Ambac to Reopen New York City Headquarters

  Ambac to Reopen New York City Headquarters

Business Wire

KINGSTON, N.Y. -- November 20, 2012

Ambac Financial Group, Inc. and Ambac Assurance Corporation, (the
“Companies”), will reopen their headquarters at One State Street Plaza, New
York, New York on Monday, November 26, 2012.

As a result of storm damage, the Companies’ telephone system will not be fully
operational. A temporary system is available for inbound calls, and inquiries
may be directed via telephone to (845) 810-3000 or through regular e-mail
channels.

The Companies will be closed from Wednesday, November 21, 2012 through Friday,
November 23, 2012, to facilitate the migration of their systems and operations
back to the New York City headquarters from the disaster recovery site in
Kingston, NY, during this period.

About Ambac

On November 8, 2010, Ambac Financial Group, Inc. (“Ambac”) filed for a
voluntary petition for relief under Chapter 11 of the United States Bankruptcy
Code (“Bankruptcy Code”) in the United States Bankruptcy Court for the
Southern District of New York (“Bankruptcy Court”). The Bankruptcy Court
entered an order confirming Ambac’s plan of reorganization on March 14, 2012
however, Ambac is not currently able to estimate when it will be able to
consummate such reorganization. Until the plan of reorganization is
consummated and Ambac emerges from bankruptcy, it will continue to operate in
the ordinary course of business as “debtor-in-possession” in accordance with
the applicable provisions of the Bankruptcy Code and the orders of the
Bankruptcy Court. Currently, Ambac’s common stock trades in the
over-the-counter market under ticker symbol ABKFQ. Upon consummation of the
plan of reorganization, Ambac’s existing common stock will be cancelled and
extinguished and the holders thereof will not be entitled to receive, and will
not retain, any property or interest on account of such common stock.

Ambac’s principal operating subsidiary, Ambac Assurance Corporation, is a
guarantor of public finance and structured finance obligations.

Contact:

Ambac Financial Group, Inc.
Michael Fitzgerald
mfitzgerald@ambac.com