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Liberty All-Star® Growth Fund, Inc.

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Announces Record Date for Rights Offering

The Liberty All-Star® Growth Fund, Inc. (NYSE:ASG) today
announced that it has set the record date for its previously announced
rights offering.

The Fund is issuing non-transferable rights ("Rights") to its
shareholders of record ("Record Date Shareholders") at the close of
business on September 17, 2018 (ex-date of September 14, 2018). Record
Date Shareholders will receive one Right for each share held and will be
allowed to purchase one additional share of the Fund for each three
Rights received (the "Primary Subscription"). Shareholders who fully
exercise their Rights may subscribe for additional shares not subscribed
for by other shareholders 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 offering is subject to the effectiveness of the Fund's Registration
Statement currently on file with the Securities and Exchange Commission
("SEC") and will be made only by means of a prospectus. The rights
offering is expected to commence on or about September 21, 2018 and to
expire on or about October 23, 2018. 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.

A final 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.

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 $173 million in net assets as of
September 6, 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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