Frank J. Bivona

FRANK J. BIVONA is Executive Vice President and Chief Financial Officer
of Ambac Financial Group, Inc. and Ambac Assurance Corporation, its
principal operating subsidiary. He joined Ambac in 1986 as Treasurer
before assuming his present responsibilities in October 1987. Prior to
joining Ambac, Mr. Bivona spent nine years at Citibank. He joined the
bank in 1977 and held various positions in the Corporate accounting and
reporting areas. In 1980 he became Financial Controller for the Northern
European Division of Citibank’s Institutional Bank based in London and
then returned to New York to become Financial Controller of Citibank’s
Global Insurance Division. Mr. Bivona holds a BBA in Accounting and
Finance from Adelphi University.