AMBAC FINANCIAL GROUP INC FILES (8-K) Disclosure Regulation FD Disclosure

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Article 7.01. FD Regulation Disclosure.
At 23 November 2021, the court of first instance in the dispute entitled Ambac
Insurance company
and the separate account of Ambac insurance company
v. Countrywide Home Loans, Inc., Countrywide Securities Corp., In all the countries
Financial company
(nka Bank of America Home Loans) and Bank of America Corp.
(New York State Supreme Court, Region of new York (case n °
651612/2010)) together September 7, 2022 as the start date of the trial in the
Case.

Forward-looking statements
In this report, statements that may constitute “forward-looking statements”
within the meaning of the provisions of the Safe Harbor for Private Securities
Litigation Reform Act of 1995. Words such as “estimate”, “project”, “plan”,
“Believe”, “anticipate”, “intend”, “planned”, “potential” and the like
expressions or verbs in the future or conditional such as “will”, “should”, “would”,
“Could” and “can”, or the negative of these 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 only represent our beliefs about 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 relating to the
future, among other things that may change. We alert you to the
possibility that our actual results will differ, perhaps materially, from
objectives or expected results that can be suggested, expressed or
implied by these forward-looking statements. Important factors that could cause
our results differ, perhaps significantly, from those shown in the
forward-looking statements include, among others, those discussed under “Risk
Factors “in our most recent SECOND quarterly or annual report filed.
Any or all of the forward-looking statements made by management here or in others
posts may prove to be incorrect and are based on the current state of management
belief or opinions. The actual results of AFG and its subsidiaries (“Ambac”) may
vary widely, and there is no guarantee as to the performance of from Ambac
securities. Among the events, risks, uncertainties or factors that could cause
actual results differ significantly: (1) the highly speculative nature of
AFG ordinary shares and price volatility of AFG ordinary shares; (2)
from Ambac inability to achieve expected collections, including RMBS disputes
recoveries, included in its financial statements that would have a
adverse effect on Ambac insurance company (“AAC”) financial situation and
may lead to regulatory intervention; (3) non-recovery of debts paid on
Porto Rico exposures or the realization of losses in an amount greater than expected;
(4) increases in provisions for losses and charges; (5) insufficient reserves
established for losses and loss costs and the possibility that changes in loss
reserves may cause increased volatility in earnings or financial results; (6)
uncertainty as to the Company’s ability to generate value for the holders of its
securities, whether they come from AAFC and its subsidiaries or from transactions or
opportunities outside of AAC and its subsidiaries, including new business
initiatives related to the specialized damage insurance program
the company, the general management agency / the underwriting company, or
companies; (7) potential for rehabilitation proceedings against AAFC; (8)
the increase in budgetary pressures on issuers of public finance bonds or
increased incidence of Chapter 9 filings or other restructuring proceedings
by government finance issuers, including increased risk of loss on income bonds
of public finance issuers in difficulty due to unfavorable court decisions
holders of tax obligations; (9) our inability to mitigate or correct losses, to commute
or reduce insured exposures or achieve recoveries or investment objectives, or
the failure of any operation intended to accomplish one or more of these
objectives to produce the expected results; (10) insufficiency or unavailability
collateral to pay the covered bonds; (11) credit risk throughout from Ambac
business, including, but not limited to, credit risk associated with
mortgage-backed securities, student loans and other asset securitizations, government securities
funding obligations and exposures to reinsurers; (12) the impact of disasters
environmental or natural events, including catastrophic public health events
like the COVID-19 pandemic, on a significant portion of our policyholders and
investment portfolios; (13) credit risks associated with significant single risks,
concentrations and correlated risks; (14) the risk that from Ambac risk management
policies and practices do not anticipate certain risks and / or the magnitude of
potential for loss; (15) the risks associated with adverse selection such as from Ambac
the insured portfolio flows; (16) from Ambac a significant debt could
adversely affect its financial position and its operating flexibility; (17) Ambac
may not be able to obtain financing or raise capital on acceptable terms or at
all this because of its significant debt and financial situation; (18) Ambac may
not be able to generate the significant amount of cash needed to service its
debt and financial

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bonds and may not be able to refinance debt; (19) restrictive
restrictive clauses in agreements and instruments can harm from Ambac ability to pursue or
carry out its business strategies; (20) negative effects on operating results or
the financial situation of the Company resulting from the measures taken to reduce the risks
in his insured portfolio; (21) disagreements or disputes with from Ambac Assurance
regulators; (22) default by one or more of the from Ambac portfolio investments,
insured issuers or counterparties; (23) loss of control rights in transactions
for which we provide insurance due to a finding that Ambac failed; (24)
adverse tax consequences or other costs resulting from the characterization of
excess AAC notes or other equity obligations; (25) risks inherent in
the change in the composition of securities in the from Ambac investment portfolio;
(26) the negative impacts of variations in prevailing interest rates; (27) our results
operations may be affected by events or circumstances which
the impairment of our intangible assets and / or goodwill that was recorded in
connection with from Ambac acquisition of 80% of the shares of
Xchange; (28) the risks associated with the expected cessation of
interbank offered rate; (29) factors that may negatively influence the amount
staggered bonuses paid to Ambac; (30) market risks impacting the assets in
the from Ambac investment portfolio or the value of our assets deposited as collateral
with regard to interest rate swap transactions; (31) risks associated with
the determination of the amounts of depreciation taken on investments; (32) the risk of
litigation and regulatory investigations or inquiries, and the risk of
results in this regard, which could have a material adverse effect on
from Ambac business, operations, financial condition, profitability or cash flow;
(33) actions of stakeholders whose interests are not aligned with
interests of the from Ambac shareholders; (34) system security risks, data
protection breaches and cyber attacks; (35) changes in accounting principles or
practices likely to have an impact from Ambac declared financial results; (36) regulatory
monitoring Ambac Assurance UK Limited (“Ambac UK“) and applicable regulations
restrictions may negatively affect our ability to realize value from Ambac UK Where
the amount of value we ultimately realize; (37) operational risks, including
with regard to internal processes, risk and investment models, systems and
employees and failures of services or products provided by third parties; (38)
from Ambac financial situation which may result in the departure of key employees and may
have an impact on its ability to attract qualified managers and employees; (39)
fluctuations in exchange rates could have a negative impact on the
portfolio insured in the event of provisions for claims or payment of claims denominated in
a currency other than the US dollar and the value of denominated non-US dollars
securities in our investment portfolio; (40) disintermediation within the
the insurance industry or increased competition that has a negative impact on our management
general agency activity / subscription; (41) changes in law or in operation
of the healthcare market which alter the economic model of our accident and
general underwriter of health management; (42) greater competition for our specialty
property and casualty program insurance activities; and (43) other risks and
uncertainties that have not yet been identified.

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