Ambac Financial Group, Inc. (NYSE:AMBC) ("Ambac"), an insurance holding company focused on insurance distribution and specialty property and casualty insurance, today provided an update on the timing of the sale of its legacy financial guarantee business and the extension of the maturity date of its outstanding credit facility.

The regulatory review process for the sale of Ambac Assurance Corporation and Ambac Assurance UK Limited to funds managed by Oaktree Capital Management, L.P. is nearing completion and a hearing is expected to be held in the third quarter. Claude LeBlanc, President and Chief Executive Officer of Ambac stated, "Although the transaction has exceeded the anticipated timelines, we remain actively engaged with Oaktree in efforts to close the transaction as soon as possible."

To maintain financial flexibility during this transitional period, Ambac entered into an amendment to its $150 million credit facility with UBS, extending its maturity date to December 31, 2025. Further details of the amendment to the credit facility will be contained in a Current Report on Form 8-K to be filed with the SEC today.

About Ambac

Ambac Financial Group, Inc. ("Ambac") is an insurance holding company headquartered in New York City. Ambac's core business is a growing specialty P&C distribution and underwriting platform. Ambac also has a legacy financial guaranty business in run off. Ambac's common stock trades on the New York Stock Exchange under the symbol "AMBC". Ambac is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information. For more information, please go to www.ambac.com.

Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking statements" within the meaning of federal securities laws. These statements are based on current expectations and projections and are subject to risks and uncertainties that could cause actual results to differ materially. Refer to Ambac's filings with the SEC for more information on risk factors.

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Investor:

Charles Sebaski

Managing Director, Investor Relations

(212) 208-3222

csebaski@ambac.com

Ambac Financial Group Provides Update on the Timing of the Sale of Its Legacy Financial Guarantee Business