NEW YORK, August 5, 2011 - Ambac Financial Group Inc. (OTC: ABKFQ) (“Ambac Financial”) announced today that it will release its second quarter 2011 results on August 9, 2011, after the market close. Management will not host a conference call to discuss the second quarter results.

About Ambac

Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provided financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac filed for a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. The Company will continue to operate in the ordinary course of business as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. Ambac Financial Group, Inc.’s common stock trades in the over-the-counter market under the ticker symbol ABKFQ.

Ambac's principal operating subsidiary, Ambac Assurance Corporation, is a guarantor of public finance and structured finance obligations.

Investor Contact: Michael Fitzgerald
(212) 208-3222
mfitzgerald@ambac.com