March 2, 2015

Ambac Announces Annual Meeting on May 14, 2015

NEW YORK, March 2, 2015 (GLOBE NEWSWIRE) -- Ambac Financial Group, Inc. (Nasdaq:AMBC) ("Ambac"), a holding company whose subsidiaries provide financial guarantees and other financial services, today announced that its Board of Directors set the date for the 2015 Annual Meeting of Stockholders for Thursday, May 14, 2015 at 11 a.m. (ET). The meeting will be held at Ambac'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 19, 2015.

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, including the Segregated Account of Ambac Assurance (in rehabilitation), is a guarantor of public finance and structured finance obligations. Ambac Financial Group, Inc. is also selectively exploring opportunities involving the acquisition and/or development of new businesses. Ambac Financial Group Inc.'s common stock trades on the NASDAQ Global Select Market. The Amended and Restated Certificate of Incorporation of Ambac Financial Group, Inc. contains substantial restrictions on the ability to transfer Ambac's common stock. Subject to limited exceptions, any attempted transfer of common stock shall be prohibited and void to the extent that, as a result of such transfer (or any series of transfers of which such transfer is a part), any person or group of persons shall become a holder of 5% or more of Ambac's common stock. Ambac is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates to the status of certain primary residential mortgage backed securities litigations. 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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