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SunAmerica Closed-End Funds Announce Shareholder Approval of Reorganizations into Open-End Funds

SunAmerica Focused Alpha Growth Fund, Inc. (NYSE: FGF) and SunAmerica Focused Alpha Large-Cap Fund, Inc. (NYSE: FGI) (each a “Fund” and together, the “Funds”) announced today that the shareholders of each Fund approved a proposal to reorganize the Fund into an open-end mutual fund (each a “Reorganization” and together, the “Reorganizations”). FGF will reorganize into the SunAmerica Focused Alpha Growth Fund and FGI will reorganize into the SunAmerica Focused Alpha Large-Cap Fund, each of which is a newly established series of SunAmerica Specialty Series (each referred to as an “Acquiring Fund”).

The closing of each Reorganization is anticipated to occur on or about January 23, 2012 (the “Closing Date”). As of the Closing Date, all of a Fund’s assets and liabilities will be transferred to the respective Acquiring Fund in exchange for Class A shares of the Acquiring Fund, and shareholders of FGF and FGI will become Class A shareholders of the corresponding Acquiring Fund. The Class A shares received by a shareholder of the Funds in connection with the Reorganizations will have an aggregate net asset value equal to the aggregate net asset value of the Fund shares owned by the shareholder immediately prior to a Reorganization. FGF and FGI will each then dissolve following the closing of the Reorganizations.

Approximately one week before the Closing Date, on or about January 17, 2012, each Fund’s shares will cease trading on the New York Stock Exchange in order to allow time to transfer shareholder information to the corresponding Acquiring Fund and its transfer agent. During this time period, shareholders of each Fund will not be able to sell their common stock and their investment will temporarily be illiquid. After the closing of each Reorganization, however, such shareholders may redeem Class A shares of an Acquiring Fund received in a Reorganization at net asset value, subject to a 1.00% redemption fee on such shares redeemed within 90 days following the Closing Date of a Reorganization.

The combined prospectus/proxy statement relating to the Reorganizations (“Combined Prospectus/Proxy Statement”) contains important information relating to the Reorganizations and shareholders are urged to read it. Investors may obtain free copies of the Combined Prospectus/Proxy Statement and other documents filed with the Securities and Exchange Commission (“SEC”) at the SEC’s web site at www.sec.gov.

A registration statement (“Registration Statement”) relating to each Acquiring Fund’s Class A, Class C and Class W shares has been filed with the SEC and is effective; however, each Acquiring Fund has not yet commenced a continuous offering of its shares. Following the closing of the Reorganizations, each Acquiring Fund intends to commence a continuous offering of its shares. Other than in a Reorganization, an Acquiring Fund does not intend to offer and sell its shares prior to the commencement of a continuous offering.

This press release, the Combined Prospectus/Proxy Statement and the Registration Statement do not constitute an offer to sell securities, nor do they constitute a solicitation of an offer to buy securities, in any state where such offer or sale is not permitted.

SunAmerica Asset Management Corp. (“SunAmerica”) serves as the investment adviser to the Funds and the Acquiring Funds. As of November 30, 2011, SunAmerica managed and/or administered approximately $42.0 billion of assets.

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, and each will continue as subadviser of the combined fund following the Reorganization.

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, and each will continue as subadviser of the combined fund following the Reorganization.

Marsico, BAMCO and BlackRock are not affiliated with SunAmerica.

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

Forward-Looking Statements

This press release, and other statements that SunAmerica or 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 satisfy the requisite regulatory requirements or closing conditions; and (13) the Funds’ inability to complete the Reorganizations in a timely manner.

Contacts:

SunAmerica Asset Management Corp.
Linda Malamut
Manager, Corporate Communications
310-772-6533
or
James Nichols
Senior Vice President, Marketing
201-324-6860

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