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The salutation for a letter to an Ambassador to the U.S (a foreign Ambassador) should read: Excellency or Dear Mr./Madam Ambassador.
The form of address for a foreign Ambassador should be: His/Her Excellency (full name), The Ambassador of (place name).
Also, the salutation for a letter to a U.S. Ambassador should read: Sir/Madam or Dear Mr./Madam Ambassador.
And the form of address for a U.S Ambassador should be: The Honorable (full name), The Ambassador of the United States.