Ambac Announces Annual Meeting

Ambac Announces Annual Meeting

NEW YORK, Oct. 18, 2013 (GLOBE NEWSWIRE) -- Ambac Financial Group, Inc.
(Nasdaq:AMBC) today announced that its Board of Directors set the 2013 Annual
Meeting of Stockholders for Wednesday, December 18, 2013, at 12 p.m. (EST).
The meeting will be held via the internet at The record date for determining
stockholders entitled to notice of, and to vote at, the annual meeting will be
the close of business, October 24, 2013.

About Ambac

Ambac Financial Group, Inc., headquartered in New York City, is a holding
company whose subsidiaries, including its principal operating subsidiary,
Ambac Assurance Corporation ("Ambac Assurance"), Everspan Financial Guarantee
Corporation, and Ambac Assurance UK Limited, provided financial guarantees and
other financial services to clients in both the public and private sectors
globally. Ambac Assurance, including the Segregated Account of Ambac Assurance
(in rehabilitation), is a guarantor of public finance and structured finance
obligations. Ambac Financial Group, Inc. is also exploring opportunities
involving the development or acquisition of new financial services businesses.
Ambac Financial Group Inc.'s common stock trades on the NASDAQ Global Select

CONTACT: Michael Fitzgerald
         (212) 208-3222

Ambac Financial Group, Inc.
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