Ambac’s Form 10-K Filing to Be Delayed

Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) announced today that it will not be filing its Form 10-K on or prior to March 31, 2010. Due to the significant events which are described in its Form 8-K filed with the Securities Exchange Commission on March 25, 2010, Ambac is revising its Form 10-K to address the impacts of these events on its financial statements and disclosure. Ambac expects to file its Form 10-K as soon as it has made all of the necessary revisions.

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).

AMBAC (NYSE:ABK)
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