Ambac First Quarter 2010 Results Scheduled to Be Released on May 18, 2010

NEW YORK--Ambac Financial Group, Inc. (Ambac) announced that it will release its first quarter 2010 results on May 18, 2010, at 8:00 a.m. Eastern time. Management will not host a conference call to discuss the first quarter’s results.

About Ambac

Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provided 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 under review for possible upgrade 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).