JILL M. CONSIDINE APPOINTED TO AMBAC BOARD OF DIRECTOR
News Release
March 31, 2000 - New York, NY: Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced that Jill M. Considine has been appointed to its Board of Directors. Ms. Considine was also appointed to the Board of Ambac Assurance Corporation, the Company's principal operating subsidiary.
Commenting on the appointment, Phillip B. Lassiter, Ambac's Chairman and CEO stated, "We are especially pleased about Ms. Considine joining our Board. Her wealth of experience and broad perspective of the financial services industry make her a terrific addition." Ms. Considine is Chairman and Chief Executive Officer of The Depository Trust & Clearing Corporation (DTCC), the holding company for DTC and National Securities Clearing Corporation (NSCC). DTC is the world's largest securities depository and a major clearinghouse for institutional post-trade processing and settlement. NSCC is the leading provider of centralized post-trade settlement and information services for equities, bonds, unit investment trusts, mutual funds and insurance transactions in the United States. Prior to DTC, Ms Considine served for more than five years as President of the New York Clearing House Association. From 1985 to 1991, she served as New York State Superintendent of Banks where she supervised more than 4,000 financial institutions.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 Assurance Corporation is the principal operating subsidiary of Ambac Financial Group, Inc. Ambac Assurance, a leading guarantor of municipal and structured finance obligations, has earned triple-A ratings, the highest ratings available from Moody's Investors Service, Inc., Standard & Poor's Credit Markets Services, Fitch and Rating and Investment Information, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).