AIR T INC — Director's Dealing 2012

May 23, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AIR T INC (AIRT)
CIK: 0000353184
Period of Report: 2012-05-15

Reporting Person: AO Partners I, LP (10% Owner)
Reporting Person: Swenson Nicholas John (10% Owner)
Reporting Person: AO Partners LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-15	Common Stock	L	215	$9.4472	Acquired	295093	Direct
2012-05-21	Common Stock	P	5645	$9.3294	Acquired	300738	Direct

Footnotes

F1: The price in Column 4 is a weighted average price. The prices actually paid ranged from $9.44 to $9.45. 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.

F2: 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.

F3: The price in Column 4 is a weighted average price. The prices actually paid ranged from $9.30 to $9.36. 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 purchased at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price.