Press Release

Ambac's Chief Executive Officer to Present at FBR Capital Markets Investor Conference

NEW YORK, November 20, 2007-- Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) announced today that Robert J. Genader, Ambac’s Chairman, President and Chief Executive Officer, will present at the FBR Capital Markets Investor Conference on Wednesday, November 28, 2007 at 10:00 a.m. (Eastern) at the Grand Hyatt New York Hotel in New York City.

The presentation will be broadcast live from Ambac’s website and a replay will be available immediately after the presentation for a total of 30 days. The link is:

http://www.wsw.com/webcast/fbr20/abk/

*******************

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).