ABK Ambac Financial Grp. Common Stock

Ambac Financial Group, Inc. Announces David L. Boyle, Vice Chairman, to Retire NEW YORK, Feb. 22 /PRNewswire-FirstCall/ -- Ambac Financial Group, Inc. (NYSE:ABK) today announced that David L. Boyle, Vice Chairman, has confirmed his intention to retire from Ambac once an orderly transition of his responsibilities has taken place. It is anticipated that his departure will occur by the end of June 2005. Robert J. Genader, President and Chief Executive Officer, commented, "On behalf of Ambac's Board of Directors and the entire Ambac team, I want to thank David for his many contributions to Ambac over the past eight years. David has been a valued member of Ambac's senior management team. We wish him well as he seeks new challenges." Mr. Boyle joined Ambac in March 1997 as Senior Vice President of the Financial Management Services Division. He was named Executive Vice President in July 1997. He was named Vice Chairman of the Municipal Financial Services Group in 1998 before taking over responsibility for Portfolio Risk Assessment and Internal Audit in February 2000. Mr. Boyle also served as Chairman of the Association of Financial Guaranty Insurers ("AFGI") from 2002 to 2003. 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 leading guarantor of public finance and structured finance obligations, has earned triple-A ratings, the highest ratings available from Moody's Investors Service, Inc., Standard & Poor's Ratings Services, Fitch, Inc. and Rating and Investment Information, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK). DATASOURCE: Ambac Financial Group, Inc. CONTACT: Investor/Media Contact, Peter R. Poillon of Ambac Financial Group, Inc., +1-212-208-3333, Web site: http://www.ambac.com/

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