Liberty All-Star® Growth Fund, Inc. Recommences Rights Offering

BOSTON–(BUSINESS WIRE)–Liberty All-Star® Growth Fund, Inc. (NYSE: ASG) (the “Fund”)
has announced that it had recommenced its previously announced offering
to shareholders of record as of September 17, 2018 of non-transferable
rights entitling them to subscribe for one additional share for every
three shares held (the “Primary Subscription”), with the right to
subscribe for additional shares not subscribed for by others in the
Primary Subscription. A supplement to its prospectus has been filed with
the U.S. Securities and Exchange Commission (“SEC”) reflecting the event
described below and recommencement of the rights offering. In addition,
the Fund has extended the rights offering until October 31, 2018.

The Fund had, as required by the SEC’s registration form, undertaken to
suspend the offering until it updated information in the prospectus
relating to the offering if, subsequent to September 17, 2018, the
effective date of the Fund’s registration statement relating to the
offering, the Fund’s net asset value (“NAV”) declined more than ten
percent from its NAV as of September 17, 2018. The NAV of the Fund as of
October 11, 2018 was $5.65, representing a decline of 10.2% from its net
asset value of $6.29 as of September 17, 2018.

Shareholders are permitted to cancel any exercise of subscription rights
they made prior to suspension of the offering on October 11, 2018.
Cancellation must be made by written communication to the subscription
agent for the rights offering at the address listed in the prospectus
referencing the prior subscription request. Cancellation requests by
shareholders who exercised their subscription rights through securities
brokers must be made to those brokers. All cancellation requests must be
received by the Fund prior to the close of business on the revised
Expiration Date of the offering, which is October 31, 2018. If a
shareholder does not cancel a prior subscription request, the
subscription will remain valid and be processed as submitted.

As a result of the extension of the rights offering, the following terms
and conditions of the offering also were revised: the Subscription
Period (September 21, 2018 to October 31, 2018), the Expiration Date
(October 31, 2018), and the Pricing Date (November 1, 2018), subject to
the ability of the Fund to further extend the Subscription Period and
the related dates as disclosed in the prospectus.

All other terms and conditions have not been changed. In particular, the
Estimated Subscription Price applicable to the offering remains at $6.25
and will be collected in full from shareholders or their brokers who
submitted subscriptions to the offering. References to the Subscription
Price, Estimated Purchase Price and net asset value per share in the
October 15, 2018 Supplement to the prospectus only reflect the market
impact as of October 11, 2018 on the Fund’s net asset value per share.
In addition, the Record Date (September 17, 2018), the aggregate number
of shares offered (9,205,421) and the rate (one additional share for
each three rights held) also remain unchanged.

This press release shall not constitute an offer to sell or constitute a
solicitation of an offer to buy. Investors should read the prospectus
and consider the investment objective, risks, charges and expenses of
the Fund carefully before investing.

The Fund does not continuously issue shares and 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. The Fund’s shares are listed on the New
York Stock Exchange under the ticker symbol ASG. ALPS Advisors, Inc. is
the investment advisor of the Fund, a multi-managed, closed-end
investment company with more than $163 million in net assets as of
October 16, 2018.

Past performance cannot predict future results.
An
investment in the Fund involves risk, including loss of principal.

Secondary
market support provided to the Fund by ALPS Fund Services, Inc.’s
affiliate ALPS Portfolio Solutions Distributor, Inc., a FINRA Member.
ALPS Fund Services, Inc., ALPS Advisors, Inc. and ALPS Portfolio
Solutions Distributor, Inc. are affiliated entities.

Contacts

Liberty All-Star Growth Fund, Inc. (ASG)
Bill Parmentier,
1-800-241-1850
www.all-starfunds.com

leverton

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