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NEW YORK--([ BUSINESS WIRE ])--Ambac Financial Group, Inc. (OTC: ABKFQ) ("Ambac Financial") announcedtoday that, in order to give it additional time to negotiate a finalsettlement of its dispute with the Department of the Treasury a" Internal Revenue Service, the voting deadline relating to the Second Amended Planof Reorganization of Ambac Financial dated September 30, 2011 (the "Plan")has been extended to February 29, 2012 at 5:00 p.m. (prevailing PacificTime) and the Plan objection deadline has been extended to February 29,2012 at 4:00 p.m. (prevailing Eastern Time). The Bankruptcy Court hearingrelating to the confirmation of the Plan remainsscheduled for March 13, 2012.

About Ambac

Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provided financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac filed for a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. The Company will continue to operate in the ordinary course of business as adebtor-in-possessiona under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. Ambac Financial Group, Inc.as common stock trades in the over-the-counter market under the ticker symbol ABKFQ.

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