Ambac Financial Group, Inc. Conference Call to Discuss First Quarter Earnings Set for May 11, 2009 at 11:00 A.M. EST.

Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) announced that it will host a conference call for investors on May 11 at 11:00 a.m. Eastern to discuss first quarter 2009 earnings which are scheduled to be released at 8:30 a.m. that morning. The dial in number for the call is 877-407-0778 (Domestic) and 201-689-8565 (International).

The conference call will also be broadcast live on Ambac�s web site at www.ambac.com.

Beginning at 2 p.m. on May 11 through May 21, the conference call will be available in replay. The replay numbers are 877-660-6853 (Domestic) and 201-612-7415 (International). The account and confirmation numbers for the replay are 286 and 321894, respectively. A recording will also be available on Ambac�s web site approximately one hour after the end of the conference call.

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 earned a Ba3 rating (developing outlook) from Moody's Investors Service, Inc. and an A rating (negative outlook) from Standard & Poor's Ratings Services. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).

AMBAC (NYSE:ABK)
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