X0202 4 2006-06-01 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 2006-06-01 4 P 0 1285 10.2302 A 1853106 I SEE FOOTNOTE 2 COMMON STOCK 2006-06-01 4 P 0 7670 10.2302 A 1853106 I SEE FOOTNOTE 2 COMMON STOCK 2006-06-01 4 P 0 12280 10.2302 A 1853106 I SEE FOOTNOTE 2 COMMON STOCK 2006-06-01 4 P 0 3690 10.2302 A 1853106 I SEE FOOTNOTE 2 COMMON STOCK 2006-06-02 4 P 0 990 10.249 A 1853106 I SEE FOOTNOTE 2 COMMON STOCK 2006-06-02 4 P 0 6990 10.249 A 1853106 I SEE FOOTNOTE 2 COMMON STOCK 2006-06-02 4 P 0 11300 10.249 A 1853106 I SEE FOOTNOTE 2 COMMON STOCK 2006-06-02 4 P 0 3420 10.249 A 1853106 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 1,853,106 shares of common stock of National Atlantic Holdings Corporation (the Shares). The transactions reported herein, reflect two purchases of the Shares by Financial Institution Partners, Ltd. (3,690; 3,420), two purchases of the Shares by Financial Institution Partners, L.P. (12,280; 11,300), two purchases of the Shares by Financial Institution Partners III, L.P. (7,670; 6,990), and two purchases of the Shares by Financial Institution Partners IV, L.P. (1,285; 990). 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 113,315 Shares; SDH is a member of Hovde Capital, Ltd., the GP to Financial Institution Partners III, L.P., which owns 558,571 Shares; SDH is a member of Hovde Capital IV, LLC, the GP to Financial Institution Partners, L.P., which owns 885,791 Shares; SDH is a member to Hovde Capital Offshore LLC, the management company to Financial Institution Partners, Ltd., which owns 280,054 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 2006-06-05