ABK Ambac Financial Grp. Common Stock

Ambac Financial Group, Inc. Announces Corporate Reorganization NEW YORK, April 11 /PRNewswire-FirstCall/ -- Ambac Financial Group, Inc. (NYSE:ABK) today announced that John Uhlein, Executive Vice President, will assume responsibility for commercial asset-backed securities and Emerging Markets, in addition to his current responsibilities which include consumer asset-backed securities, structured insurance and conduits. Douglas Renfield- Miller, Senior Managing Director, will assume responsibility for Ambac's European operations in addition to his current responsibility for the Australia/Asia-Pacific business. Robert J. Genader, President and Chief Executive Officer, commented, "John has built a strong franchise in Europe -- one that is well known for market innovation and efficient execution. I am extremely pleased with the success of the team to date. I've asked John to come back full time to New York to help continue the expansion of our domestic structured finance businesses." Mr. Genader continued, "Doug has done a wonderful job of developing our Australia, Asia and Japan franchises as well as niche structured finance markets domestically and I am optimistic that his formidable experience and knowledge of the global structured markets will enhance our success internationally. These moves, I believe, will broaden the depth of the senior management team and continue to strengthen the Ambac franchise." In a separate release today, Ambac announced that it had hired Sean T. Leonard, Partner at PricewaterhouseCoopers LLP, as Senior Vice President and Chief Financial Officer. Thomas J. Gandolfo, current Senior Vice President and Chief Financial Officer, will take over responsibility for Ambac's investment and other capital market activities. 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: Investors and Media - Peter R. Poillon of Ambac Financial Group, Inc., +1-212-208-3333, Web site: http://www.ambac.com/

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