Ambac Announces Delay in Filing Annual Report on Form 10-K

Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) filed today a Form 12b-25 notification of late filing with the Securities and Exchange Commission in connection with its Annual Report on Form 10-K for the year ended December 31, 2009. Ambac will also delay the release of its earnings for the year ended December 31, 2009 until the filing of its Form 10-K. Please see the Form 12b-25, posted on Ambac’s web site at www.ambac.com, for additional information.

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