X0202 4 2006-05-26 0 0000946492 NATIONAL ATLANTIC HOLDINGS CORP NAHC 0001019966 HOVDE STEVEN D 1110 LAKE COOK ROAD SUITE 165 BUFFALO GROVE IL 60089 0 0 1 0 COMMON STOCK 2006-05-26 4 P 0 6300 10.0498 A 1805481 I SEE FOOTNOTE 2 COMMON STOCK 2006-05-30 4 P 0 2908 10.0332 A 1805481 I SEE FOOTNOTE 2 COMMON STCOK 2006-05-31 4 P 0 5320 10.2417 A 1805481 I SEE FOOTNOTE 2 COMMON STOCK 2006-05-31 4 P 0 177 10.2417 A 1805481 I SEE FOOTNOTE 2 COMMON STOCK 2006-05-31 4 P 0 7310 10.2417 A 1805481 I SEE FOOTNOTE 2 COMMON STOCK 2006-05-31 4 P 0 1350 10.2417 A 1805481 I SEE FOOTNOTE 2 As of the date hereof, including the transactions reported herein, Steven D. Hovde is the beneficial owner (within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended) of 1,805,481 shares of common stock of National Atlantic Holdings Corporation (the Shares). The transactions reported herein, reflect one purchase of the Shares by Financial Institution Partners, Ltd. (1,350), one purchase of the Shares by Financial Institution Partners, L.P. (7,3110), three purchases of the Shares by Financial Institution Partners III, L.P. (6,300; 2,908; 5,320), and one purchase of the Shares by Financial Institution Partners IV, L.P. (177). The beneficial ownership of these Shares is more fully set out in the following footnote. SDH is a member of Hovde Capital Limited IV LLC, the general partner (GP) to Financial Institution Partners IV, L.P., which owns 111,040 Shares; SDH is a member of Hovde Capital, Ltd., the GP to Financial Institution Partners III, L.P., which owns 543,911 Shares; SDH is a member of Hovde Capital IV, LLC, the GP to Financial Institution Partners, L.P., which owns 862,211 Shares; SDH is a member to Hovde Capital Offshore LLC, the management company to Financial Institution Partners, Ltd., which owns 292,944 Shares; SDH is a trustee to The Hovde Financial, Inc. Profit Sharing Plan and Trust, which owns 5,125 Shares; and SDH is a trustee to The Eric D. and Steven D. Hovde Foundation, which owns 10,250 Shares. The Shares reported herein as being beneficially owned by Steven D. Hovde have also been reported as being beneficially owned by Eric D. Hovde on a Form 4 of even date herewith. STEVEN D. HOVDE 2006-05-31