BOSTON, MA -- (Marketwire) -- 02/15/13 -- Below is the January 2013 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund                                  Monthly Update
  Ticker: ASG                                                  January, 2013

Monthly Performance
Performance                                     NAV    Market Price Discount
------------------------------------------- ---------- ------------ --------
  Beginning of month value                     $4.54       $4.06      10.6%
  Distributions (Ex-Date January 23)           $0.07       $0.07
  End of month value                           $4.69       $4.26      9.2%
  Performance for month                        4.85%       6.65%
  Performance year-to-date                     4.85%       6.65%
Past performance cannot predict future results


Net Assets at Month-End ($millions)
  Total                                       $107.9
  Equities                                    $106.3
  Percent Invested                             98.5%

Top 20 Holdings at Month-End
    (34.1% of equity portfolio)
                (Rank from previous month)
  1 ACE Ltd. (3)                                      2.4%
  2 Apple, Inc. (1)                                   2.1%
  3 ARM Holdings PLC (4)                              2.1%
  4 Salesforce.com, Inc. (2)                          2.0%
  5 QUALCOMM, Inc. (6)                                2.0%
  6 BioMarin Pharmaceutical, Inc. (9)                 1.9%
  7 Intuitive Surgical, Inc. (12)                     1.9%
  8 Fastenal Co. (7)                                  1.8%
  9 Core Laboratories N.V. (10)                       1.8%
 10 Oceaneering International, Inc. (5)               1.8%
 11 Cerner Corp. (11)                                 1.7%
 12 American Tower Corp., Class A (8)                 1.7%
 13 Signature Bank (14)                               1.5%
 14 Precision Castparts Corp. (13)                    1.5%
 15 LinkedIn Corp., Class A (35)                      1.4%
 16 Google, Inc., Class A (15)                        1.4%
 17 Allergan, Inc. (17)                               1.3%
 18 Under Armour, Inc., Class A (22)                  1.3%
 19 LKQ Corp. (16)                                    1.3%
 20 Starbucks Corp. (19)                              1.2%
    Holdings are subject to change.

Sector Breakdown (% of equity portfolio)*
  Information Technology                  30.4%
  Industrials                             16.0%
  Consumer Discretionary                  14.2%
  Health Care                             11.4%
  Financials                              10.8%
  Energy                                  8.3%
  Consumer Staples                        4.7%
  Materials                               2.5%
  Telecommunication Services              1.7%
Total Market Value                        100.0%

*Based on Standard & Poor's and MSCI Barra Global Industry Classification
 Standard (GICS).

New Holdings                              Holdings Liquidated
  Discovery Communications, Inc., Class A   Avago Technologies Ltd.
  Puma Biotechnology, Inc.                  Michael Kors Holdings Ltd.
  WageWorks, Inc.                           Mylan, Inc.
                                            Restoration Hardware Holdings,
                                            Inc.
                                            Robert Half International, Inc.
                                            ServiceNow, Inc.