X0202 4 2006-03-20 0 0000946842 AMBASSADORS INTERNATIONAL INC AMIE 0001169708 FOGARTY TIMOTHY T C/O AMBASSADORS INTERNATIONAL INC. 1071 CAMELBACK ST NEWPORT BEACH CA 92660 0 1 0 0 PRES/COO CYPRESS REINSURANCE COMMON STOCK 2006-03-20 4 M 0 51647 A 63647 D COMMON STOCK 2006-03-20 4 S 0 51647 17.1 D 12000 D OPTION EXERCISE 4.93 2006-03-20 4 M 0 18088 0 D 2000-02-11 2010-02-11 COMMON STOCK 18088 0 D OPTION EXERCISE 5.65 2006-03-20 4 M 0 13266 0 D 2000-05-31 2010-05-31 COMMON STOCK 13266 0 D OPTION EXERCISE 7.02 2006-03-20 4 M 0 2412 0 D 2000-11-03 2010-11-03 COMMON STOCK 2412 0 D OPTION EXERCISE 7.95 2006-03-20 4 M 0 14881 0 D 2002-03-19 2012-03-19 COMMON STOCK 14881 0 D OPTION EXERCISE 12.58 2006-03-20 4 M 0 3000 0 D 2004-11-19 2014-11-19 COMMON STOCK 3000 9000 D SEE TABLE II, COLUMN 2 FOR THE RESPECTIVE EXERCISE PRICES OF THE EXERCISED OPTIONS. STOCK OPTIONS VESTED AND BECAME EXERCISABLE IN FOUR (4) EQUAL ANNUAL INSTALLMENTS COMMENCING ON THE FIRST ANNIVERSARY OF THE DATE INDICATED. LAURA L. TUTHILL, ATTORNEY-IN-FACT 2006-03-21