 publicly announce results of revisions to any of the forward-looking statements contained herein to reflect future events or developments. Any
forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on
which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time
to time, whether as a result of new information, future developments or otherwise.

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 are provided so that investors have the same financial data that management uses with the belief that it
will assist the investment community in properly assessing the underlying performance of the Company 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
with GAAP. Investors are encouraged to review the reconciliations of adjusted financial measures used in this presentation to their most directly
comparable GAAP financial measures as provided with the Non-GAAP Reconciliation Tables provided in this presentation.

Industry Information
Information 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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Executive Management Presenters

David Meyer Chairman / CEO

 Founded Titan Machinery in 1980
 42 years of industry owner/operator experience
 Widely respected leader
 Early adapter/pioneer dealership consolidation

Mark Kalvoda Chief Financial Officer

 22 years of accounting / finance background
 Chief Financial Officer / Treasurer
 Internal audit / SEC reporting experience
 Joined Titan senior management team in 2007

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 Company Overview

4
 Financial Snapshot

Company Summary: NASDAQ: TITN

Stock Price (as of 1/3/2018) $21.67

52 Week Range (as of 1/3/2018) $11.68 - $23.12

Market Cap (as of 1/3/2018) $478.63M

Cash (as of 10/31/2017) $43.9 million

Book Value (as of 10/31/2017)(*) $14.84

(*)Total Titan Machinery Inc. Stockholders’ Equity and Diluted Weighted Average Common Shares taken from most recently
filed quarterly report

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 About Our Business
After-Sales
Product Support
Agriculture
Industry

Customer

Construction
Industry

“We Provide a One-Stop Solution For All of

Our Customer’s Equipment Needs”

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 Our Company
Company Snapshot Distribution Footprint
• Contiguous network of 75 NA
stores:
 Highly productive farming region
 Vast construction footprint from
Canada to Mexico
• International footprint of 22 stores
in Eastern Europe
• Management depth, expertise &
systems to support growth
• Expert Team model that supports
scale & customer focus
• CNH Industrial’s largest retail
dealer of AG and CE equipment FY17 Revenue FY17 Revenue
by Segment by Source
NYSE: CNHI World’s 2nd largest manufacturer of Ag equipment International Rental
Service
Construction 12% 5%
10%
27%
Parts
19%

66%
61%
Agriculture Equipment
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 Agriculture Segment Overview
▪ Overall Market Conditions
• Yields better than expected with the exception of drought impacts to cash crop
and livestock customers in the Western Dakotas; large supplies keeping
commodity prices low
• Steady used equipment demand continues with expected opportunity to convert
greater share of new equipment replacement demand for core products in Q4
• Detailed Market Conditions:
Market Conditions Key Actions
Used Stability – Demand for used Continuing used retail success with
equipment remains stable aggressive marketing and programs
New Demand – Higher than expected On-hand inventory with focused
yields and built up replacement programs to support year-end demand
demand for new equipment
Aftermarket Progress – New structure Increasing our focus on preventive
and expanded support favorably maintenance, engaging more
impacting retention and absorption customers through our popular Uptime
program

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 Construction Segment Overview
▪ Overall Market Conditions
• Our construction market is flat to slightly down with overall
improvement in residential offset by decreased spending in state and
local, industrial and especially agriculture
• Positioned well with footprint and inventories to capitalize on
forecasted U.S. GDP and construction growth within our market in FY19

▪ Detailed Market Conditions:

Market Conditions Key Actions
Expected Uptick – Anticipated U.S. GDP On-hand inventories, targeted
and construction growth, >$50 oil, and programs, and expanded focus on
declining equipment channel operational improvements to take
inventories point to an improved advantage of anticipated construction
demand outlook for FY19 growth across our wide footprint
Rental Mix –Meeting increased rent-to- Converting rent-to-own contracts; fleet
own demand and growing utilization in demand generation and further fleet
major markets (CO, MN, AZ) mix optimization across the network

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 International Segment Overview
▪ Overall Market Conditions
• Strengthening economies with available credit and select EU funding are
spurring equipment investment, delivering higher yields that further increase
demand
• Capitalizing on recent footprint build-out in Ukraine and Romania and
strengthening parts and service capabilities across markets to retain
customers and grow margin
▪ Detailed Market Conditions:
Market Conditions Key Actions
Ukraine – Strong business climate with Increased inventory position to meet
increasing investment, ready financing and growing demand, together with more
improving yields leading to better-than- focus on key account sales and
expected equipment demand aftermarket support

Balkans - Increasing grower productivity Continuing to leverage EU and local

and ready financing fueling growth in funding programs, where available, to
Romania and Serbia (plus EU subvention target growth in each territory, and to
funds in Romania); Bulgaria still awaiting improve product support capabilities
EU subvention funds

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 Fiscal 2018 Restructuring Plan Overview

▪ Consists of 14 Agriculture and 1 Construction Locations

▪ Fiscal 2018 Restructuring Plan will be Completed by the End of
FY 2018
▪ Projecting $20 million in Annual Cost Savings
▪ Non-recurring pre-tax costs of approximately $15 million
▪ Implemented Expert Team Operating Model
▪ Increased Focus on Parts and Service Support
▪ Leverage Scale and Expertise for Improved Operating Efficiencies
and Customer Experience

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 Agriculture Segment Average Annual Net Farm Income 1980-2020(1)
Growth Drivers
• Long-term economic factors
 Long-term growth in net farm income
 Improving diets in developing markets
• Compelling ROI for equipment
purchases Large Equipment Dealer Groups by Brand in
• Titan’s scale supports market share North America(2)
growth 2000 1825
1522 Total Stores

 New technologies require sophisticated 1500

1132 1100
Stores in Groups > 4

dealer support 1000

573 650

 Capacity & capability leveraged across 500

139 222

extensive network of stores 0

CNH/NH John Deere Kubota AGCO
• Dealer consolidation continues
Ag Dealer Industry Study(3)

Maybe
(1) Source: USDA, expressed in nominal dollars
(2) Source: Ag Equipment Intelligence 2017 Big Dealer Report Would you consider Yes 28%
selling your dealership 46%
(3) Survey by Farm Equipment Magazine

in the next 3-5 years? No

26%

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 Construction Segment Crude Oil Production – January 2017
Growth Drivers
• Energy industry in Titan footprint: Oil
(ND 2nd), natural gas, coal
• Construction activity in residential,
commercial and infrastructure
• Equipment used in Ag applications
• Leverage of Rental business
operating within retail stores
• Machine control systems potential to U.S. Construction Source:
SpendingU.S. Energy Information Administration

maximize production 1600

1400
1200
1100 Rental Market Forecast 1000
1000
900 CE & Industrial Equipment 800
800
700 2017 Forecast $3.9B 600
600 2018 Forecast $4.1B 400
500
400 200
300
200
0
100
0
AZ CO IA MN MT NE NM ND SD WI WY
Residential Non-Residential Non-building Structures

Source: FMI Construction Outlook, Q1 2017.

Figures represent spending in current US Dollars.
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 Titan’s Operating Model

At Titan Machinery, we are leveraging our expert team structure and

global scale to empower local teams to serve customers and grow.

4. Profitable Growth – Using 1. Expert Team – Market-leading

our scale & structure to create expertise & experience in each
an advantage in the market for area of our business shared
our customers & company. Profitable Expert across our footprint.
Growth Team

Local
Execution
3. Local Execution – Local
teams with market knowledge &
strong customer relationships
backed by full strength of Titan.
Global
Scale
2. Global Scale – Worldwide
footprint in prosperous territories
with ability to favorably leverage
capital, resources & expertise.

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 Economic and
Financial Overview
15
 Unit Economic Model

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 Third Quarter Revenue Analysis

(in millions of
Q3 FY2018 Q3 FY2017 Change
dollars)

Total Revenue $330.3 $332.3 -0.6%

Equipment $216.0 $212.2 +1.8%

Parts $64.7 $69.3 -6.5%

Service $31.5 $33.8 -6.6%

Rental & Other $18.1 $17.0 +6.4%

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 Third Quarter Financials
(in millions of dollars, except per
Q3 FY2018 Q3 FY2017 Change
share)
Total Revenue $330.3 $332.3 -0.6%

Gross Profit $61.5 $58.4 +5.2%

Gross Profit Margin 18.6% 17.6% +100 bps

Operating Expenses $50.4 $53.1 +5.2%

Operating Expense Margin 15.2% 16.0% +80 bps

Restructuring Costs $2.6 $0.3 **N/M

Floorplan and Other Interest Expense $(4.0) $(5.5) +26.5%

Adjusted Net Income (Loss) Including
$4.4 $(0.2) **N/M
Noncontrolling Interest(1)
Adjusted Diluted EPS(1) $0.20 $(0.01) **N/M

Absorption(2) 92.0% 90.0% +2.2%

**NM = Not Meaningful

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 Third Quarter Segment Overview

(in millions of dollars) Q3 FY2018 Q3 FY2017 Change

Revenue $330.3 $332.3 -0.6%

Agriculture $186.5 $205.5 -9.2%

Construction $72.9 $80.8 -9.7%

International $70.9 $45.9 +54.2%

Adjusted Pre-Tax Income (Loss)(1) $7.5 $(0.7) **N/M

Agriculture(1) $5.5 $(2.3) +340.7%

Construction(1) $(0.7) $0.1 **N/M

International(1) $2.5 $0.6 +316.1%

**NM = Not Meaningful

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 Nine Months Revenue Analysis
(in millions of First 9 Months First 9 Months
Change
dollars) FY2018 FY2017

Total Revenue $863.3 $895.5 -3.6%

Equipment $551.8 $570.4 -3.3%

Parts $176.9 $185.1 -4.4%

Service $90.8 $96.1 -5.5%

Rental & Other $43.9 $43.9 -0.1%

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 Nine Months Financials
First 9 Months First 9 Months
(in millions of dollars, except per share) Change
FY2018 FY2017
Total Revenue $863.3 $895.5 -3.6%

Gross Profit $163.2 $164.9 -1.0%

Gross Profit Margin 18.9% 18.4% +50 bps

Operating Expenses $152.9 $159.1 +3.9%

Operating Expense Margin 17.7% 17.7% +0 bps

Restructuring Costs $10.5 $0.5 **N/M

Floorplan and Other Interest Expense $(13.4) $(16.8) +20.0%

Adjusted Net Loss Including
$(0.7) $(7.6) +90.6%
Noncontrolling Interest(1)
Adjusted Diluted EPS(1) $(0.03) $(0.36) +91.6%

Absorption(2) 81.6% 79.9% +2.1%

**NM = Not Meaningful

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 Nine Months Segment Overview
First 9 Months First 9 Months
(in millions of dollars) Change
FY2018 FY2017

Revenue $863.3 $895.5 -3.6%

Agriculture $488.7 $538.1 -9.2%

Construction $214.3 $241.9 -11.4%

International $160.4 $115.5 +38.9%

Adjusted Pre-Tax Income (Loss)(1) $(0.2) $(12.6) +98.2%

Agriculture(1) $1.4 $(10.5) +113.1%

Construction(1) $(2.1) $(1.3) -53.8%

International(1) $3.4 $0.1 **N/M

**NM = Not Meaningful

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 Balance Sheet Highlights - October 31, 2017

▪ $43.9 Million of Cash

▪ Equipment Inventory Increased $62.3 Million to $457.9 Million as of
October 31, 2017 vs. $395.7 Million as of January 31, 2017
• $46.0 million Decrease in Used, Offset by $108.3 million Increase in New

▪ Rental Fleet Increased to $125.5 Million as of October 31, 2017 from

$124.4 Million as of January 31, 2017
▪ $322.4 Million Outstanding Floorplan Payables on $727.4 Million
Floorplan Lines of Credit
▪ Total Liabilities to Tangible Net Worth of 1.6 as of October 31, 2017 vs.
1.8 as of October 31, 2016
▪ $84.4 Million Total Face Value of Senior Convertible Notes Retired

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 Structural Improvements - Expenses
• Reduced by 28% or $80 million from FY14 to FY17
• Restructuring optimizing store coverage against costs
• All efforts focusing on customer service
• Absorption rates demonstrating consistent improvement

(1)

Operating Expense
$300 80%

$250 75%
Quarterly Absorption Rates (1)

$200 70% 100%

90%
$150 65% 80%
FY14 FY15 FY16 FY17 FY18 70%
(LTM)
60%
Operating Expenses Absorption Rate 50%
40%
1Q 2Q 3Q 4Q
FY14 FY15 FY16 FY17 FY18

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 Structural Improvements - Inventory

• Nearly 60% reduction in equipment inventory*

• Freeing up cash for alternative use
• Driving margin expansion and reduced carrying costs
• Near-term goal of ~2x turns with a path toward ~3x

*Includes amounts classified

as Held for Sale as of 1/31/15

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 Structural Improvements – Debt / Liabilities
• $750M debt/liability reduction since FY14 driving significant
balance sheet improvement
• Positioned well to fund future capital needs

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 Company Guidance

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 FY 2018 Outlook

▪ Updating FY2018 Modeling Assumptions

Current Previous
Assumptions Assumptions
Segment Revenue
Agriculture (A) Down 5-10% Down 10-15%
Construction (A) Down 5-10% Down 5-10%
International Up 30-35% Up 20-25%

Equipment Margin 7.5-7.9% 7.0-7.5%

Diluted EPS (B) ($0.15) - ($0.25) ($0.15) - ($0.35)

(A) Includes impact of stores closed as part of our restructuring activities

(B) Exclusive of charges associated with our restructuring activities

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 Appendix

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 Presentation Footnotes

_______________________________________
(1) Adjusted Pre-Tax Income (Loss), Adjusted Net Income (Loss) Including Noncontrolling Interest and Adjusted Diluted EPS are non-GAAP
financial measures which have directly comparable GAAP financial measures. The following 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
Profit on Recurring Revenue" when used in reference to absorption discussions) for the period by the difference between (i) our operating expenses
(including interest on floorplan payable and rental fleet debt balances) and (ii) our variable expense of sales commissions on equipment sales and
incentive compensation in the same period (such difference described as "Fixed Operating Expenses" when used in reference to Absorption
discussions).

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Non-GAAP Reconciliation Tables
In thousands, except per share data

Three Months Ended October 31, Nine Months Ended October 31,
2017 2016 2017 2016
Pre-Tax Income (Loss)
Income (Loss) Before Income Taxes $ 4,886 $ 56 $ (11,734) $ (10,293)
Adjustments
Impairment 131 275 131 275
(Gain) Loss on Repurchase of Senior Convertible Notes 18 (1,028) (22) (3,130)
Debt Issuance Cost Write-Off — 624 416 624
Restructuring Costs 2,456 — 10,349 271
Ukraine Remeasurement (1) — — — 195
Gain on Insurance Recoveries — (586) — (586)
Interest Rate Swap Termination & Reclassification — — 631 —
Total Adjustments 2,605 (715) 11,505 (2,351)
Adjusted Pre-Tax Income (Loss) $ 7,491 $ (659) $ (229) $ (12,644)

Net Income (Loss) Including Noncontrolling Interest

Net Income (Loss) Including Noncontrolling Interest $ 2,384 $ 264 $ (8,734) $ (6,296)
Adjustments
Impairment 131 275 131 275
(Gain) Loss on Repurchase of Senior Convertible Notes 18 (1,028) (22) (3,130)
Debt Issuance Cost Write-Off — 624 416 624
Restructuring Costs 2,456 — 10,349 271
Ukraine Remeasurement (1) — — — 195
Interest Rate Swap Termination & Reclassification — — 631 —
Gain on Insurance Recoveries — (586) — (586)
Total Adjustments 2,605 (715) 11,505 (2,351)
Less: Tax Effect of Adjustments (2) 895 (285) 4,010 (1,018)
Plus: Income Tax Valuation Allowance 325 — 525 —
Total Adjustments 2,035 (430) 8,020 (1,333)
Adjusted Net Income (Loss) Including Noncontrolling Interest $ 4,419 $ (166) $ (714) $ (7,629)

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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,
2017 2016 2017 2016

Earnings (Loss) per Share - Diluted

Earnings (Loss) per Share - Diluted $ 0.11 $ 0.01 $ (0.40) $ (0.27)
Adjustments (3)
Impairment 0.01 0.01 0.01 0.01
Gain on Repurchase of Senior Convertible Notes — (0.04) — (0.15)
Debt Issuance Cost Write-Off — 0.03 0.02 0.02
Restructuring Costs 0.11 — 0.48 0.01
Ukraine Remeasurement (1) — — — 0.01
Interest Rate Swap Termination & Reclassification — — 0.03 —
Gain on Insurance Recoveries — (0.03) — (0.03)
Total Pre-Tax Adjustments 0.12 (0.03) 0.54 (0.13)
Less: Tax Effect of Adjustments (2) 0.04 (0.01) 0.19 (0.04)
Plus: Income Tax Valuation Allowance 0.01 — 0.02 —
Total Non-GAAP Adjustments 0.09 (0.02) 0.37 (0.09)
Adjusted Earnings (Loss) per Share - Diluted $ 0.20 $ (0.01) $ (0.03) $ (0.36)

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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,
2017 2016 2017 2016

Income (Loss) Before Income Taxes - Agriculture

Income (Loss) Before Income Taxes $ 4,909 $ (1,798) $ (5,870) $ (9,881)
Adjustments
Impairment 131 109 131 109
Restructuring Costs 436 — 7,108 (120)
Gain on Insurance Recoveries — (586) — (586)
Adjusted Income (Loss) Before Income Taxes $ 5,476 $ (2,275) $ 1,369 $ (10,478)

Income (Loss) Before Income Taxes - Construction

Loss Before Income Taxes $ (2,373) $ (105) $ (4,076) $ (1,523)
Adjustments
Impairment — 166 — 166
Restructuring Costs 1,671 — 2,009 13
Adjusted Income (Loss) Before Income Taxes $ (702) $ 61 $ (2,067) $ (1,344)

Income (Loss) Before Income Taxes - International

Income (Loss) Before Income Taxes $ 2,453 $ 604 $ 3,331 $ (88)
Adjustments
Restructuring Costs 60 — 60 —
Ukraine Remeasurement (1) — — — 195
Adjusted Income Before Income Taxes $ 2,513 $ 604 $ 3,391 $ 107

(1) Beginning in the second quarter of fiscal 2017 we discontinued incorporating Ukraine remeasurement losses into our adjusted income (loss) and earnings (loss) per share calculations. The Ukrainian hryvnia remained
relatively stable subsequent to April 30, 2016 and therefore did not significantly impact our consolidated statement of operations during this period. Absent any future significant hryvnia volatility and resulting financial statement
impact, we will not include Ukraine remeasurement losses in our adjusted amounts in future periods.

(2) The tax effect of adjustments was calculated using a 35% tax rate for all U.S. related items. That rate was determined based on a 35% federal statutory rate and no impact for state taxes given our valuation allowance against
state deferred tax assets, including net operating losses. No tax effect was recognized for foreign related items as all adjustments occurred in foreign jurisdictions that have full valuation allowances on deferred tax assets.
(3) Adjustments are net of the impact of amounts attributable to noncontrolling interests and allocated to participating securities.

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