SunAmerica Focused Alpha Growth Fund Announces Declaration of Dividend.

JERSEY CITY, N.J. -- SunAmerica Focused Alpha Growth Fund (NYSE: FGF), a closed-end fund (Fund), today announced that its Board of Directors had approved the declaration of a quarterly dividend distribution in accordance with the Fund's level dividend distribution policy (Distribution Policy) and approved the dividend distribution of $0.30 per share of Common Stock. The Declaration Date is December 6, 2006, the Ex-Dividend Date is December 14, 2006, the Record Date is December 18, 2006 and the Payable Date is December 28, 2006. The final determination of the characterization of all dividend distributions for tax purposes paid in 2006 will be made after year-end.

Under the Distribution Policy, the Fund will pay level quarterly dividend distributions, subject to an adjusting dividend distribution in the fourth quarter as described below. The Distribution Policy and dividend distribution rate set forth below may be terminated or modified at any time.

The Fund intends to pay dividend distributions at the annualized rate of 6% of the Fund's initial public offering price of $20.00 per share, or $0.30 per full quarter. The Fund intends to pay a level quarterly amount of $0.30 per share in each of the first three quarters of the calendar year and increase, if necessary, the amount payable for the fourth quarter to an amount expected to satisfy the minimum distribution requirements of the Internal Revenue Code of 1986, as amended, or as necessary to distribute long-term capital gains in a manner consistent with the requirements of the Investment Company Act of 1940, as amended, whichever is greater. Each quarter the Board of Directors will review the amount of any potential dividend and/or distribution and the income, capital gains and capital available.

A portion of the distribution may be treated as ordinary income (derived from short-term capital gains) and qualifying dividend income for individuals. If the Fund does not generate earnings from dividends, interest and net realized capital gains equal to or in excess of the aggregate dividend distributions paid by the Fund for the year, then the amount distributed in excess of the Fund's investment income and net realized capital gains will be deemed a return of capital. Information regarding the estimated source of the Fund's dividend distributions to shareholders is made available on the website of its investment adviser, AIG SunAmerica Asset Management Corp., www.sunamericafunds.com. The final determination of the characterization of all dividend distributions for tax purposes paid in 2006 will be made after year-end.

The Fund 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 AIG SunAmerica Asset Management Corp., actively invests primarily in a small number of equity securities and to a lesser extent equity-related securities primarily in the U.S. markets. Marsico Capital Management, LLC is the large-cap stock subadviser and BAMCO, Inc. is the small- and mid-cap stock subadviser.

For more information about the SunAmerica Focused Alpha Growth Fund and other offerings from AIG SunAmerica Asset Management, please visit www.sunamericafunds.com

AIG SunAmerica Asset Management Corp. is the mutual fund and asset management business of AIG Retirement Services, Inc. and a member company of American International Group, Inc. As of October 31, 2006, AIG SunAmerica Asset Management Corp. managed and/or administered nearly $50.1 billion of assets including approximately $10.3 billion in 42 retail mutual funds.

American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.

BAMCO, Inc. and Marsico Capital Management, LLC are not affiliated with AIG or AIG SunAmerica Asset Management Corp.

Investors should carefully consider the SunAmerica Focused Alpha Growth Fund's investment objective, strategies, risks, charges and expenses before investing.

THE SUNAMERICA FOCUSED ALPHA GROWTH FUND SHOULD BE CONSIDERED AS ONLY ONE ELEMENT OF A COMPLETE INVESTMENT PROGRAM. THE FUND'S EQUITY EXPOSURE AND DERIVATIVE INVESTMENTS INVOLVE SPECIAL RISKS. AN INVESTMENT IN THIS FUND SHOULD BE CONSIDERED SPECULATIVE.

There is no assurance that the SunAmerica Focused Alpha Growth Fund will achieve its investment objective. The Fund is actively managed and its portfolio composition will vary. Investing in the Fund is subject to several risks, including: Non-Diversified Status Risk, Growth and Value Stock Risk, Key Adviser Personnel Risk, Investment and Market Risk, Issuer Risk, Foreign Securities Risk, Emerging Markets Risk, Income Risk, Hedging Strategy Risk, Derivatives Risk, Preferred Securities Risk, Debt Securities Risk, Small and Medium Capitalization Company Risk, Leverage Risk, Liquidity Risk, Market Price of Shares Risk, Management Risk, Anti-Takeover Provisions Risk, Portfolio Turnover Risk and Non-Investment Grade Securities Risk. The price of shares of the 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.