SunAmerica Focused Alpha Growth Fund, Inc. (NYSE: FGF) and SunAmerica Focused Alpha Large-Cap Fund, Inc. (NYSE: FGI) (each a “Fund” and collectively, the “Funds”) announced today that their respective Boards of Directors (each a “Board” and collectively, the “Boards”) have considered certain additional matters related to the proposed reorganization of each Fund into a new open-end fund (each an “Acquiring Fund” and together, the “Acquiring Funds”). The Funds had previously announced the proposed reorganizations (each a “Reorganization” and together, the “Reorganizations”) in a press release dated July 27, 2011.

Since that announcement, the Boards and the Board of Trustees of the Acquiring Funds have met to consider additional organizational and other matters related to the Acquiring Funds and the proposed Reorganizations. In connection with the consideration of these matters, it has now been determined that if a Reorganization is approved by shareholders, any redemptions and exchanges of shares of an Acquiring Fund issued pursuant to the Reorganization will be subject to a 1.00% redemption fee for a period of 90 days following the closing date of the respective Reorganization.

As previously announced, each Fund expects to convene a special meeting of the Fund’s shareholders on or about December 19, 2011 to consider the proposed Reorganizations. If approved by shareholders, the Reorganizations are expected to close in January 2012. Shareholder approval of each Reorganization is not contingent upon shareholder approval of the other Reorganization.

This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the Funds or Acquiring Funds; nor is this press release intended to solicit a proxy from any shareholder of a Fund.

SunAmerica Focused Alpha Growth Fund, Inc. is a non-diversified, closed-end management investment company. The Fund’s investment objective is to provide growth of capital. The Fund seeks to pursue this objective by employing a concentrated stock picking strategy in which the Fund, through subadvisers selected by SunAmerica, actively invests primarily in a small number of equity securities (i.e., common stocks) and to a lesser extent equity-related securities (i.e., preferred stocks, convertible securities, warrants and rights) of companies primarily in the U.S. markets. Marsico Capital Management, LLC (“Marsico”) is the large-cap stock subadviser and BAMCO, Inc. (“BAMCO”) is the small- and mid-cap stock subadviser.

SunAmerica Focused Alpha Large-Cap Fund, Inc. is a non-diversified, closed-end management investment company. The Fund’s investment objective is to provide growth of capital. The Fund seeks to pursue this objective by employing a concentrated stock picking strategy in which the Fund, through subadvisers selected by SunAmerica, actively invests primarily in a small number of equity securities (i.e., common stocks) and to a lesser extent equity-related securities (i.e., preferred stocks, convertible securities, warrants and rights) of large capitalization companies primarily in the U.S. markets. Marsico is the large-cap growth stock subadviser and BlackRock Investment Management, LLC (“BlackRock”) is the large-cap value stock subadviser.

For more information about the Funds, please visit www.sunamericafunds.com.

As of July 29, 2011, SunAmerica Asset Management Corp. managed and/or administered approximately $44.4 billion of assets.

Marsico, BAMCO and BlackRock are not affiliated with SunAmerica Asset Management Corp.

Investors should carefully consider each Fund’s investment objective, strategies, risks, charges and expenses before investing.

EACH FUND SHOULD BE CONSIDERED AS ONLY ONE ELEMENT OF A COMPLETE INVESTMENT PROGRAM. EACH FUND’S EQUITY EXPOSURE AND DERIVATIVE INVESTMENTS INVOLVE SPECIAL RISKS. AN INVESTMENT IN EACH FUND SHOULD BE CONSIDERED SPECULATIVE.

There is no assurance that the Funds will achieve their investment objectives. The Funds are actively managed and their portfolio composition will vary. Investing in a Fund is subject to several risks, including: Non-Diversified Status Risk, Growth and Value Stock Risk (FGI only), Key Adviser Personnel Risk, Investment and Market Risk, Issuer Risk, Foreign Securities Risk, Emerging Markets Risk, Income Risk, Small and Medium Capitalization Company Risk (FGF only), Liquidity Risk, Market Price of Shares Risk, Management Risk, Anti- Takeover Provisions Risk and Portfolio Turnover Risk. The price of shares of each Fund traded on the New York Stock Exchange will fluctuate with market conditions and may be worth more or less than their original offering price. Shares of closed-end funds often trade at a discount to their net asset value, but may also trade at a premium.

This press release, and other statements that SunAmerica or FGF or FGI (the “Funds”) may make, may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the future financial or business performance, strategies or expectations of SunAmerica or the Funds. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

SunAmerica cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and neither SunAmerica nor any of the Funds assumes a duty to or undertakes to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

The following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in the Funds’ net asset value; (3) the impact of increased competition; (4) the impact of future acquisitions or divestitures; (5) the unfavorable resolution of any legal proceedings; (6) the extent and timing of any distributions or share repurchases; (7) the impact, extent and timing of technological changes and the adequacy of intellectual property protections; (8) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to the Funds or SunAmerica; (9) terrorist activities and international hostilities, which may adversely affect the general economy, domestic and local financial and capital markets; (10) the ability to attract and retain highly talented professionals; (11) the impact of changes to tax legislation; (12) the Funds’ inability to obtain the necessary shareholder approvals for the Reorganizations to occur; (13) the Funds’ inability to satisfy the requisite regulatory requirements or closing conditions; and (14) the Funds’ inability to complete the Reorganizations in a timely manner.