X0305 4 2012-06-12 0001409171 Titan Machinery Inc. TITN 0001205409 CHRISTIANSON TONY 301 CARLSON PARKWAY SUITE 103 MINNETONKA MN 55305 1 0 0 0 Common Stock 8750 D Common Stock 10859 I By Adam Smith Companies, LLC Common Stock 2012-06-12 4 J 0 63774 D 200000 I Adam Smith Fund, LLC Common Stock 84450 I Adam Smith Growth Partners 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) 3.50 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 On June 12, 2012, Adam Smith Fund, LLC distributed 63,774 shares of Common Stock to a total of three investors (each controlled by the same person), in connection with a pro rata distribution of such shares in redemption of ownership interests in Adam Smith Fund, LLC held by such investors. The investors are not directly or indirectly controlled by the Reporting Person or his affiliates. Reporting person owns a controlling interest in Adam Smith 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 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. 2012-06-14