ATLANTIC AMERICAN CORP — Director's Dealing 2003

May 8, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2003-05-06

Reporting Person: WEST MARK C (Director)

Footnotes

F1: Represents 3,773 shares of restricted stock that were awarded pursuant to the Company's 2002 Incentive Plan. No consideration is required to be paid by recipient.

F2: Mr. West also has an indirect ownership of 66142 shares owned by The West Foundation, Inc., for which Mr. West is an officer, and disclaims any beneficial ownership of the foundation and for which he expressly disclaims beneficial ownership of such securities. Mr. West also has an indirect ownership of 5000 shares owned by the George West Mental Health Foundation, for which Mr. West is the President, and for which he expressly disclaims beneicial ownership of such securities. Mr. West also has an indirect ownership of 127500 shares owned by Atlantis Capital LLP, for which Mr. West is the President of the General Partner (Genoa Realty Services, Inc.) Mr. West also holds options to buy 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.