X0303 4 2009-06-25 0001409171 Titan Machinery Inc. TITN 0001205409 CHRISTIANSON TONY 301 CARLSON PARKWAY SUITE 103 MINNETONKA MN 55305 1 0 0 0 Common Stock 2009-06-25 4 M 0 36874 3.50 A 174035 I By Adam Smith Fund, LLC Common Stock 2009-06-25 4 F 0 11184 11.54 D 162851 I By Adam Smith Fund, LLC Common Stock 2009-06-25 4 P 0 85537 11.93 A 248388 I By Adam Smith Fund, LLC Common Stock 2009-06-25 4 S 0 85537 11.93 D 459484 I By Adam Smith Growth Partners Common Stock 10859 I By Adam Smith Companies, LLC Common Stock 3379 D Warrant (right to buy) 3.50 2009-06-25 4 M 0 36874 0 D 2005-02-15 2013-04-07 Common Stock 36874 0 I By Adam Smith Fund, LLC Warrant (right to buy) 3.50 2005-02-15 2013-04-07 Common Stock 6672 6672 I By Adam Smith Companies, LLC 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) 3.50 2004-08-01 2014-08-01 Common Stock 6071 6071 I By Cherry Tree Companies, LLC Stock Option (right to buy) 4.50 2007-02-02 2017-02-02 Common Stock 2667 2667 D Reporting person owns a controlling interest in Adam Smith Fund, LLC 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 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 Adam Smith Companies, LLC 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 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 for Tony Christianson pursuant to Power of Attorney previously filed. 2009-06-26