Ambac Appoints Paul Burke as Head of Fixed Income Investor Relations

Business Wire, Nov 6, 2007

NEW YORK -- Ambac Financial Group, Inc. (NYSE: ABK) ("Ambac") said today that Paul A. Burke, Managing Director at Ambac, has been named to a newly created position, Head of Fixed Income Investor Relations, for the financial guarantee company. Mr. Burke joined Ambac in 2005 and has been responsible for business development and client relationship management in the structured finance area. In his new position, Mr. Burke will interface with fixed income investors who analyze and invest in securities backed by Ambac's triple-A-rated guarantee.

"Paul has been an effective relationship manager in the structured finance arena," said Ambac Chairman and CEO Robert Genader. "His in depth knowledge of our business, and structured finance in particular, will help us communicate with our important fixed-income audience."

Prior to joining Ambac, Mr. Burke was a Managing Director in the securitization business of JPMorgan Chase. He worked in Asia and Europe, instituting and leading Chase's Asian Securitization team. Prior to JPMorgan Chase, Mr. Burke held several positions in the global asset backed securities sector, including Head of Emerging Markets Securitization at Standard Chartered Bank and, previously, leading the Latin American ABS team at Kidder-Peabody. In more than twenty years in the field of securitization, Mr. Burke has worked on a wide variety of successful domestic U.S. and international securitizations of assets, including trade receivables, auto loans, credit cards, bank loans, corporate bonds, export contract receivables, aircraft leases, airline ticket receivables and life reinsurance assets. Prior to joining the finance industry, Mr. Burke was an associate with the law firm of Debevoise & Plimpton. He is a graduate of Harvard Law School and Amherst College.

"I am very excited to be taking on this new challenge," Mr. Burke said. "Ambac is a vibrant company that plays an important role in the global credit markets. We remain financially strong and have a good story to tell, particularly during this time of market uncertainty. I welcome the opportunity to enhance Ambac's communications and interactions with fixed income investors around the world."

Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Ambac's filings with the Securities and Exchange Commission.

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 and Fitch, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).