Press Release

Ambac’s Executives to Present at Banc of America Bond Insurance Mini Conference

NEW YORK, November 20, 2007-- Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) announced today that Sean Leonard, Ambac’s Senior Vice President and Chief Financial Officer and David Wallis, Ambac’s Senior Managing Director and Head of Portfolio Risk Management, will present at the Bond Insurance Mini Conference hosted by Banc of America on Tuesday, November 27, 2007 at 8:45 a.m. (Eastern) in New York City.

The Presentation and Panel Discussion will be broadcast live from Ambac’s website and replays will be available after the presentation until December 14, 2007. The links are:

8:45 a.m. Presentation (http://www.veracast.com/webcasts/bas/bondinsurers07/id77102185.cfm)

12:00 p.m. Panel Discussion (http://www.veracast.com/webcasts/bas/bondinsurers07/id03106193.cfm)

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