X0303 4 2010-12-13 0001409171 Titan Machinery Inc. TITN 0001205409 CHRISTIANSON TONY 301 CARLSON PARKWAY SUITE 103 MINNETONKA MN 55305 1 0 0 0 Common Stock 5716 D Common Stock 10859 I By Adam Smith Companies, LLC Common Stock 2010-12-13 4 X 0 7565 3.00 A 7565 I By Cherry Tree Companies, LLC Common Stock 2010-12-13 4 S 0 15340 19.8301 D 476109 I Adam Smith Fund, LLC Common Stock 2010-12-13 4 S 0 4660 19.8301 D 149463 I Adam Smith Growth Partners Common Stock 2010-12-14 4 S 0 21629 19.82 D 454480 I Adam Smith Fund, LLC Common Stock 2010-12-14 4 S 0 6571 19.82 D 142892 I Adam Smith Growth Partners Common Stock 2010-12-15 4 S 0 16067 19.5676 D 438413 I Adam Smith Fund, LLC Common Stock 2010-12-15 4 S 0 4881 19.5676 D 138011 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) 3.00 2010-12-13 4 X 0 7565 0 D 2003-04-07 2013-04-07 Common Stock 8938 0 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 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.1 to $19.53, inclusive. The reporting person undertakes to provide Titan Machinery Inc., any security holder of Titan Machinery Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20 to $19.54, inclusive. The reporting person undertakes to provide Titan Machinery Inc., any security holder of Titan Machinery Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.34 to $19.69, inclusive. The reporting person undertakes to provide Titan Machinery Inc., any security holder of Titan Machinery Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. 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. 2010-12-15