Conference Call Scheduled for March 1, 2017
Changes to be Made to Non-GAAP Measures
NEW YORK, Feb. 15, 2017 (GLOBE NEWSWIRE) -- Ambac Financial Group, Inc. (Nasdaq:AMBC) ("Ambac" or the “Company”), a holding
company whose subsidiaries, including Ambac Assurance Corporation (“AAC”), provide financial guarantees and other financial
services, today announced that it will release fourth quarter 2016 earnings on February 28, 2017, following the close of the
market. Included in the fourth quarter earnings release and 2016 Annual Report on Form 10-K will be changes to Ambac’s
non-GAAP measures as highlighted below.
Conference Call
On March 1, 2017 at 8:30am (ET), Claude LeBlanc, President and Chief Executive Officer, and David Trick, Chief
Financial Officer and Treasurer, will discuss fourth quarter 2016 results during a live conference call which will be accessible
via telephone and webcast. The dial-in number for Ambac's conference call is 352-204-8977, and the ID# is 71080269.
Webcast participants may access the call through the Investor Relations section of Ambac's website, ir.ambac.com/4Q16.
A replay of the call will be available through March 8, 2017, and can be accessed by dialing 404-537-3406; and referencing ID #
71080269. The webcast will be archived on Ambac's website.
Non-GAAP Measures
Ambac will implement the following changes to its non-GAAP measures:
- Operating Earnings – Ambac will change the name of its non-GAAP measure “Operating Earnings” to “Adjusted Earnings”
- Financial guarantee variable interest entities (“VIEs”) – Ambac will no longer eliminate the effects of VIEs in the
calculation of its non-GAAP measures (Adjusted Earnings and Adjusted Book Value). However, Ambac will separately disclose
the effects of VIEs on its GAAP financial statements that were previously included as adjustments to its non-GAAP measures
These changes are being implemented in response to a recent comment letter received from the Division of Corporation Finance of
the Securities and Exchange Commission. For comparative purposes, accompanying prior period non-GAAP measures will be recast
in the fourth quarter earnings release and 2016 Annual Report on Form 10-K.
About Ambac
Ambac Financial Group, Inc. ("Ambac"), headquartered in New York City, is a holding company whose subsidiaries, including its
principal operating subsidiaries, Ambac Assurance Corporation ("AAC"), Everspan Financial Guarantee Corp., and Ambac Assurance UK
Limited ("Ambac UK"), provide financial guarantees and other financial services to clients in both the public and private sectors
globally. AAC, including the Segregated Account of AAC (in rehabilitation), is a guarantor of public finance and structured finance
obligations. Ambac’s primary goal is to maximize stockholder value by executing the following key strategies: active runoff
of AAC and its subsidiaries through accretive transaction terminations, policy commutations, settlements and restructurings, and
maximizing the risk-adjusted return on invested assets; loss recovery through litigation and exercise of contractual and legal
rights; improved cost effectiveness and efficiency of the operating platform; rationalization of AAC's capital and liability
structures, enabling simplification of corporate governance and facilitating the successful rehabilitation of the Segregated
Account; and selective business transactions offering attractive risk adjusted returns that, among other things, may permit
utilization of Ambac’s tax net operating loss carry-forwards. Ambac‘s common stock trades on the NASDAQ Global Select Market
under the symbol “AMBC”. 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. 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, and the posting of updates to the status of certain primary residential
mortgage backed securities litigations. For more information, please go to www.ambac.com.
Contact David J. Weissman Managing Director, Investor Relations and Corporate Communications (212) 208-3222; ir@ambac.com
