Market Overview

Liberty All-Star® Growth Fund, Inc.

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Announces Rights Offering

The Board of Directors (the "Board") of Liberty All-Star® Growth
Fund, Inc. (NYSE:ASG) (the "Fund") has authorized and set the terms of
an offering to the Fund's shareholders of rights to purchase additional
shares of the Fund.

Shareholders on a record date to be established by the Fund's Board
would be issued 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. If such
over-subscription requests exceed the number of shares available, the
Fund may, in its sole discretion, elect to issue additional shares in an
amount of up to 25% of the shares issued in the Primary Subscription.

The subscription price per share will be 95 percent of the reported net
asset value or market price per share, whichever is lower on the
expiration date. Market price per share will be determined based on the
average of last reported sales prices of a share on the New York Stock
Exchange on the expiration date and the four trading days preceding the
expiration date. The offering is subject to the effectiveness of the
Fund's Registration Statement to be filed with the Securities and
Exchange Commission ("SEC") and will be made only by means of a
prospectus.

A Registration Statement relating to the securities has not been filed
with the SEC as of the date of this release. These securities may not be
sold nor may offers to purchase be accepted prior to the time the
Registration Statement becomes effective with the SEC.

This press release shall not constitute an offer to sell or constitute a
solicitation of an offer to buy. Investors should read the prospectus,
when available, and consider the investment objective, risks, charges
and expenses of the Fund carefully before investing. To obtain an annual
report or semi-annual report which contains this and other information,
visit www.all-starfunds.com
or call 1-800-241-1850. Read them 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 $169 million in net assets as of July
18, 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.

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