Press Release

Ambac Fourth Quarter Results Scheduled to Be Released on March 16, 2010

NEW YORK, February 24, 2010 -- Ambac Financial Group, Inc. (NYSE: ABK) (“Ambac” or the “Company”) announced that it will release its fourth quarter 2009 results on March 16, 2010, after the close of business.

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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).

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