X0201 42003-12-03 0000874501 AMBAC FINANCIAL GROUP INC ABK 0001194129 CONSIDINE JILL M AMBAC FINANCIAL GROUP, INC. ONE STATE STREET PLAZA NEW YORK NY 10004 1000Common Stock2003-12-034A0569.44A3082DPhantom Stock Units2003-12-034A0469.44ACommon Stock42347DPhantom Stock Units2003-12-034A016269.44ACommon Stock1622509DRepresents dividends on Restricted Stock Units ("RSUs") granted to the Reporting Person under the Issuer's 1997 Non-Employee Directors Equity Plan, as amended, which dividends are paid in the form of additional RSUs.Represents dividends on Phantom Stock Units acquired under the Issuer's Deferred Compensation Plan and are to be settled 100% in cash upon the Reporting Person's retirement or resignation from the Issuer's Board of Directors or on an earlier dated previously selected by the Reporting Person.Represents dividends on Phantom Stock Units acquired under the Issuer's Deferred Compensation Plan and are to be settled 100% in cash upon the Reporting Person's retirement or resignation from the Issuer's Board of Directors or on an earlier dated previously selected by the Reporting Person.These Phantom Stock Units ("PSU") were acquired under the Issuer's Deferred Compensation Plan and represent 25% of the Reporting Person's Annual Fees for serving as a director of a committee and 100% of her Meeting fees earned during the third quarter of 2003. These PSUs are to be settled 100% in cash upon the Reporting Person's retirement or resignation from the Issuer's Board of Directors or on an earlier date previously selected by the Reporting Person.These Phantom Stock Units ("PSU) were acquired under the Issuer's Deferred Compensation Plan and represent 25% of the Reporting Person's Annual Fees for serving as a director of a committee and 100% of her Meeting fees earned during the third quarter of 2003. These PSUs are to be settled 100% in cash upon the Reporting Person's retirement or resignation from the Issuer's Board of Directors or on an earlier date previously selected by the Reporting Person.Each Phantom Stock Unit converts to common stock on a one to one basis.Each Phantom Stock Unit converts to common stock on a one to one basis.Anne G. Gill, Attorney-in-fact for Jill M. Considine2003-12-04