Liberty All-Star® Growth Fund, Inc.

Temporarily Suspends and Recommences Rights Offering

BOSTON–(BUSINESS WIRE)–Liberty All-Star® Growth Fund, Inc. (NYSE: ASG) (the “Fund”)
has announced that, as of the close of the market on October 11, 2018,
it had temporarily suspended its previously announced offering to
shareholders of record as of September 17, 2018 of non-transferable
rights entitling them to subscribe for one additional shares 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. The Fund expects to file a supplement to its
prospectus with the U.S. Securities and Exchange Commission (“SEC”) no
later than October 15, 2018 reflecting the event described below and
will reinstate the rights offering immediately upon filing of the
prospectus supplement. In addition, the Fund will extend 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 amended its 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.

As indicated above, the Fund expects to file a supplement updating
information in the prospectus with the SEC no later than October 15,
2018 and will recommence the rights offering immediately upon filing the
prospectus supplement. The Fund will notify shareholders of this decline
by means of the prospectus supplement and thereby permit them 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 are being 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 are not being changed, including 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).

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 $158 million in net assets as
of October 12, 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.
Bill
Parmentier, 1-800-241-1850
www.all-starfunds.com

leverton

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