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Ambac Assurance UK Limited working with Issuers to Increase Disclosure on certain Private Finance Initiative Bonds with no Publicly Disclosed Underlying Rating NEW YORK, June 25, 2008 -- Ambac Assurance UK Limited is currently working with issuers to increase disclosure on certain Ambac insured Private Finance Initiative bonds (“PFI Bonds”) listed below which do not have publicly disclosed underlying ratings and for which publicly available information is limited. These PFI Bonds were issued between 1998 – 2003 when it was not common market practice to obtain publicly disclosed underlying ratings of PFI bonds insured by financial guarantors. Based on investor feedback and Ambac’s desire to increase market transparency, we have requested the issuers to disclose certain updated information describing both the project and its current performance. We have provided this information to the relevant Bond Trustee and will aim thereafter to update on an annual basis. We have asked the Bond Trustees to make the information available to holders of these Bonds through the Euroclear and Clearstream clearing systems. Ian Dixon, Managing Director of Ambac Assurance UK Limited, commented “This initiative represents another important step in Ambac’s ongoing effort to enhance transparency during difficult market conditions. We believe this initiative will significantly benefit holders of these PFI Bonds and will enhance the market’s understanding of the underlying risks we have insured.” PFI Bonds
Forward-Looking Statements This release contains statements about our future results that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 Financial Group Inc.’s (ultimate parent company to AUK) (“Ambac”) filings with the Securities and Exchange Commission. There are a variety of factors, many of which are beyond Ambac’s control, which affect the operations, performance, business strategy and results and could cause its actual results to differ materially from the expectations and objectives expressed in any forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date they are made. Ambac does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made. The reader should, however, consult any further disclosures Ambac may make in its future filings of its reports on Form 10-K, Form 10-Q and Form 8-K. ******************* 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 guarantor of public finance and structured finance obligations, has earned a Aa3 rating from Moody's Investors Service, Inc. and a double-A rating from Standard & Poor's Ratings Services; Standard & Poor's maintains a credit watch negative while Moody’s rating is on negative outlook. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).
Contact Information: European Fixed Income Investor Relations Contact: Miguel Sánchez
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