Ambac Financial Group, Inc. Provides Update on the Sale of Its Legacy Financial Guarantee Business

Ambac Financial Group, Inc. ("Ambac") (NYSE:AMBC) reports that it has met all of its necessary pre-closing conditions under the purchase agreement for the sale of Ambac Assurance Corporation ("AAC") and Ambac UK ("AUK") to funds managed by Oaktree Capital Management, L.P. ("Oaktree"). Oaktree continues to pursue the final outstanding regulatory approval, which is expected to be received in the second quarter. As a result, consistent with the terms of the purchase agreement, the term of the purchase agreement has been automatically extended from April 4, 2025, to July 3, 2025.

"The regulatory review process between Oaktree and the regulator continues to progress," Ambac President and Chief Executive Officer Claude LeBlanc said. "Ambac is prepared to close the sale as soon as possible upon receipt of the final outstanding regulatory approval."

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'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.

The Amended and Restated Certificate of Incorporation of Ambac contains substantial restrictions on the ability to transfer Ambac's common stock. Subject to limited exceptions, any attempted transfer of common stock shall be prohibited and void to the extent that, as a result of such transfer (or any series of transfers of which such transfer is a part), any person or group of persons shall become a holder of 5% or more of Ambac's common stock or a holder of 5% or more of Ambac's common stock increases its ownership interest.

Forward-Looking Statements

In this press release, statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "estimate," "project," "plan," "believe," "anticipate," "intend," "planned," "potential" and similar expressions, or future or conditional verbs such as "will," "should," "would," "could," and "may," or the negative of those expressions or verbs, identify forward-looking statements. We caution readers that these statements are not guarantees of future performance. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain and some of which may be outside our control. These statements may relate to plans and objectives with respect to the future, among other things which may change. We are alerting you to the possibility that our actual results may differ, possibly materially, from the expected objectives or anticipated results that may be suggested, expressed or implied by these forward-looking statements. Important factors that could cause our results to differ, possibly materially, from those indicated in the forward-looking statements include, among others, those discussed under "Risk Factors" in our most recent SEC filed quarterly or annual report.

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Investors:

Charles J. Sebaski

Managing Director, Investor Relations

(212) 208-3177

[email protected]

Media:

Ambac

Kate Smith

Director, Corporate Communications

(212) 208-3452

[email protected]