AIR T INC

Ticker: AIRT CUSIP: 009207101 Class: COM

BIGLARI CAPITAL CORP.'s Holding History (CIK: 0001334429)

Note: Option positions (PUT/CALL) are excluded.

Q1 2016

Shares 333,812 Value ($000) $8,065 Avg Close $15.36 Range $12.47 - $17.75

Q4 2015

Shares 338,500 Value ($000) $8,283 Avg Close $15.00 Range $10.99 - $17.40

Q3 2015

Shares 338,500 Value ($000) $6,025 Avg Close $15.16 Range $11.47 - $18.67

Q2 2015

Shares 338,500 Value ($000) $7,092 Avg Close $13.83 Range $10.92 - $16.62

Q1 2015

Shares 338,500 Value ($000) $8,327 Avg Close $14.05 Range $11.27 - $17.43

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2016	333,812	$8,065	$15.36	$12.47 - $17.75
Q4 2015	338,500	$8,283	$15.00	$10.99 - $17.40
Q3 2015	338,500	$6,025	$15.16	$11.47 - $18.67
Q2 2015	338,500	$7,092	$13.83	$10.92 - $16.62
Q1 2015	338,500	$8,327	$14.05	$11.27 - $17.43