ABK Ambac Financial Grp. Common Stock

Ambac Financial Group, Inc. (NYSE:ABK) announced today that it will participate as a principle sponsor of NYCRemembers Observance, a weeklong initiative to encourage volunteerism and reach out to those in need, to help foster meaningful remembrance of September 11, 2001. "With headquarters and the majority of our operations located in downtown Manhattan, Ambac employees experienced the trauma of 9/11 first-hand," said Ambac President and Chief Executive Officer, Robert J. Genader. "NYCRemembers offers a constructive way to keep the spirit of unity - felt so strongly by New Yorkers and people around the world soon after that tragic event - alive and growing. Commemorating 9/11 has been difficult because of the emotional pain felt by so many," he continued, "but NYCRemembers honors the memory of those who lost their lives and enables all of us affected to take positive action to heal the wounds inflicted on that fateful day." In addition to a major financial contribution to the NYCRemembers Observance effort, Ambac will offer employees opportunities to participate in volunteer activities during the week of September 11. Most notably, Ambac employees will be able to participate in a special Volunteer Day at The Children's Village in Dobbs Ferry, NY, on September 16. Children's Village, a residential treatment center for troubled youths, is a key beneficiary of Ambac's charitable contributions. In addition, Ambac employees will be encouraged to take time during September to use their energy and talents to benefit other worthwhile organizations. "NYCRemembers gives us the opportunity to create something good out of tragedy," Gregg L. Bienstock, Senior Vice President and Chief Administrative Officer, said. "Whether it's part of an organized volunteer effort or simply helping someone else in need, NYCRemembers gives us a chance to channel the emotional energy evoked by memories of that day to produce positive results." Ambac's sponsorship of NYCRemembers represents the company's ongoing contributions commitment to support charities related to 9/11 and lower Manhattan. NYCRemembers Observance is the local initiative of One Day's Pay, an organization dedicated to encouraging volunteerism as a tribute to the victims of September 11. One Day's Pay is the only organization fully supported by all 9/11 families and organizations. 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).