<SUBMISSION>
<ACCESSION-NUMBER>0000950148-03-002361
<TYPE>S-3/A
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20030926
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AMBASSADORS GROUP INC
<CIK>0001162315
<ASSIGNED-SIC>8200
<IRS-NUMBER>911957010
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-3/A
<ACT>33
<FILE-NUMBER>333-108968
<FILM-NUMBER>03911033
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>110 SOUTH FERRALL STREET
<CITY>SPOKANE
<STATE>WA
<ZIP>99202
<PHONE>5095346200
</BUSINESS-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>v93143a1sv3za.htm
<DESCRIPTION>FORM S-3/AMENDMENT 1
<TEXT>
<HTML>
<HEAD>
<TITLE>Ambassadors Group, Inc.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>As filed with the Securities and
Exchange Commission on September&nbsp;26, 2003</B>
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="right"><FONT size="2"><B>Registration No.&nbsp;333-108968</B>
</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">





<P align="center"><FONT size="4"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION
</B></FONT>


<DIV align="center"><FONT size="3"><B>Washington, D.C. 20549</B>
</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="3"><B>AMENDMENT NO.&nbsp;1<BR>
TO
</B></FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="5"><B>FORM S-3
</B></FONT>


<P align="center"><FONT size="2"><B>REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</FONT>


<P align="center"><FONT size="6"><B>AMBASSADORS GROUP INC.
</B></FONT>


<DIV align="center"><FONT size="2"><B>(Exact Name of Registrant as Specified in Its Charter)</B>
</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>Dwight D. Eisenhower Building</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>110 S. Ferrall Street</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>Spokane, Washington 99202</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>Delaware</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>(509)&nbsp;534-6200</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>91-1957010</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>(State or Jurisdiction of<BR>
Incorporation or Organization)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>(Address, Including Zip Code, and Telephone Number,<BR>
Including Area Code, of Registrant</B>&#146;<B>s Principal Executive Offices)</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>(IRS Employer Identification Number)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2"><B>Jeffrey D. Thomas<BR>
President and Chief Executive Officer<BR>
110 S. Ferrall Street<BR>
Spokane, Washington 99202<BR>
(509)&nbsp;534-6200<BR>
(Name, Address, Including Zip Code, and Telephone Number,<BR>
Including Area Code, of Agent for Service)</B>
</FONT>


<P align="center"><FONT size="2"><B>Copies to:</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Gerald M. Chizever, Esq</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Douglas A. Cifu, Esq</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Kresimir Peharda, Esq</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Paul, Weiss, Rifkind, Wharton &#038; Garrison LLP</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Richman, Mann, Chizever, Phillips &#038; Duboff</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>1285 Avenue of the Americas</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>9601 Wilshire Boulevard, Penthouse</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>New York, New York 10019-6064</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Beverly Hills, California 90210</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>(212)&nbsp;373-3000</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>(310)&nbsp;274-8300; Fax: (310)&nbsp;274-2831</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Fax: (212)&nbsp;757-3990</B></FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2"><B>Approximate Date of Commencement of Proposed Sale to the Public:<BR>
From time to time after the effective date of this registration statement.</B>
</FONT>

<P align="left"><FONT size="2">If the only securities being registered on this form are being offered pursuant
to dividend or interest reinvestment plans, please check the following box. <FONT face="Wingdings">&#111;</FONT>
</FONT>

<P align="left"><FONT size="2">If any of the securities being registered on this form are to be offered on a
delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of
1933, other than securities offered only in connection with dividend or
interest reinvestment plans, check the following box. <FONT face="Wingdings">&#120;</FONT>
</FONT>

<P align="left"><FONT size="2">If this form is filed to register additional securities for an offering
pursuant to Rule&nbsp;462(b) under the Securities Act, check the following box and
list the Securities Act registration statement number of earlier effective
registration statement for the same offering. <FONT face="Wingdings">&#111;</FONT>
</FONT>

<P align="left"><FONT size="2">If this form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. <FONT face="Wingdings">&#111;</FONT>
</FONT>

<P align="left"><FONT size="2">If delivery of the prospectus is expected to be made pursuant to Rule&nbsp;434,
please check the following box. <FONT face="Wingdings">&#111;</FONT>
</FONT>


<P align="center"><FONT size="2">CALCULATION OF REGISTRATION FEE
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Title of Each Class</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount to be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate Offering</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>of Securities to be Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registered(1)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Per Share(2)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Price (2)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration Fee</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>


<TR>
     <TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock, $.01 value</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">17.84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">21,408,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1,732*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>
<HR size="1" width="18%" align="left" noshade>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Pursuant to Rule&nbsp;416 of the Securities Act of 1933, such number of shares
of common stock registered hereby shall include an indeterminate number of
shares of common stock that may be issued in connection with a stock
split, stock dividend, recapitalization or similar event.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Estimated solely for purpose of calculating the registration fee in
accordance with Rule&nbsp;457(c) under the Securities Act of 1933. Based on the
average of the high and low prices per share of Common Stock of the
registrant as reported on the Nasdaq National Market on
September&nbsp;17,
2003.</FONT></TD>
</TR>


<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Previously paid</FONT>

</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant hereby amends this registration statement on such date or
dates as may be necessary to delay its effective date until the registrant
shall file a further amendment which specifically states that this registration
statement shall thereafter become effective in accordance with Section&nbsp;8(a) of
the Securities Act of 1933 or until this registration statement shall become
effective on such date as the Commission acting pursuant to said Section&nbsp;8(a),
may determine.
</FONT>


<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">




<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>PROSPECTUS</B>
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center"><FONT size="2"><B>1,200,000 SHARES</B>
</FONT>


<P align="center"><FONT size="4"><B>AMBASSADORS GROUP INC.</B>
</FONT>


<P align="center"><FONT size="2"><B>COMMON STOCK</B>
</FONT>

<P align="left"><FONT size="2"><B>This prospectus relates to the resale by Invemed Catalyst Fund L.P., which we
refer to in this prospectus as selling stockholder, which is offering to sell up to
1,200,000 shares of our common stock. We are not offering or selling any of the
stock. The selling stockholder may sell the stock on the open market at market
price in ordinary broker transactions or in negotiated transactions, and it may
pay broker commissions in connection with such transactions. We will not
receive any of the proceeds of sale of the stock nor pay any broker commissions
in connection with such sales. Our common stock is quoted on the Nasdaq
National Market under the symbol EPAX. On September&nbsp;24, 2003, the closing
price of our common stock was $17.07 per share.</B>
</FONT>


<P align="center"><FONT size="2"><B>______________________________</B>
</FONT>


<P align="center"><FONT size="2"><B>You should carefully consider each of the risk<BR>
factors described under </B><B><I>RISK FACTORS </I></B><B>beginning<BR>
on page&nbsp;5 of this prospectus.</B>
</FONT>


<P align="center"><FONT size="2"><B>______________________________</B>
</FONT>

<P align="left"><FONT size="2"><B>The selling stockholder and any broker-dealer executing selling orders on
behalf of or purchasing from the selling stockholder may be deemed to be an
&#147;underwriter&#148; within the meaning of the Securities Act. Commissions received
by any such broker-dealer may be deemed to be underwriting commissions or
discounts under the Securities Act of 1933.</B>
</FONT>


<P align="center"><FONT size="2"><B>______________________________</B>
</FONT>


<P align="center"><FONT size="2"><B>Neither the Securities and Exchange Commission nor any state<BR>
securities commission has approved or disapproved of these securities<BR>
or determined if this prospectus is truthful or complete.<BR>
Any representation to the contrary is a criminal offense.</B>
</FONT>


<P align="center"><FONT size="2"><B>______________________________</B>
</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>The date of this prospectus is
September&nbsp;24, 2003</B>
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PROSPECTUS SUMMARY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">RISK FACTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">FORWARD-LOOKING STATEMENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">USE OF PROCEEDS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">SELLING STOCKHOLDER</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">PLAN OF DISTRIBUTION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">LEGAL MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">EXPERTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">INCORPORATION OF DOCUMENTS BY REFERENCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">WHERE YOU CAN FIND MORE INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">INDEMNIFICATION</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>





<P align="center"><FONT size="2"><B>TABLE OF CONTENTS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Page</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PROSPECTUS SUMMARY</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;1</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">RISK FACTORS</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;5</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">FORWARD-LOOKING STATEMENTS</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;8</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">USE OF PROCEEDS</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;8</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SELLING STOCKHOLDER</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;8</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PLAN OF DISTRIBUTION</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;9</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">LEGAL MATTERS</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">11</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">EXPERTS</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">11</FONT></TD>
</TR>

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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">INCORPORATION OF DOCUMENTS BY REFERENCE</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">11</FONT></TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">WHERE YOU CAN FIND MORE INFORMATION</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">12</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">INDEMNIFICATION</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">12</FONT></TD>
</TR>
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</CENTER>
<P align="left"><FONT size="2"><B>You should rely only on the information contained in or incorporated by
reference in this prospectus. We have not authorized anyone to provide you with
different information or to make any representations other than those contained
in this offering. We are not making an offer of these securities in any state
where the offer is not permitted. You should not assume that the information
provided by this prospectus is accurate as of any date other than the date on
the front cover of this prospectus.</B>
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

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<P align="center"><FONT size="2"><B>PROSPECTUS SUMMARY</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>You should read this summary together with the other information contained
in other parts of this prospectus and the documents which are incorporated by
reference. Because it is a summary, it does not contain all of the information
that you should consider before investing in our common stock. We will provide
copies of documents incorporated by reference to you upon request and without
cost to you.</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The business of Ambassadors Group, Inc. (which we sometimes refer to as
we, us, or Group) has been active since Ambassadors International, Inc.
(Ambassadors) was founded in 1967.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are comprised of several specialized private-label travel programs,
including (i)&nbsp;the &#147;People to People Student Ambassador Programs,&#148; which provide
opportunities for grade school, junior high, and high school students to visit
domestic and foreign destinations to learn about the history, government,
economy and culture of such countries, (ii)&nbsp;the &#147;People to People Sports
Ambassador Programs,&#148; which provide opportunities for junior high and high
school athletes to participate in domestic and international sports travel
programs, and (iii)&nbsp;the &#147;People to People Ambassador Programs,&#148; which provide
foreign travel experiences for professionals, with emphasis on meetings and
seminars between participants and persons in similar professions abroad.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to agreements with People to People International, we organize
and promote educational travel programs for students, professionals and
athletes, principally using the People to People name. People to People
International is a private, non-profit organization dedicated to the promotion
of world peace through cultural exchange. People to People International was
founded by President Dwight D. Eisenhower in 1956 and was originally
administered by the U.S. State Department. Eight U.S. Presidents since
President Eisenhower have served as Honorary Chairman of People to People,
including President George W. Bush, who currently holds that position.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have the exclusive right to develop and conduct student programs for
kindergarten through high school students using the People to People name. We
also have the non-exclusive right to develop, market and operate programs for
professionals, college age, and athletes using the People to People name. These
rights have been granted to us pursuant to agreements with People to People,
which expire in 2010 and may be extended through 2020 at our sole election.
</FONT>


<P align="left"><FONT size="2"><B>Business Overview</B>
</FONT>


<P align="left"><FONT size="2">Student Ambassador Programs
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Student Ambassador Programs provide an opportunity for students in the
fifth through twelfth grades to travel domestically or visit one or more
foreign countries to learn about the history, government, economy and culture
of such countries.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Student Ambassador Program delegations depart during the summer months,
June through August, and generally travel for approximately 14 to 23&nbsp;days,
during which time each delegation travels domestically or visits one or more
foreign countries. Each delegation generally consists of approximately 30 to 40
students and several teachers, who act as the delegation&#146;s leaders. Teachers
and students comprising a delegation generally come from the same locale. Local
guides in each country assist the delegations in their travels.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programs are designed by our staff of international planners and
researchers to provide an educational and entertaining travel experience by
exposing students to the history, government, economy and culture of the
country or countries visited. In each country, we contract with program
coordinators to provide day-to-day oversight of the programs. Additionally, a
local guide trained by us accompanies the group throughout the duration of its
program. In many instances, we also provide students with the opportunity for a
homestay (a brief stay with a host family) which gives students a glimpse of
daily life in the visited country.
</FONT>


<P align="left"><FONT size="2">Sports Ambassador Programs
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Sports Ambassador Programs provide an opportunity for athletes to
explore the host country&#146;s culture and to participate in international
tournaments with teams from across the world in up to 8 different sports.
Athletes&#146; ages range from 11 to 19
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>

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<P align="left"><FONT size="2">years of age. We market our Sports Ambassador Programs through a combination
of direct mail and local informational meetings.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants in the Sports Ambassador Programs depart during the summer
months, June through August, and travel for 9 to 14&nbsp;days. Teams are formed
based on gender and age. Most teams are comprised of athletes from different
states. During a 3 to 4&nbsp;day training camp, all athletes participate in an
individual skill assessment, after which rosters are formed to ensure balanced
and competitive teams. After the formation of rosters, the rest of the training
camp focuses on team practice and fundamentals in preparation for the ensuing
tournament competition.
</FONT>


<P align="left"><FONT size="2">Professional Ambassador Programs
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Professional Ambassador Programs provide professionals with common
interests the opportunity to travel abroad to meet and exchange ideas with
foreign citizens who have similar backgrounds, interests or professions. We
market our Professional Ambassador Programs through a direct mail marketing
effort throughout the year. Programs originate from our internal marketing and
research staff, who identify potential delegation topics and leaders.
Professional programs have been conducted in such areas as agriculture,
economics, education, law, medicine and science.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that our Professional Ambassador Programs provide participants
with enriching experiences and deeper understandings of foreign cultures and
people than visits arranged independently or through travel agencies.
Professional Ambassador Programs operate year-round and are generally designed
to provide a specialized adult educational experience. Professional Ambassador
Programs travel 10 to 14&nbsp;days.
</FONT>


<P align="left"><FONT size="2">Other Programs
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Eisenhower Scholar Programs provide a unique international travel
experience specifically designed for university students with an opportunity to
study abroad during their semester or quarter breaks. The curriculum-based
programs focus on specific areas of study such as international business,
medicine, law, diplomacy, humanities, and leadership. In addition, we also
provide Conference Programs giving the opportunity for motivated students with
academic promise, leadership potential and a desire to serve their communities
to travel to a domestic location to exchange ideas with renowned speakers,
field specific experts, professional educators and their peers. This program
is specifically designed for students in the sixth through twelfth grades.
</FONT>


<P align="left"><FONT size="2">Strategic Alliances
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also operate certain specialty travel programs for domestic travel
markets. We have entered into an alliance with Yosemite National Institutes, a
non-profit organization with operations in Yosemite National Park, Olympic
National Park and Golden Gate National Recreation Area. Our agreement with
Yosemite National Institutes prescribes the nature, scope and pricing of the
travel services provided by Yosemite National Institutes to our
delegates. Our
agreement with Yosemite National Institutes is exclusive, except that Yosemite
National Institutes may conduct its own programs. We have agreements with the
Amateur Athletic Union, Young American Bowling Alliance, and American Youth
Soccer Organization to offer international travel for its players. These
agreements currently do not generate significant revenues.
</FONT>


<P align="left"><FONT size="2">Service Marks
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group and its subsidiaries have registered a variety of service and
trademarks, including the names &#147;Venture Into the World,&#148; &#147;Citizen Ambassador
Program,&#148; &#147;Initiative For Understanding,&#148; &#147;Travel with a Purpose,&#148; &#147;Student
Ambassador Programs,&#148; &#147;Sports Ambassador,&#148;
&#147;Eisenhower Scholar,&#148; and &#147;American
Ambassador Program.&#148; In addition, we have the right,
subject to certain exceptions, to use People to People&#146;s name, service mark and
logo for use in marketing student, sports, and professional programs. We
believe that the strength of our service and trademarks are valuable to our
business and we intend to continue to protect and promote our marks as
appropriate. However, we believe that our business is not overly dependent upon
any particular trademark or service mark.
</FONT>


<P align="left"><FONT size="2"><B>Relationship With Ambassadors</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to February&nbsp;28, 2002, Group was a wholly owned subsidiary of
Ambassadors. Effective February&nbsp;28, 2002, Ambassadors completed the spin-off of
Group by virtue of a special stock dividend to Ambassadors&#146; stockholders of all
of the
</FONT>
<P align="center"><FONT size="2">2</FONT>

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<P align="left"><FONT size="2">outstanding shares of Group that Ambassadors owned. Trading of our common
stock on the Nasdaq National Market began on March&nbsp;1, 2002 under the symbol
&#147;EPAX.&#148;
</FONT>


<P align="left"><FONT size="2"><B>Growth Strategy</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our strategy is to maintain our quality standards while increasing the
volume of our business. To grow our business, we intend to (i)&nbsp;expand the
marketing and tour volume of our existing student and sports travel programs,
(ii)&nbsp;introduce new student and sport travel programs and strategic alliances,
(iii)&nbsp;expand our professional travel programs, and (iv)&nbsp;pursue acquisition
opportunities.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand the Marketing and Tour Volume of Existing Student and Sports Travel
Programs
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Census data projects that there will be more than 42.2&nbsp;million people
in the 10 to 19&nbsp;year old age range by 2005. We believe that a large number of
qualified students in this age group are not aware of our youth travel
programs. In light of these factors, we intend to improve our marketing
techniques by targeting additional age groups, making greater use of referrals
from teachers, parents and past student travelers, and expanding and refining
our extensive databases of potential participants.
</FONT>


<P align="left"><FONT size="2">Introduce New Student and Sports Travel Programs and Strategic Alliances
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continually seek to develop and introduce additional innovative,
educational travel experiences. We intend to continue to maintain our contacts
with foreign governmental agencies and officials and intend to continue to
utilize these and other foreign contacts to organize opportunities for our
program participants that other travel programs do not currently offer. In
addition, we may develop new youth travel programs organized around common
extracurricular activities such as sports, science, nature, and music.
</FONT>


<P align="left"><FONT size="2">Broaden Professional Travel Programs
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to U.S. Census data, the number of Americans 45 to 74&nbsp;years old
is expected to grow substantially, increasing to more than 92.7&nbsp;million people
in 2005 from 79.3&nbsp;million people in 2000. This trend is expected to benefit us
as this population segment historically has been the most likely to participate
in one of our professional travel programs. In addition, we believe that
American adults increasingly seek the convenience and unique experiences
offered by prepackaged vacation tours. Consequently, we believe that the
opportunity exists to expand professional educational travel programs by
continuing to improve the quality and number of our specialty professional
programs and by exploring new country destinations. We also intend to develop
alliances with partners that have strong brand recognition and access to well
defined customer segments.
</FONT>


<P align="left"><FONT size="2">Pursue Acquisition Opportunities
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the industries encompassed by our business to be large and
fragmented, which present attractive acquisition opportunities. We believe
that the industry&#146;s large size and fragmentation will facilitate acquisitions
of businesses that are either compatible with our current business or represent
a developing specialty segment not currently addressed by our operations.
</FONT>


<P align="left"><FONT size="2"><B>The Offering</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus concerns an offering of up to 1,200,000 shares of our
common stock by one of our current stockholders, Invemed Catalyst Fund, L.P.,
the selling stockholder. We are not offering or selling any of the stock being
registered pursuant to this Prospectus. We have registered this offering in
compliance with registration rights that we granted to the selling stockholder.
The selling stockholder is not required to sell the stock; sales of the stock
are entirely at the discretion of the selling stockholder. As discussed in
more detail below in &#147;Plan of Distribution,&#148; the selling stockholder may sell
the stock either on the open market at market price in ordinary broker
transactions or in negotiated transactions, and they may pay broker commissions
in connection with such transactions. We will not receive any of the proceeds
of sale of the stock nor pay any broker commissions in connection with such
sales. Our common stock is quoted on the Nasdaq National Market under the
symbol &#147;EPAX.&#148; On September&nbsp;24, 2003, the closing price for our stock was
$17.07 per share. We will pay the costs of registering the offer and sale of
the stock with the Securities and Exchange Commission (SEC) and any
required state securities agencies.
</FONT>

<P align="center"><FONT size="2">3</FONT>

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<CENTER>
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<TR valign="bottom">
    <TD width="73%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock Offered by the selling stockholder</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">1,200,000 Shares</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Nasdaq National Market Symbol</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">EPAX</FONT></TD>
</TR>
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<P align="center"><FONT size="2">4</FONT>

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<P align="center"><FONT size="2"><B>RISK FACTORS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investing in our common stock involves a significant degree of risk. You
should carefully consider the following risk factors and all the other
information contained in this prospectus or incorporated by reference before
investing in our common stock. If any of the following risks actually occurs,
our business, financial condition and results of operations could suffer, in
which case the trading price of our common stock may decline.</I>
</FONT>


<P align="left"><FONT size="2">Risks Relating to Group&#146;s Business
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our business is susceptible to international disturbances such as armed
conflict and terrorism</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terrorist attacks, such as the attacks that occurred on September&nbsp;11,
2001, the response by the United States, the war with Iraq and other acts of
violence or war have and will affect the travel industry generally, the markets
in which we operate, our operations and profitability. Further terrorist
attacks against the United States or United States businesses at home and
abroad may occur. The September&nbsp;11 attacks have had a very negative impact on
domestic and international air travel and the travel industry in general. As a
result, we experienced significant decrease in profitability in 2002. The
potential near-term and long-term effects of these attacks are uncertain for
our customers, the market for our common stock, the markets for our services
and the U.S. economy. The consequences of any terrorist attacks, or any armed
conflicts including war which may result, are unpredictable, and we may not be
able to foresee events that could have an adverse effect on our business or
operations.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>A majority of our revenues are generated by travel programs to a few
regions which makes us susceptible to developments in those areas</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past, gross receipts from programs to Europe, the South Pacific
(Australia and New Zealand) and China have accounted for a majority of our
gross receipts. The occurrence of any of the events described above or other
unforeseen developments in one or more of these regions would have a material
adverse effect on our business. Demand for our travel programs also may be
adversely affected by natural occurrences in these areas such as hurricanes,
earthquakes, heat waves, epidemics, such as SARS, and flooding.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our business is affected by factors impacting the travel industry
generally</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our results of operations will depend upon factors affecting the travel
industry in general. Our revenues and earnings are especially sensitive to
events that affect domestic and international air travel and the level of hotel
reservations. A number of factors, including those mentioned above, a rise in
fuel prices or other travel costs, excessive inflation, currency fluctuations,
extreme weather conditions and concerns about passenger safety could result in
a temporary or longer-term overall decline in demand for our travel programs.
Demand for our products and services may be significantly affected by the
general level of economic activity and employment in the United States and key
international markets. Therefore, any significant economic downturn or
recession in the United States or these other markets could have a material
adverse effect on our business, financial condition, cash flows and results of
operations.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We experience significant fluctuations in our quarterly results due to the
seasonal nature of our business that may make it more difficult to evaluate our
company</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our businesses are highly seasonal. We recognize gross program receipts,
revenues and program pass-through expenses upon the departure of our program
participants. The majority of our travel programs are scheduled in June and
July of each year, and we anticipate that this trend will continue for the
foreseeable future. Substantially all of our operating income is generated in
this period, which historically has offset the operating losses incurred during
the rest of the year. Our annual results would be adversely affected if our
revenues were to be substantially below seasonal norms during the second and
third quarters of the year. Our operating results may fluctuate as a result of
many factors, including the mix of student, sports, and professional programs
and program destinations offered by us and our competitors, the introduction
and acceptance of new programs and program enhancements by us and our
competitors, timing of program completions, cancellation rates, competitive
conditions in the industry, marketing expenses, extreme weather conditions,
international or domestic conflicts, timing of and costs related to
acquisitions, changes in
</FONT>
<P align="center"><FONT size="2">5</FONT>

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<P align="left"><FONT size="2">relationships with certain travel providers, economic factors and other
considerations affecting travel.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We face intense competition in providing educational travel services</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The travel industry in general and the educational segment of the travel
industry is highly competitive and has relatively low barriers to entry. We
compete with other companies that provide similar educational travel programs
for students as well as independent programs organized and sponsored by local
teachers with the assistance of local travel agents. In general, our
professional travel programs compete with independent professional
organizations that sponsor and organize their own travel programs through the
assistance of local travel agents, and other organizations that offer travel
programs for adults. Some of our competitors are larger and have greater brand
name recognition and financial resources than we do. We cannot provide
assurance that we will be able to compete successfully, and our failure to
compete successfully may have a material adverse effect on our business,
financial condition, cash flows and results of operations.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The success of our business is dependent on our agreements with People to
People International</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our agreements with People to People International give us the exclusive
right to develop and conduct programs for kindergarten through high school
students using the People to People name, and the non-exclusive right to
develop and conduct programs for professionals, college age, and athletes using
the People to People name. Our agreements with People to People International,
however, allow People to People International to continue to conduct college
and professional seminars and internship programs and to develop other sports
and professional programs. Our agreements with People to People International
expire in 2010 and, at our election, may be further extended through 2020. The
agreements allow People to People International to terminate its agreements
with us if we fail to perform our obligations under such agreements. If our
agreements with People to People International were terminated or if we were
unable to use the People to People name to market new programs or destinations,
this could have a material adverse effect on our business, financial condition,
cash flows and results of operations.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our business is dependent on travel suppliers with whom we do not have
long-term agreements</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are dependent upon travel suppliers for access to their products and
services. Travel suppliers include airlines, hotels, bus lines and other
participants in the travel industry. Consistent with industry practices, we
currently have no long-term agreements with travel suppliers that obligate
these suppliers to sell services or products to us on an ongoing basis.
Therefore, our travel suppliers generally can cancel or modify their agreements
upon relatively short notice. In addition, any decline in the quality of travel
products and services provided by these suppliers, or a perception by travelers
of such a decline, could adversely affect our reputation. The loss of
contracts, changes in our pricing agreements, commission schedules or incentive
override commission arrangements, more restricted access to travel suppliers&#146;
products and services or less favorable public opinion of certain travel
suppliers and resulting low demand for the products and services of such travel
suppliers could have a material adverse effect on our business, financial
condition, cash flows and results of operations.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our success is dependent on key personnel without whom our business would
suffer</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our performance is substantially dependent on the continued services and
performances of senior management and certain other key personnel. The loss of
the services of any of such person could have a material adverse effect on our
business, financial condition and results of operations. We do not have
long-term employment agreements with any of our executive officers. Our failure
to retain and attract necessary managerial, marketing and customer service
personnel could have a material adverse effect on our business, financial
condition, cash flows and results of operations.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our business is subject to significant government regulation and taxation
any change in which may have an adverse effect on us</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many travel suppliers, particularly airlines, are subject to extensive
regulation by federal, state and foreign governments. In addition, the travel
industry is subject to certain Seller of Travel Laws of certain states and
special taxes by federal, state, local and foreign governments, including hotel
bed taxes, car rental taxes, airline excise taxes and airport taxes and fees.
New or different regulatory schemes or changes in tax policy could have an
adverse impact on the travel industry in general and could have a material
adverse effect on our business, financial condition, cash flows and
</FONT>
<P align="center"><FONT size="2">6</FONT>

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<P align="left"><FONT size="2">results of operations.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our business is subject to currency exchange rates risks</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many of our arrangements with our foreign-based suppliers require payment
to be made in foreign currencies. Any decrease in the value of the U.S. dollar
in relation to foreign currencies has the effect of increasing the cost of our
services. Since late 1993, we generally have purchased forward contracts with
less than two years maturity to help manage program costs and hedge against
foreign currency valuation increases. While the ability to utilize forward
contracts for the delivery of foreign currencies can mitigate the effect of
increased program costs and foreign currency exchange fluctuations, we cannot
assure you that increased program costs relating to such currency fluctuations
will not be substantial in future periods. We also cannot assure you that the
hedging strategy will mitigate longer term foreign exchange valuation trends.
Our contract with participants in travel programs provides us with the option
of passing along to participants any increase in program costs resulting from
currency fluctuations. Although we have exercised this option in the past, we
cannot assure you that we will be able to increase program prices to offset any
such cost increases in the future and any failure to do so could have a
material adverse effect on our business, financial condition, cash flows and
results of operations.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our business may be susceptible to casualty losses</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the nature of our business, we may be subject to liability claims
arising out of accidents or disasters causing injury to participants in its
programs, including claims for serious personal injury or death. We cannot
assure you that our insurance coverage will be sufficient to cover one or more
large claims or that the applicable insurer will be solvent at the time of any
covered loss. Further, we cannot provide assurance that we will be able to
obtain insurance coverage at acceptable levels and cost in the future.
Successful assertion against us or a series of large uninsured claims, or one
or a series of claims exceeding any insurance coverage, could have a material
adverse effect on our business, financial condition, cash flows and results of
operations.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Certain of our stockholders own a significant percentage of our common
stock</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Ueberroth, Joseph Ueberroth and Peter Ueberroth (all family members)
beneficially own in the aggregate approximately 16% of the outstanding shares
of our common stock. Accordingly, they have the ability to exercise significant
voting control, and could be able to elect all of our directors and be able to
determine the outcome of any matter being voted upon by stockholders, including
any merger, sale of assets or other change in control of Group. Such voting
control will limit the significance of the voting rights of the holders of our
common stock. The Ueberroths&#146; ownership position, together with the
antitakeover effects of certain provisions contained in our Certificate of
Incorporation and Bylaws, may have the effect of delaying or preventing a
change of control of Group.
</FONT>


<P align="left"><FONT size="2">Risks Relating to the spin-off and our separation from Ambassadors
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We may have to indemnify Ambassadors for tax liabilities incurred in
connection with the spin-off</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the spin-off, we and Ambassadors entered into a tax
sharing agreement pursuant to which we agreed to indemnify Ambassadors for
certain taxes and similar obligations that could incur if the spin-off does not
qualify for tax-free treatment due to any of the following events:
</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">the acquisition of a controlling interest in Group stock after the spin-off;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">our failure to continue our business after the spin-off;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">a repurchase of Group stock; or</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">other acts or omissions by us.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our historical financial information may not be representative of our
results as a separate company</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group&#146;s financial statements, as of December&nbsp;31, 2000, 2001 and for the
period January&nbsp;1, 2002 through February&nbsp;28, 2002, have been carved out from the
consolidated financial statements of Ambassadors using the historical operating
results and historical bases of the assets and liabilities of the Ambassadors
business that Group comprised. Accordingly, our historical financial
information does not necessarily reflect our financial position, operating
results and cash flows as
</FONT>
<P align="center"><FONT size="2">7</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2">if we had been a separate, stand-alone entity during the periods presented.
Our costs and expenses include allocations from Ambassadors for centralized
corporate services and infrastructure costs, including legal, accounting,
insurance, finance and information technology. While we made certain
adjustments to our historical financial information, we have not made all of
the necessary adjustments to our historical financial information to reflect
all significant changes that will occur in our cost structure, funding and
operations as a result of our separation from Ambassadors, including increased
costs associated with reduced economies of scale, increased marketing expenses
related to building our brand identity separate from Ambassadors and increased
costs associated with being a publicly-traded, stand-alone company.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our directors may have conflicts of interest due to their dual service as
directors of Ambassadors</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All but two of our directors also serves as a director (and in one
instance an executive officer) of Ambassadors. Whenever a director of Group
serves as an executive officer or director of another entity such as
Ambassadors, there is the potential for a conflict of interest, i.e., that the
fiduciary obligations of an individual to Ambassadors conflict with the
fiduciary obligations to us or vice versa. Involvement by these same
individuals in the affairs of Ambassadors specifically creates demands on their
time and resources, which we may need for our affairs. Our directors resolve
all conflicts in accordance with their fiduciary duties and utilize an audit
committee to approve all related party transactions as required by Nasdaq
Marketplace Rules.
</FONT>
<P align="left"><FONT size="2"><b>Other Risks</b>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effectiveness of this registration statement could reduce the market price
of our common stock</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once this registration statement is declared effective, the selling
stockholder will be able to sell 1,200,000 shares of our common stock. The sale
of common stock covered by this registration statement by the selling
stockholder and introduction of all or a portion of the 1,200,000 shares
registered hereby into the trading market may adversely affect the market price
of our common stock.
</FONT>

<!-- link1 "FORWARD-LOOKING STATEMENTS" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center"><FONT size="2"><B>FORWARD-LOOKING STATEMENTS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The statements contained in this prospectus that are not historical facts
are forward-looking statements within the meaning of Section&nbsp;27A of the
Securities Act of 1933 and Section&nbsp;21E of the Securities Exchange Act of 1934.
These forward-looking statements may be identified by the use of
forward-looking terms such as &#147;believes,&#148; &#147;expects,&#148; &#147;may&#148;, &#147;will,&#148; &#147;should&#148; or
&#147;anticipates&#148; or by discussions of strategy that involve risks and
uncertainties. From time to time, we have made or may make forward-looking
statements, orally or in writing. These forward-looking statements include
statements regarding anticipated future revenues, sales, operations, demand,
competition, capital expenditures, credit arrangements, and other statements
regarding matters that are not historical facts, involve predictions which are
based upon a number of future conditions that ultimately may prove to be
inaccurate. In making any of these statements, the expectations are believed
to be based upon reasonable assumptions, however, our actual results,
performance or achievements could differ materially from the results expressed
in, or implied by, these forward-looking statements. Factors that may cause or
contribute to such differences include those discussed under <I>Risk Factors</I>,
above, in our Form&nbsp;10-K for fiscal year ended December&nbsp;31, 2002, in <I>Business</I>
and in <I>Management&#146;s Discussion and Analysis of Financial Condition and Results
of Operations</I>, as well as those discussed elsewhere in this prospectus. These
factors, of course, do not include all factors which might affect our business
and financial condition.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this prospectus. All subsequent
written and oral forward-looking statements attributable to us or any person
acting on our behalf are expressly qualified in their entirety by the
cautionary statements contained in this section. We do not undertake any
obligation to release publicly any revisions to these forward-looking
statements to reflect events or circumstances after the date of this document
or to reflect the occurrence of unanticipated events, except as may be required
under applicable securities laws or as set forth in the registration statement
on Form&nbsp;S-3 that contains this prospectus.
</FONT>

<!-- link1 "USE OF PROCEEDS" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center"><FONT size="2"><B>USE OF PROCEEDS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholder is selling the stock and will receive
all of the proceeds from any sales. We will not receive any sales proceeds.
See &#147;Plan of Distribution.&#148;
</FONT>

<!-- link1 "SELLING STOCKHOLDER" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="center"><FONT size="2"><B>SELLING STOCKHOLDER</B>
</FONT>



<P align="center"><FONT size="2">8</FONT>



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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are registering all 1,200,000 shares covered by this prospectus on
behalf of Invemed Catalyst Fund, L.P., the selling stockholder (including its
donees, pledgees, transferees or other successors-in-interest who receive any
of the shares covered by this prospectus), in accordance with the terms of a
registration rights agreement entered into in connection with a private
placement sale between the selling stockholder and John Ueberroth and Peter
Ueberroth (and certain of their affiliates) on July&nbsp;29, 2003
that we refer to herein as the registration rights agreement. Except for the
shares covered by this prospectus, the selling stockholder does not
beneficially own any shares of our common stock.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth, as of the date of this prospectus: (1)&nbsp;the
name of the selling stockholder, (2)&nbsp;the number of shares of our common stock
owned by the selling stockholder prior to the offering, (3)&nbsp;the number of
shares offered for the account of the selling stockholder pursuant to this
prospectus and (4)&nbsp;the number of shares that the selling stockholder would own
if it sold all of its shares registered by this prospectus.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Shares Owned</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Shares to</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Shares Owned</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Percentage Owned</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Before</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>be Sold in</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>After</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>After</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering (1)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Invemed Catalyst Fund, L.P.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Percentage of ownership for each holder is calculated based on 9,944,096
shares of common stock outstanding on September&nbsp;1, 2003. Beneficial
ownership is determined in accordance with the SEC Rule&nbsp;13d-3 and generally
includes shares over which the holder has voting or investment power,
subject to community property laws. All shares of common stock obtainable
upon conversion of securities or exercise of stock options or warrants
(including those that are not currently exercisable but will become
exercisable within 60&nbsp;days hereafter) are considered to be beneficially
owned by the person holding the options or warrants for computing that
person&#146;s percentage, but are not treated as outstanding for computing the
percentage of any other person.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Assumes that the selling stockholder does not acquire any additional
shares of common stock. As noted below, the selling stockholder is not
required to sell any shares of our common stock covered by this prospectus.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus also covers any additional shares of common stock that become
issuable in connection with the shares being registered by reason of any stock
dividend, stock split, recapitalization or other similar transaction effected
without the receipt of consideration that results in an increase in the number
of outstanding shares of our common stock. We are registering the shares to
permit the selling stockholder to offer these shares for resale from time to
time. Because the selling stockholder may sell all, some or no part of its
shares of our common stock covered by this prospectus, we cannot estimate the
number of shares of our common stock that will be held by the selling
stockholder upon the termination of this offering. For more information, see
&#147;Plan of Distribution.&#148;
</FONT>

<!-- link1 "PLAN OF DISTRIBUTION" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="center"><FONT size="2"><B>PLAN OF DISTRIBUTION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are registering the shares offered by this prospectus on behalf of the
selling stockholder. As used herein, &#147;selling stockholder&#148; includes donees,
pledgees, transferees and other successors-in-interest selling shares received
from the named selling stockholder as a gift, pledge, partnership distribution
or other non-sale related transaction after the date of this prospectus. All
costs, expenses and fees in connection with the registration of the shares
offered hereby will be borne by us. Brokerage commissions and similar selling
expenses, if any, attributable to the sale of the shares will be borne by the
selling stockholder. Sales of the shares may be effected from time to time in
one or more types of transactions (which may include block transactions):
</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">on the NASDAQ or any other stock exchange, market or trading facility on which the shares are traded;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">9</FONT>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">in the over-the-counter market;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">in negotiated transactions, through put or call options transactions relating to the shares; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">through short sales of the shares, or through a combination of such methods of sale,</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">at market prices prevailing at the time of sale, or at negotiated prices.
These transactions may or may not involve brokers or dealers. The selling
stockholder has advised us that it has not entered into any agreements,
understandings or arrangements with any underwriters or broker-dealers
regarding the sale of their shares, nor is there an underwriter or coordinating
broker acting in connection with the proposed sale of the shares by the selling
stockholder.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholder may effect such transactions by selling the shares
directly to purchasers or to or through broker-dealers, which may act as agents
or principals. These broker-dealers may receive compensation in the form of
discounts, concessions, or commissions from the selling stockholder and/or the
purchasers of the shares for whom these broker-dealers may act as agents or to
whom they sell as principal, or both (which compensation as to a particular
broker-dealer might be in excess of customary commissions).
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholder may enter into hedging transactions with
broker-dealers or other financial institutions. In connection with such
transactions, broker-dealers or other financial institutions may engage in
short sales of our common stock in the course of hedging the positions they
assume with the selling stockholder. The selling stockholder may also enter
into options or other transactions with broker-dealers or other financial
institutions that require the delivery to the broker-dealer or other financial
institutions of shares covered by this prospectus, which shares the
broker-dealer or other financial institution may resell pursuant to this
prospectus (as supplemented or amended to reflect these transactions).
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholder and any broker-dealers that act in connection with
the sale of the shares might be deemed &#147;underwriters&#148; within the meaning of
Section&nbsp;2(11) of the Securities Act and any commissions received by such
broker-dealers and any profit on the sale of the shares sold by them while
acting as principals might be deemed to be underwriting discounts or
commissions under the Securities Act. We have agreed, pursuant to the
registration rights agreement, to indemnify the selling stockholder against
specified liabilities, including liabilities arising under the Securities Act.
The selling stockholder may agree to indemnify any agent, dealer or
broker-dealer that participates in transactions involving sales of the shares
against certain liabilities, including liabilities arising under the Securities
Act.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the selling stockholder may be deemed to be an &#147;underwriter&#148; under
Section&nbsp;2(11) of the Securities Act, the selling stockholder will be subject to
the prospectus delivery requirements of the Securities Act, which may include
delivery through the facilities of the American Stock Exchange or the Pacific
Exchange pursuant to Rule&nbsp;153 under the Securities Act. We have informed the
selling stockholder that the anti-manipulative provisions of Regulation&nbsp;M
promulgated under the Exchange Act may apply to their sales in the market.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholder also may resell all or a portion of the shares in
open market transactions in reliance upon Rule&nbsp;144 under the Securities Act,
provided they meet the criteria and conform to the requirements of Rule&nbsp;144.
Upon our being notified by the selling stockholder that any material
arrangement has been entered into with a broker-dealer for the sale of shares
through a block trade, special offering, exchange distribution or secondary
distribution or a purchase by a broker or dealer, a supplement to this
prospectus will be filed, if required, pursuant to Rule&nbsp;424(b) under the
Securities Act, disclosing:
</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">the name of each such selling stockholder and broker-dealer(s);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">the number of shares involved;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">the price at which such shares were sold;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">the commissions paid or discounts or concessions allowed to such broker-dealers(s), where applicable;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">that such broker-dealer(s) did not conduct any investigation to
verify information set out or incorporated by reference in this
prospectus; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">other facts material to the transaction.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, upon our being notified by the selling stockholder that a
donee, pledgee, transferee or other successor in interest intends to sell more
than 500 shares, a supplement to this prospectus will be filed.
</FONT>

<P align="center"><FONT size="2">10</FONT>

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<!-- link1 "LEGAL MATTERS" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="center"><FONT size="2"><B>LEGAL MATTERS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The law firm of Richman, Mann, Chizever, Phillips &#038; Duboff, of Beverly
Hills, California, will pass upon the validity of the securities offered by
this prospectus.
</FONT>

<!-- link1 "EXPERTS" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="center"><FONT size="2"><B>EXPERTS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of Ambassadors Group, Inc.
incorporated in this Prospectus by reference to the Annual Report on Form&nbsp;10-K
of Ambassadors Group, Inc. for the year ended December&nbsp;31, 2002 has been so
incorporated in reliance on the report of PricewaterhouseCoopers LLP,
independent accountants, given on the authority of said firm as experts in
auditing and accounting.
</FONT>

<!-- link1 "INCORPORATION OF DOCUMENTS BY REFERENCE" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center"><FONT size="2"><B>INCORPORATION OF DOCUMENTS BY REFERENCE</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to &#147;incorporate by reference&#148; in this prospectus certain
information which we file with the SEC. This means we can fulfill, and
fulfilled, our obligations to provide you with certain important information by
referring you to other documents which we have filed with the SEC. The
information which is incorporated by reference is an important part of this
prospectus.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are incorporating by reference in this prospectus the following
documents which we have filed, or may later file, with the SEC under the
Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;). The information we file
with the SEC later will automatically update and supersede the present
information.
</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Annual Report on Form&nbsp;10-K for the fiscal year ended December
31, 2002 (SEC file number 0-33347).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Quarterly Report on Form&nbsp;10-Q for the three months ended March
31, 2003 (SEC file number 0-33347).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">3.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our Quarterly Report on Form&nbsp;10-Q for the three months ended June
30, 2003 (SEC file number 0-33347).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">4.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">All reports which we file with the SEC under the Exchange Act after
the date of the initial registration statement of which this prospectus
is a part and prior to the effective date of such registration
statement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">5.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The description of our common stock in our registration statement
on Form&nbsp;10 (File No.&nbsp;0-33347) filed under the Exchange Act on November
15, 2001, and any amendments or reports filed to update the
description; and,</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents which we file under Section&nbsp;13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934 between the date of this prospectus and the
termination of the offering shall be deemed to be incorporated by reference
into this prospectus.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will provide to each person to whom a prospectus is delivered,
including any beneficial owner, a copy of any or all of the information which
is incorporated by reference in this prospectus but which is not delivered with
this prospectus. We will provide such information, at no cost to the
requesting person, upon written or oral request made to:
</FONT>


<P align="center"><FONT size="2">Jeffrey D. Thomas<BR>
President and Chief Executive Officer<BR>
110 S. Ferrall Street<BR>
Spokane, Washington 99202<BR>
(509)&nbsp;534-6200
</FONT>

<P align="center"><FONT size="2">11</FONT>

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<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center"><FONT size="2"><B>WHERE YOU CAN FIND MORE INFORMATION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should rely only on the information in this prospectus or any
prospectus supplement or incorporated by reference in them. We have not
authorized anyone else to provide you with different information. Offers of
the securities are being made only in states where the offers are permitted.
You should not assume that the information in this prospectus or any prospectus
supplement is accurate as of any date other than the date on the front of those
documents. If information in incorporated documents conflicts with information
in this prospectus, you should rely on the most recent information. If
information in an incorporated document conflicts with information in another
incorporated document, you should rely on the most recent incorporated
document.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a Registration Statement on Form&nbsp;S-3 that has
been filed with the SEC. It does not include all of the information that is in
the registration statement and the additional documents filed as exhibits with
it. For more detailed information, you should read the exhibits themselves.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the informational requirements of the Exchange Act and,
in accordance with it, are required to file reports, proxy and information
statements, and other information with the SEC. Such reports, proxy and
information statements and other information can be inspected and copied at the
SEC&#146;s Public Reference Rooms at 450 Fifth Street, N.W., Washington, D.C. 20549.
The public may obtain information about the operation of the Public Reference
Rooms by calling the SEC at 1-800-SEC-0330. We electronically file reports,
proxy and information statements, and other information with the SEC. The SEC
maintains an Internet website that contains our electronically filed reports,
proxy and information statements, and other information at http://www.sec.gov.
We maintain an Internet website at www.ambassadorsgoup.com/EPAX/default.htm.
Our common stock is traded on the Nasdaq National Market under the symbol EPAX,
and our SEC reports, proxy statements and other information concerning us also
can be inspected at the offices of Nasdaq Operations, 1735 K Street, N.W.,
Washington, D.C. 20006.
</FONT>

<!-- link1 "INDEMNIFICATION" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center"><FONT size="2"><B>INDEMNIFICATION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Certificate of Incorporation allows us to indemnify our officers and
directors to the fullest extent allowed under Delaware law. This includes
indemnification for liability that may arise under the Securities Act of 1933.
Insofar as indemnification for liabilities arising under the Securities Act of
1933 may be permitted to directors, officers or persons controlling the
registrant under these provisions, the registrant has been informed that in the
opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Act and is therefore unenforceable.
</FONT>

<P align="center"><FONT size="2">12</FONT>

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<P align="left"><FONT size="2"><B>No dealer, salesperson or other person has been
authorized to give any information or to make any
representations not contained in this prospectus
in connection with the offering covered by this
prospectus. If given or made, such information
or representations must not be relied upon as
having been authorized by Ambassadors Group,
Inc., a selling stockholder, or any underwriter.
This prospectus does not constitute an offer to
sell, or a solicitation of any offer to buy,
common stock in any jurisdiction to any person to
whom, it is unlawful to make such an offer or
solicitation in such jurisdiction. Neither the
delivery of this prospectus nor any sale made
under this prospectus shall, under any
circumstances, create any implication that the
information contained in this prospectus is
correct as of any time after the date of the
prospectus or that there has been no change in
the affairs of Ambassadors Group, Inc. after
the date of this prospectus.</B>
</FONT>


<P align="center"><FONT size="2"><B>1,200,000 SHARES</B>
</FONT>


<P align="center"><FONT size="2"><B>AMBASSADORS GROUP, INC.</B>
</FONT>


<P align="center"><FONT size="2"><B>COMMON STOCK</B>
</FONT>


<P align="center"><FONT size="2"><B>PROSPECTUS</B>
</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><b>September&nbsp;24, 2003</B>
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">&nbsp;</FONT>

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<P align="center"><FONT size="2"><B>PART II</B>
</FONT>

<P align="left"><FONT size="2"><B>ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth an itemized estimate of fees and expenses
payable by the registrant in connection with the offering described in this
registration statement:
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="73%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SEC registration fee</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Counsel fees and expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">25,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accounting fees and expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">2,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Blue Sky fees and expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Transfer agent and registrar fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Miscellaneous</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">2,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">32,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the above expenses will be paid by the registrant.
</FONT>

<P align="left"><FONT size="2"><B>ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Certificate of Incorporation provides that to the fullest extent
permitted by Delaware Law, a director shall not be liable to us or our
stockholders for monetary damages for breach of fiduciary duty as a director.
Under Delaware Law, liability of a director may not be limited (i)&nbsp;for any
breach of the director&#146;s duty of loyalty to us or our stockholders, (ii)&nbsp;for
acts or omissions not in good faith or that involve intentional misconduct or a
knowing violation of law, (iii)&nbsp;in respect of certain unlawful dividend
payments or stock redemptions or repurchases and (iv)&nbsp;for any transaction from
which the director derives an improper personal benefit. The effect of the
provision of our Certificate of Incorporation is to eliminate our rights and of
stockholders (through stockholders&#146; derivative suits on our behalf) to recover
monetary damages against a director for breach of the fiduciary duty of care as
a director (including breaches resulting from negligent or grossly negligent
behavior), except in the situations described in clauses (i)&nbsp;through (iv)
above. This provision does not limit or eliminate our rights or of any
stockholder to seek monetary relief such as an injunction or rescission in the
event of a breach of a director&#146;s duty of care. In addition, our Certificate of
Incorporation provides that we shall indemnify our directors and officers
against losses incurred by any such person by reason of the fact that such
person was acting in such capacity to the fullest extent permitted by law.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have entered into agreements (the &#147;Indemnification Agreements&#148;) with
each of our directors and officers pursuant to which we will agree to indemnify
such director or officer from claims, liabilities, damages, expenses, losses,
costs, penalties or amounts paid in settlement incurred by such director or
officer in or arising out of his capacity as a director, officer, employee
and/or agent of Group or any other corporation of which he is a director or
officer at our request to the maximum extent provided by applicable law. In
addition, such director or officer will be entitled to an advance of expenses
to the maximum extent authorized or permitted by law.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Board of Directors or the stockholders may in the
future wish to limit or repeal our ability to provide indemnification as set
forth in our Certificate of Incorporation, such repeal or limitation may not be
effective as to directors and officers who are parties to the Indemnification
Agreements, because their rights to full protection would be contractually
assured by the Indemnification Agreements. It is anticipated that similar
contracts may be entered into, from time to time, with our future directors and
officers.
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

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<P align="left"><FONT size="2"><B>ITEM 16. EXHIBITS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">*4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Registration Rights Agreement between the Invemed Catalyst Fund, L.P. and the registrant</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Richman, Mann, Chizever, Phillips &#038; Duboff</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Richman, Mann, Chizever, Phillips &#038; Duboff (included in Exhibit&nbsp;5)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of PricewaterhouseCoopers LLP</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney (included on signature page of this Registration
Statement)</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="left"><FONT size="2">*&nbsp;&nbsp;Previously filed
</font>



<P align="left"><FONT size="2"><B>ITEM 17. UNDERTAKINGS</B>
</FONT>

<P align="left"><FONT size="2">The undersigned registrant hereby undertakes:
</FONT>

<P align="left"><FONT size="2">(1)&nbsp; To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement to include any material
information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the
registration statement.
</FONT>

<P align="left"><FONT size="2">(2)&nbsp; That, for the purpose of determining any liability under the Securities Act
of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial <I>bona
fide </I>offering thereof.
</FONT>

<P align="left"><FONT size="2">(3)&nbsp; To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering.
</FONT>

<P align="left"><FONT size="2">(4)&nbsp; That, for purposes of determining any liability under the Securities Act of
1933, each filing of the registrant&#146;s annual report pursuant to Section&nbsp;13(a)
or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant to Section&nbsp;15(d) of
the Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.
</FONT>

<P align="left"><FONT size="2">(5)&nbsp; Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the provisions described in Item&nbsp;15, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

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<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;S-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Spokane, State of Washington, on this 25th
day of September, 2003.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2">Ambassadors Group, Inc.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;/s/ JEFFREY D. THOMAS</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey D. Thomas
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2">President and Chief Executive Officer</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed below by the following persons in the
capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ JEFFREY D. THOMAS<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Jeffrey D. Thomas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
President, Chief Executive Officer (Principal<BR>
Executive Officer), and Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">September 25, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ MARGARET M. SESTERO<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Margaret M. Sestero</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chief Financial Officer (Principal Financial and<BR>
Accounting Officer), Executive Vice President<BR>
and Secretary
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">September 25, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">*<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
John A. Ueberroth</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chairman of the Board&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">September 25, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">*<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Brigitte M. Bren</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">September 25, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">*<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
James L. Easton</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">September 25, 2003</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD colspan="2" align="center" valign="top"><FONT size="2">*<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Rafer L. Johnson</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">September 25, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>

<TR valign="bottom">
    <TD colspan="2" align="center" valign="top"><FONT size="2">*<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
John C. Spence</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">September 25, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD colspan="2" align="center" valign="top"><FONT size="2">*<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Joseph J. Ueberroth</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">September 25, 2003</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD colspan="2" align="center" valign="top"><FONT size="2">*<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Richard D.C. Whilden</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">September 25, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>

<TR valign="bottom">

<TD align="center" valign="top"><FONT size="2">By:</FONT></TD>
<TD align="center" valign="top"><FONT size="2">/s/ Jeffrey D. Thomas<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Attorney-in-fact</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">September 25, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2">Exhibit&nbsp;Index
</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">*4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Registration Rights Agreement between the Invemed Catalyst Fund, L.P. and the registrant</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Richman, Mann, Chizever, Phillips &#038; Duboff</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Richman, Mann, Chizever, Phillips &#038; Duboff (included in Exhibit&nbsp;5)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of PricewaterhouseCoopers LLP</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney (included on signature page of this Registration
Statement)</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P><FONT size="2">*&nbsp;&nbsp;&nbsp;Previously filed</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">&nbsp;</FONT>



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