Press Release

Ambac Appoints Head of European Fixed Income Investor Relations

NEW YORK, April 15, 2008 -- Ambac Financial Group, Inc. (NYSE:ABK) (Ambac) today named Miguel Sánchez Managing Director of European Fixed Income Investor Relations and Client Relationship Management.

In his new role, Mr. Sánchez will work closely with Vandana Sharma and Peter Poillon of the New York-based Investor Relations team; Nancy Fox, who has responsibility for Ambac’s Sydney and Tokyo offices and is the firm’s principal investor contact in the Asia / Pacific region; and Paul Burke, who heads Client Relationship Management in New York.

Douglas Renfield-Miller, Executive Vice President, stated that, “This further strengthens our communications platform to allow us to continue to execute our transparency initiatives.  We are keen to be responsive to the needs of our non-US fixed income investors by providing a senior Ambac contact in their own geographic region and time zone.”

Mr. Sánchez has worked in the firm’s London office for eight years, previously having led one of Ambac’s European underwriting groups.

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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).