Press Release

Ambac Financial Group, Inc. Announces Date of Annual Meeting of Shareholders, May 8, 2007

NEW YORK, February 6, 2007 -- Ambac Financial Group, Inc. (NYSE:ABK) today announced that its Board of Directors set the 2007 Annual Meeting of Stockholders for Tuesday, May 8, 2007, at 11:30 a.m. at its headquarters in New York City. The record date for determining stockholders entitled to notice of, and to vote at, the annual meeting will be the close of business, March 9, 2007.

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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).