X0202 4 2007-12-06 0001409171 Titan Machinery Inc. TITN 0001205409 CHRISTIANSON TONY 301 CARLSON PARKWAY SUITE 103 MINNETONKA MN 55305 1 0 0 0 Common Stock 2007-12-06 4 P 0 188235 8.50 A 188235 I By Titan Income Holdings, LLLP Common Stock 2007-12-06 4 P 0 111765 8.50 A 182142 I By Adam Smith Activist Fund, LLC Common Stock 663094 I By Adam Smith Growth Partners Warrant (right to buy) 3.50 2005-04-15 2015-04-15 Common Stock 44975 44975 I By Titan Income Holdings, LLLP Warrant (right to buy) 3.50 2005-06-09 2015-06-09 Common Stock 16062 16062 I By Titan Income Holdings, LLLP Warrant (right to buy) 3.50 2005-07-08 2015-07-08 Common Stock 9638 9638 I By Titan Income Holdings, LLLP Warrant (right to buy) 3.50 2005-09-07 2015-09-07 Common Stock 6425 6425 I By Titan Income Holdings, LLLP Warrant (right to buy) 3.50 2005-11-18 2015-11-18 Common Stock 9638 9638 I By Titan Income Holdings, LLLP Warrant (right to buy) 3.50 2005-12-29 2015-12-29 Common Stock 22487 22487 I By Titan Income Holdings, LLLP Warrant (right to buy) 3.50 2006-02-06 2016-02-06 Common Stock 6425 6425 I By Titan Income Holdings, LLLP Warrant (right to buy) 3.00 2003-04-07 2013-04-07 Common Stock 8938 8938 I By Cherry Tree Companies, LLC Warrant (right to buy) 6.50 2004-08-01 2014-08-01 Common Stock 6071 6071 I By Cherry Tree Companies, LLC Warrant (right to buy) 4.50 2007-02-02 2017-02-02 Common Stock 2667 2667 D Reporting person owns a controlling interest in Titan Income Holdings, LLLP which owns the shares and warrants. Reporting person expressly disclaims beneficial ownership except to the extent of his pecuniary interest in the entity owning the shares and warrants. Reporting person owns a controlling interest in Adam Smith Activist Fund, LLC which owns the shares. Reporting person expressly disclaims beneficial ownership except to the extent of his pecuniary interest in the entity owning the shares. Reporting person owns a controlling interest in Adam Smith Growth Partners which owns the shares. Reporting person expressly disclaims beneficial ownership except to the extent of his pecuniary interest in the entity owning the shares. Reporting person owns a controlling interest in Cherry Tree Companies, LLC which owns the warrants. Reporting person expressly disclaims beneficial ownership except to the extent of his pecuniary interest in the entity owning the warrants. /s/ Ryan C. Brauer as Attorney-in-Fact pursuant to Power of Attorney filed herewith 2008-02-28