AmBase Reports Department of Justice Files Notice of Appeal

AmBase Corporation ("AmBase" or the "Company") (OTC Bulletin Board: ABCP); on December 29, 2011, the Department of Justice ("DOJ"), on behalf of the United States of America, filed a Notice of Appeal to the United States Court of Appeals for the Federal Circuit from the judgment in No. 93-531C, entered on August 31, 2011, including (but not limited to): (1) the published opinion and order in No. 93-531, entered on August 31, 2011; (2) the order denying the motion for reconsideration in No. 93-531, entered on October 31, 2011 with regard to the Company's Supervisory Goodwill case. The Company, with its outside advisors, will take appropriate steps on behalf of AmBase's interests. The Company can give no assurances regarding the ultimate outcome of the Supervisory Goodwill legal proceedings, the total amount of any award or when it might be received.