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Ambac Announces Disapproval of Interest Payments of Surplus Notes

Ambac Financial Group, Inc. AMBC, +1.05% ("Ambac"), a holding company whose subsidiaries, including Ambac Assurance Corporation ("AAC"), provide financial guarantees and other financial services, announced today that, consistent with all previous years since issuance, the Wisconsin Commissioner of Insurance (the "Commissioner") has disapproved this year's annual requests of AAC and the Segregated Account of AAC (the "Segregated Account") to pay accrued unpaid interest on senior surplus notes ("Surplus Notes") issued by AAC and the Segregated Account, respectively, on their next scheduled interest payment date of June 7, 2016.

Important Information

Ambac Financial Group, Inc., ("Ambac") filed a definitive proxy statement with the Securities and Exchange Commission ("SEC") on April 20, 2016 in connection with its 2016 Annual Meeting. STOCKHOLDERS ARE URGED TO READ THIS PROXY STATEMENT, THE ACCOMPANYING WHITE PROXY CARD AND OTHER RELEVANT DOCUMENTS FILED BY AMBAC WITH THE SEC IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain free copies of these documents through the website maintained by the SEC at http://www.sec.gov and through the website maintained by Ambac at http://ir.ambac.com.

Certain Information Regarding Participants

Ambac, its directors and certain of its officers and other employees may be...


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