Exhibit 2 AMENDMENT NO. 1 TO THE RIGHTS AGREEMENT Amendment No. 1 to the Rights Agreement, dated as of May 16, 2003 (the "Amendment"), by and between Ambac Financial Group, Inc. (formerly known as Ambac Inc.), a Delaware corporation (the "Company"),...The Rights Agreement • May 21st, 2003 • Ambac Financial Group Inc • Surety insurance
