Press Release

Ambac Financial Group, Inc. Provides Questions and Answers Addressing Recent Actions Taken By Wisconsin Regulator

NEW YORK, April 2, 2010 -- Ambac Financial Group, Inc. (NYSE: ABK) (“Ambac” or the “Company”) announced today that it has provided “Questions and Answers” related to the recent action taken by the Office of the Commissioner of Insurance of the State of Wisconsin (OCI) with regard to the Segregated Account of Ambac Assurance Corporation. Ambac Assurance Corporation (AAC) is the principal operating insurance company of Ambac. The Segregated Account is a separate insurer from AAC under Wisconsin insurance law. The Q&A can be found on Ambac’s web site at http://www.ambac.com/investor_qanda.html. AAC policyholders should also be aware that OCI has established a web site at www.ambacpolicyholders.com that contains official filings, background information and a Q&A for policyholders.

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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 from Moody's Investors Service, Inc. and an R (regulatory intervention) financial strength rating 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