ABK Ambac Financial Grp. Common Stock

Ambac Financial Group, Inc. (NYSE:ABK) today announced that David Trick has been promoted to Treasurer. Mr. Trick joined Ambac in October 2005 from The Bank of New York, where he was a senior banker in the Global Insurance Division. Reporting to Sean Leonard, Chief Financial Officer, Mr. Trick replaces Robert Starr who has transferred to the Secondary Markets group and is responsible for secondary market financial guaranty execution and certain investment related initiatives. As Treasurer, Mr. Trick is primarily responsible for Ambac's capital markets activities, including conduits sponsored by Ambac, corporate finance, bank relations, liquidity management, and operations. At The Bank of New York, Mr. Trick led the financial guaranty and Bermuda insurance practices for which he had overall responsibility for client management, product management, and corporate finance. Prior to that, he was a senior credit analyst within the Global Insurance and Financial Institutions Risk Management Divisions. Mr. Trick received a BS in Finance and an MBA in International Finance from St. John's University and is a holder of the Chartered Financial Analyst Designation. 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).