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Press Release

Ambac's Chief Executive Officer To Present at Merrill Lynch Insurance Investors Conference

NEW YORK, February 7, 2007 -- Ambac Financial Group, Inc. (NYSE:ABK) announced today that Robert J. Genader, Ambac's Chairman, President and Chief Executive Officer, will present at the Merrill Lynch Insurance Investor Conference on Wednesday, February 14, 2007 at 1:30 p.m. (EST) at the Millennium Broadway Hotel in New York City.

The presentation will be broadcast live from: http://www.veracast.com/webcasts/ml/insurance07/26209173.cfm
A replay will be available approximately 24 hours after the presentation for a total of 14 days.

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Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac's principal operating subsidiary, Ambac Assurance Corporation, a leading guarantor of public finance and structured finance obligations, has earned triple-A ratings, the highest ratings available from Moody's Investors Service, Inc., Standard & Poor's Ratings Services and Fitch, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).