Leading Independent Proxy Advisor Recommends that Liberty All-Star® Growth Fund Stockholders Vote "FOR" Fund Director Nominees and FOR Portfolio Management Agreement Proposal

BOSTON--(Business Wire)--
Liberty All-Star® Growth Fund, Inc. (the "Fund") (NYSE:ASG) announced today that
ISS Governance Services ("ISS"), a leading independent proxy advisory firm that
is part of RiskMetrics Group, has recommended that Fund stockholders vote "FOR"
the Fund`s Director nominees and "FOR" the Fund`s portfolio management agreement
proposal.

ISS recommended that stockholders "Do Not Vote" the dissident proxy from Full
Value Partners L.P. ("FVP").

In its independent report, ISS points out that:

* "ISS believes that by impairing the Fund`s ability to replace sub-advisers on
a timely basis when the board has identified a fundamental need to do so, as FVP
is advocating, would impair the board`s ability to continue to deliver less
volatile, above average relative long-term results."
* "Furthermore, ISS believes the Fund`s NAV outperformance relative to its peers
and the disadvantages to the Fund`s common shareholders associated with
converting the Fund to an open-end fund, justify supporting the board`s current
nominees and sub-advisory proposal. Additionally, the Fund`s NAV discount over
the long-term has remained in line with its peer group."

William Parmentier, President of the Fund said, "I am pleased that ISS supports
the Boards` recommendations along with our multi-manager process, which has
served stockholders well since its implementation back in 1995."

The Fund urges its stockholders to vote in accordance with its Board`s
recommendations FOR each Director nominee and FOR the new portfolio management
agreement with Mazama Capital Management, Inc. by completing the WHITEproxy card
that they received. Stockholders who have previously signed a GREEN proxy card
from FVP are urged to revoke that proxy by signing, dating and mailing the
Fund`s WHITE proxy card. Stockholders who have questions should contact The
Altman Group, Inc. toll-free at 1-800-499-7619.

Bulldog Investors General Partnership ("BIGP"), a party related to FVP, has
filed tender offer materials with the Securities and Exchange Commission
relating to a tender offer for a limited number of shares of the Fund. The Fund,
however, believes that BIGP has not yet "commenced" (as that term is used in the
rules of Securities and Exchange Commission) its tender offer. In order to avoid
confusing its stockholders, the Fund currently does not intend to communicate
any recommendation regarding the tender offer unless and until the Fund
determines that the tender offer has actually been commenced.

ALPS Advisors, Inc. is the Fund manager of the Liberty All-Star Growth Fund, a
multi-managed, closed-end investment company with more than $130 million in net
assets.

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. Forward-looking
statements are based on information that is available on the date hereof, and
neither the Fund manager nor any other person affiliated with the Fund manager
has any duty to update any forward-looking statements. Important factors that
could affect actual results to differ from these statements include, among other
factors, material, negative changes to the asset class and the actual
composition of the portfolio.

This announcement is not a recommendation relating to an offer to purchase or a
solicitation of an offer to sell shares of the Fund. If any tender offer is
commenced, the Fund will issue its recommendation statement. Stockholders should
read any such recommendation statement when it is available as it will contain
important information. Any recommendation statement will be filed with the
Securities and Exchange Commission and will be available free of charge at the
SEC`s website at http://www.sec.gov and from the Fund.

Liberty All-Star Growth Fund, Inc.
William Parmentier, 1-800-241-1850
www.all-starfunds.com

Copyright Business Wire 2010