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

BOSTON, MA, Jan 22 (MARKET WIRE) --
The Board of Directors of Liberty All-Star Growth Fund, Inc. (NYSE: ASG) has
declared a distribution of $0.13 per share payable on March 17, 2008 to
shareholders of record on February 1, 2008 (ex-dividend date of January 30,
2008). The distribution is in accordance with the Fund's current
distribution policy of paying distributions on its shares totaling approximately
10 percent of its net asset value per year, payable in four quarterly
installments of 2.5 percent. A portion of the distribution may be treated as
paid from sources other than net income, including but not limited to short-term
capitalgain, long-term capital gain and return of capital. The final
determination of
the source of all distributions in 2008, including the percentage of
qualified dividend income, will be made after year-end.

The distribution will be paid in newly issued shares to all shareholders
except those
who are not participating in Liberty All-Star Growth Fund's Dividend
Reinvestment Plan and who elect to receive the distribution in cash. Shares
will be issued at the lower of the February 29, 2008 net asset value per
share or market value per share (but not less than 95% of market value).
The market value of the Fund's shares for this purpose will be the last sales
price on the New York Stock Exchange.

Liberty All-Star Growth Fund is a multi-managed, closed-end investment
company with
more than $151 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.

For Information Contact:
Liberty All-Star Growth Fund, Inc.
1-800-241-1850
www.all-starfunds.com

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