X0205 3 2012-06-07 0 0001162315 AMBASSADORS GROUP INC EPAX 0001410352 Lane Five Capital Management, LP 1122 KENILWORTH DRIVE SUITE 313 TOWSON MD 21204 1 0 0 0 0001552003 Rapuano Lisa O'Dell 1122 KENILWORTH DRIVE, SUITE 133 TOWSON MD 21204 1 0 0 0 0001552004 Lane Five Capital Management, LLC 1122 KENILWORTH DRIVE, SUITE 313 TOWSON MD 21204 1 0 0 0 0001552005 Lane Five Partners GP LLC 1122 KENILWORTH DRIVE, SUITE 313 TOWSON MD 21204 1 0 0 0 0001385659 LANE FIVE PARTNERS L P 1122 KENILWORTH DR SUITE 313 TOWSON MD 21204 1 0 0 0 Common Stock 796898 D Common Stock 392102 I See Reflects the securities of the issuer owned directly by Lane Five Partners LP (the "Fund"). Reflects securities of the issuer held in accounts managed separately (the "Separately Managed Accounts") by Lane Five Capital Management LP (the "Investment Manager"). The Investment Manager acts as the investment manager of the Fund and the Separately Managed Accounts. Lane Five Capital Management, LLC is the general partner of the Investment Manager ("IM GP"). Lane Five Partners GP LLC is the general partner of the Fund (the "Fund General Partner"). Lisa O'Dell Rapuano is the managing member of the IM GP and the Fund General Partner. The Investment Manager, the IM GP, the Fund General Partner and Ms. Rapuano may each be deemed to indirectly beneficially own the shares of common stock held by the Fund and the Separately Managed Accounts. For purposes of this Form 3, the Investment Manager, the IM GP, the Fund General Partner and Ms. Rapuano each disclaims beneficial ownership of the shares of common stock beneficially owned by the Fund and the Separately Managed Accounts, except to the extent of their or her pecuniary interest therein. Lisa O'Dell Rapuano was elected to the Board of Directors of the issuer on June 7, 2012. The other persons reporting on this Form 3 may be deemed to be a director by deputization, however, the filing of this Form 3 shall not be deemed an admission of such deputization status. Lisa O'Dell Rapuano, for herself, as Managing Member of the IM GP, and as Managing Member of the Fund General Partner (for itself and the Fund) 2012-06-18 Lisa O'Dell Rapuano, as Managing Member of Lane Five Capital Management LP 2012-06-18