ABK Ambac Financial Grp. Common Stock

Ambac Appoints Douglas Renfield-Miller Chairman of Ambac Assurance UK Limited NEW YORK, May 2 /PRNewswire-FirstCall/ -- Ambac Financial Group, Inc. (NYSE:ABK) today announced that Douglas C. Renfield-Miller, Senior Managing Director, has been named Chairman of Ambac Assurance UK Limited ("Ambac UK"). As Chairman, he will oversee Ambac's European operations encompassing both the London office and the Milan branch office. Mr. Renfield-Miller will also continue to be responsible for the Asia/Pacific markets including Ambac's offices in Sydney and Tokyo. Former Ambac UK Chairman, John W. Uhlein III, Executive Vice President, is now responsible for focusing on the continued development of Ambac's domestic structured finance business. Robert J. Genader, President and Chief Executive Officer, commented, "Doug's extensive experience in the global capital markets covering a diverse range of businesses and markets, including project finance and securitizations of all types, will be a tremendous asset to our growing international business. Ambac's global activities continue to expand to include new and innovative financing types and structures and the breadth of Doug's experience will enable him to provide insightful, strategic guidance." Mr. Genader continued, "John has done an excellent job of building a strong European franchise over the past 12 years and we are pleased to bring him back to the States to expand Ambac's domestic structured finance business." Mr. Renfield-Miller had been responsible for Ambac's commercial asset- backed securities, global structured credit, secondary markets and financial services businesses as well as the company's non-European international activities. Prior to joining Ambac in 2000, he was a Managing Director with UBS' Principal Finance and Credit Arbitrage group and had headed various structured finance businesses at UBS, working in both New York and Zurich. His past experience includes positions with Chase Manhattan's Global Petroleum Group, as an economist with the US Bureau of International Labor Affairs and at the Export-Import Bank of the United States. 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, Fitch, Inc. and Rating and Investment Information, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK). DATASOURCE: Ambac Financial Group, Inc. CONTACT: Investors and Media, Peter R. Poillon, +1-212-208-3333, or Web site: http://www.ambac.com/

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