March 3, 2014

Ambac Announces Annual Meeting on May 22, 2014

NEW YORK, March 3, 2014 (GLOBE NEWSWIRE) -- Ambac Financial Group, Inc. (Nasdaq:AMBC) today announced that its Board of Directors set the 2014 Annual Meeting of Stockholders for Thursday, May 22, 2014 at 12 p.m. (ET). The meeting will be held at the company's headquarters at One State Street Plaza, New York, NY. The record date for determining stockholders entitled to notice of, and to vote at, the annual meeting will be the close of business, March 26, 2014.

About Ambac

Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose subsidiaries, including its principal operating subsidiary, Ambac Assurance Corporation ("Ambac Assurance"), Everspan Financial Guarantee Corp., and Ambac Assurance UK Limited, provide financial guarantees and other financial services to clients in both the public and private sectors globally. Ambac Assurance is a guarantor of public finance and structured finance obligations. Ambac Financial Group, Inc. is also exploring opportunities involving the development or acquisition of new financial services businesses. Ambac Financial Group Inc.'s common stock trades on the NASDAQ Global Select Market. For more information, please go to www.ambac.com.

CONTACT: Abbe F. Goldstein, CFA

         Managing Director, Investor Relations and

         Corporate Communications

         (212) 208-3222

         agoldstein@ambac.com

Ambac Financial Group, Inc.

Source: Ambac Financial Group, Inc.

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