Press Release

Ambac's Kate Mcdonough, Senior Managing Director, to Present at Annual AIFA Conference

NEW YORK, March 1, 2006 -- Ambac Financial Group, Inc. (NYSE:ABK) announced today that Kate McDonough, Ambac's Senior Managing Director and co-head of Public Finance, will present at the Annual AIFA Conference on March 7, 2006 at 1:05am (EST) at the Hyatt Regency Hotel in Scottsdale, Arizona.

The presentation will be broadcast live from Ambac's website and a replay will be available approximately 24 hours after the presentation for a total of 14 days. The link is:

http://www.investorcalendar.com/CEPage.asp?ID=101927

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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, Fitch, Inc. and Rating and Investment Information, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).