Ambac Selects OpenPages SOX Express for Sarbanes-Oxley Compliance

April 6, 2004

Waltham, Mass. - April 6, 2004 - OpenPages, a leading provider of enterprise compliance management solutions, today announced that Ambac Financial Group, Inc. (NYSE: ABK) has selected OpenPages Sarbanes-Oxley Express (SOX Express) for its Section 302 and 404 compliance initiatives.

Headquartered in New York City, Ambac Financial Group, Inc. is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac's principal operating subsidiary, Ambac Assurance Corporation, a leading guarantor of public finance and structured finance obligations, has earned triple-A ratings, the highest ratings available from Moody's Investors Service, Inc., Standard & Poor's Ratings Services, Fitch, Inc. and Rating and Investment Information, Inc.

Ambac will deploy SOX Express to streamline its internal controls documentation process across all of its divisions. It will enable the exchange of information within organizations regarding ongoing business controls deployment and monitoring, resulting in significant reduction of compliance costs. By combining a strong document repository with powerful compliance automation capabilities, SOX Express will facilitate both project management and compliance, using web-based tools to get users up to speed quickly.

OpenPages' SOX Express is an enterprise compliance management solution that reduces the time and resource costs associated with ongoing compliance for Sections 302 and 404. SOX Express is a focused enterprise application that combines powerful document and business process management with flexible reporting capabilities in an extremely easy-to-use environment that enables CEOs, CFOs and financial management officers to enforce internal controls. SOX Express helps corporations automate significant aspects of their internal controls framework to significantly reduce the overall cost of compliance. Its dashboards can be used by project managers, documentation team members, internal auditors and external auditors to plan, document and test the internal controls of the company, and eventually to attest to the financial statements.

For more information on OpenPages' line of enterprise compliance management solutions or to register for a weekly webinar, please call 781-647-3800 or visit www.openpages.com.

About OpenPages

OpenPages® is the leading provider of enterprise risk management solutions that optimize business performance. OpenPages empowers the world’s largest companies by unifying governance, risk and compliance across the enterprise and by incorporating risk management into day-to-day business processes. Founded in 1996, the company is headquartered in Waltham, Massachusetts, with international offices in Japan and the United Kingdom, and regional offices throughout North America.

For questions or for more information on OpenPages' enterprise risk management solutions, please click here or call us at 781.693.5999.