Press Release

Ambac Financial Group, Inc. Announces it will be Closing its Tokyo Representative Office

NEW YORK, February 2, 2009 -- Ambac Financial Group, Inc. (NYSE: ABK) (Ambac). As of March 31, 2009, Ambac will be closing our Tokyo representative office. There will be no changes at the company’s London, Sydney or Milan offices. As always, Ambac remains committed to providing our clients with exceptional service and experience worldwide. For further information, please contact:

Nancy Fox, Managing Director, Asia/Pacific
61 2 8211 0431
nfox@ambac.com.au

Investor/Media Contact: Vandana Sharma
212- 208-3333
vsharma@ambac.com

Fixed Income Contact: Peter Poillon
(212) 208-3222
ppoillon@ambac.com