ATLANTIC AMERICAN CORP — Director's Dealing 2003

Jun 30, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2003-06-30

Reporting Person: ROBINSON HARRIETT J (Director, 10% Owner, Trustee under Rule 16a-8)

Footnotes

F1: Mrs. Robinson has a direct ownership of 517295 shares. Mrs. Robinson has an indirect ownership interest in 10717 shares in a 401(k) Plan based on a plan statement as of December 31, 2002, owned by Mr. Robinson and for which Mrs. Robinson expressly disclaims beneficial ownership. Mrs. Robinson also has a direct ownership of 6720 shares owned jointly with her grandson. Mrs. Robinson also has an indirect ownership interest in 1975396 shares, of which 744694 shares are held by spouse; 946702 shares are held by Delta Life Ins. Co.; and, 300000 shares are held by Delta Fire & Casualty Ins. Co., all of which Mrs. Robinson expressly disclaims any beneficial ownership of such securities.

F2: Mrs. Robinson also has an indirect ownership interest in 3411102 shares owned by Gulf Capital Services for which her spouse individually holds a 24% intereset in the Partnership, with the remaining partnerships held in equal shares by Trust for the benefit of the reporting person's daughters, with the reporting person as Trustee.

F3: Mrs. Robinson also has an indirect ownership interest in 3953256 shares held by self as Trustee for daughter, Robin Robinson, securities held directly by Trust, for which Mrs. Robinson expressly disclaims beneficial ownership of such securities. Mrs. Robinson also has an indirect ownership interest in 4026992 shares held by self as Trustee for daughter, Jill Robinson, securities held directly by Trust, for which Mrs. Robinson expressly disclaims beneficial ownership of such securities. Mrs. Robinson also has an indirect ownership interest in employee stock options to acquire 100000 shares of common stock granted under the Company's 1992 Incentive Plan at an exercise price of $3.374, held by spouse. Mrs. Robinson also has a direct ownership interest in options to acquire 5000 shares of common stock granted under the Company's 1996 Non-Employee Director Stock Option Plan at exercise prices ranging from $1.90 to $4.4375.