X0305 4 2012-03-30 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 2012-03-30 4 P 0 1608 9.5488 A 254959 D Common Stock 2012-04-02 4 P 0 3168 9.5059 A 258127 D Common Stock 2012-04-03 4 P 0 4895 9.5866 A 263022 D The price in Column 4 is a weighted average price. The prices actually received ranged from $9.54 to $9.55. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price. 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. The price in Column 4 is a weighted average price. The prices actually received ranged from $9.50 to $9.54. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price. The price in Column 4 is a weighted average price. The prices actually received ranged from $9.55 to $9.59. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price. /s/ Nicholas J. Swenson 2012-04-03 /s/ By AO Partners, LLC, General Partner, By Nicholas J. Swenson, Managing Member 2012-04-03