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Press Release

Ambac Reschedules Second Quarter Earnings Release for August 7, 2009

NEW YORK, August 3, 2009 -- Ambac Financial Group, Inc. (NYSE: ABK) (“Ambac” or the “Company”) today announced that it has rescheduled its conference call to discuss second quarter 2009 results from August 5 to August 7, 2009 at 11:00 a.m. Eastern time. Earnings will be released at 8:30 a.m. Eastern time on that day. The rescheduled earnings release is necessary in order to finalize statutory financial results for Ambac Assurance Corporation.

The dial in number for the call is 877-407-0782 (U.S.) and 201-689-8567 (outside the U.S.). The conference call will also be broadcast live on Ambac’s web site at www.ambac.com. Beginning at 2:00 p.m. Eastern time on August 7 through August 21, the conference call will be available in replay. The replay numbers are 877-660-6853 (U.S.) and 201-612-7415 (outside the U.S.). The account and confirmation numbers for the replay are 286 and 327951, respectively. A recording will also be available on Ambac’s web site approximately one hour after the end of the conference call.

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About Ambac

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 guarantor of public finance and structured finance obligations, has a Caa2 rating (developing outlook) from Moody's Investors Service, Inc. and a CC rating (outlook developing) from Standard & Poor's Ratings Services. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).

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Investor Contact: Peter Poillon
(212) 208-3333
ppoillon@ambac.com

Media Contact: Susan Oehrig
(212) 208-3248
soehrig@ambac.com