Press Release

Ambac’s Chairman and CEO to Present at the Bank of America 2008 Smid Cap Conference

NEW YORK, March 25, 2008 -- Ambac Financial Group, Inc. (NYSE:ABK) (Ambac) today announced that Michael Callen, Chairman and Chief Executive Officer, is scheduled to present at the Bank of America 2008 Smid Cap Conference at the Four Seasons Hotel in Boston on Wednesday, March 26, 2008 at 2:40 p.m. Eastern Time. Presentation materials will be made available on Ambac’s website at http://www.ambac.com at least one hour prior to the start of the event.

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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 guarantor of public finance and structured finance obligations, has earned triple-A ratings from Moody's Investors Service, Inc. and Standard & Poor's Ratings Services; and a double-A rating from Fitch, Inc. Moody's, Standard & Poor's and Fitch all maintain a “negative outlook”. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).