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Ambac Financial responds to Canyon Capital's compensation analysis

Ambac FinancialGroup Inc. responded to Canyon Capital Advisors LLC's recently releasedcompensation analysison the compensation of Ambac Financial's president and CEO, Nader Tavakoli.

Ambac Financial said in a proxy statement filed May 5 thatCanyon Capital "misused" the one-time, time-based restricted stockunit award granted to Tavakoli in 2016 to inflate the CEO's 2016 compensation.

Among other things, Ambac Financial noted that Tavakoli'scompensation is performance-based and that Canyon Capital's attempt to portrayit as not is based on "irrelevant technical points" and compensationelements particular to Tavakoli's role as interim CEO and transition topermanent CEO.

Ambac Financial believes the company's compensationpractices are "appropriate" and that Canyon Capital's move is another"misrepresentation" in its proxy fight against the company.