X0303 4/A 2010-01-28 2010-02-01 0000874501 AMBAC FINANCIAL GROUP INC ABK 0001332610 Wallis David W AMBAC FINANCIAL GROUP, INC. ONE STATE STREET PLAZA NEW YORK NY 10004 1 1 0 0 President and CEO Common Stock 2010-01-28 4 F 0 3233 .69 D 429706 D Shares were withheld pursuant to the exercise of a tax withholding right under the Issuer's 1997 Equity Plan, as amended. Due to an administrative error, the number of shares withheld on January 28, 2010 were incorrectly reported. The correct number of shares withheld on January 28, 2010 were 3,233 instead of 2,988. Patricia LoCascio Attorney-in-fact for David W. Wallis 2010-02-02