EXHIBIT 31.2
Ambac Financial Group, Inc.
Certifications
I, Thomas J. Gandolfo, certify that:
| 1. | I have reviewed this amendment no. 1 to the annual report on Form 10-K/A of Ambac Financial Group, Inc; and |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report. |
| By: | /S/ THOMAS J. GANDOLFO | |
| Thomas J. Gandolfo | ||
| Senior Vice President and Chief Financial Officer | ||
Date: November 18, 2003
