X0205 3 2012-03-20 0 0000353184 AIR T INC AIRT 0001542769 AO Partners I, LP 3033 EXCELSIOR BOULEVARD, SUITE 560 MINNEAPOLIS MN 55416 0 0 1 0 0001478067 Swenson Nicholas John 3033 EXCELSIOR BOULEVARD, SUITE 560 MINNEAPOLIS MN 55416 0 0 1 0 Common Stock 249227 D The reported securities are owned directly by AO Partners I, L.P., and indirectly by AO Partners, LLC, as General Partner of AO Partners I, L.P. and Nicholas J. Swenson, as Managing Member of AO Partners, LLC. AO Partners, LLC and Nicholas J. Swenson disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein. /s/ Nicholas J. Swenson 2012-03-26 /s/ By AO Partners, LLC, General Partner, By Nicholas J. Swenson, Managing Member 2012-03-26