Press Release

Ambac Schedules Conference Call to Discuss Third Quarter Results for November 4, 2009

NEW YORK, October 26, 2009 -- Ambac Financial Group, Inc. (NYSE: ABK) (“Ambac” or the “Company”) announced that it will host a conference call for investors on November 4 at 11:00 a.m. Eastern to discuss third quarter 2009 results which are scheduled to be released at 8:30 a.m. that morning.

The dial in number for the call is 877-407-0782 (U.S.) and 201-689-8567 (outside the U.S.). The conference call will also be broadcast live on Ambac’s web site at www.ambac.com.  Beginning at 2 p.m. on November 4 through November 20, the conference call will be available in replay. The replay numbers are 877-660-6853 (U.S.) and 201-612-7415 (outside the U.S.). The account and confirmation numbers for the replay are 286 and 335136, respectively. A recording will also be available on Ambac’s web site approximately one hour after the end of the conference call.

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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

Media Contact: Susan Oehrig
(212) 208-3248
soehrig@ambac.com