ABK Ambac Financial Grp. Common Stock

Henry D. G. Wallace Elected to Ambac Board of Directors NEW YORK, May 5 /PRNewswire-FirstCall/ -- Ambac Financial Group, Inc. (Ambac) announced today that shareholders have elected Henry D. G. Wallace, former Group Vice President and Chief Financial Officer of Ford Motor Company, to its Board of Directors. The addition of Mr. Wallace to the Ambac Board increases its membership to nine. Of the nine, other than the Chief Executive Officer, all are non-employee directors. Commenting on the appointment, Ambac President and CEO, Robert J. Genader, stated: "We welcome the addition of Mr. Wallace to our Board. Henry's strategic planning and financial skills, as well as his broad experience in international business and operations, will be very valuable to Ambac as we continue to expand our global reach." Mr. Wallace was Group Vice President and CFO of Ford Motor Company, USA, from January 1999 until he retired in December 2001. In 1998, Mr. Wallace served as Vice President of Strategic Planning and CFO of Ford's European operations. From 1996 to 1997, he served as President and CEO of Mazda Motor Corporation in Hiroshima, Japan. Prior to that, Mr. Wallace served in various senior financial and operational positions within in the Ford organization in Europe, Asia and South America. Mr. Wallace currently sits on the boards of Diebold Inc. (member of the Audit Committee and Investment Committee) and Hayes Lemmerz International, Inc. (Chairman of Corporate Governance Committee and member of the Compensation Committee). 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, +1-212-208-3333, Web site: http://www.ambac.com/

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