Liberty All-Star(R) Growth Fund, Inc. Declares Distribution

BOSTON, MA--(Marketwire - August 17, 2009) - The Board of Directors of Liberty All-Star
Growth Fund, Inc. (NYSE: ASG) has declared a distribution of $0.05 per
share payable on September 14, 2009 to shareholders of record on August 28,
2009
(ex-dividend date of August 26, 2009). The distribution is in accordance
with the Fund's current distribution policy of paying distributions on its
shares totaling approximately 6 percent of its net asset value per year,
payable in four quarterly installments of 1.5 percent. A portion of the
distribution may be treated as paid from sources other than net income,
including but not limited to short-term capital gain, long-term capital
gain and return of capital. The final determination of the source of all
distributions in 2009 for tax reporting purposes, including the percentage
of qualified dividend income, will be made after year-end.

The distribution will be paid in cash. Shareholders participating in
Liberty All-Star Growth Fund's Dividend Reinvestment Plan and Cash Purchase
Plan will receive shares purchased for them on the open market by the Plan
Agent (if the shares are trading at a discount from their net asset value)
or issued to them by the Fund (if the shares are trading at or above their
net asset value).

ALPS Advisors, Inc. is the fund manager of the All-Star Growth Fund, a
multi-managed, closed-end investment company with more than $109 million in
net assets. The Fund's shares are listed on the New York Stock Exchange
under the symbol ASG.

The Liberty All-Star Growth Fund is a closed-end fund and does not
continuously offer shares. The Fund trades in the secondary market,
investors wishing to buy or sell shares need to place orders through an
intermediary or broker. The share price of a closed-end fund is based on
the market's value. Forward-looking statements are based on information
that is available on the date hereof, and neither the fund manager nor any
other person affiliated with the fund manager has any duty to update any
forward-looking statements. Important factors that could affect actual
results to differ from these statements include, among other factors,
material, negative changes to the asset class and the actual composition of
the portfolio.