SunAmerica Focused Alpha Growth Fund November 30, 2005 Declaration of Dividend is at an Annualized Rate of 6% of the Fund's Initial Public Offering Price of $20.00 Per Share.

JERSEY CITY, N.J. -- SunAmerica Focused Alpha Growth Fund (NYSE: FGF), a closed-end fund (Fund), today said that the previously announced November 30, 2005 declaration of a dividend of $0.20 per share of Common Stock for the two months of November and December is at an annualized rate of 6% of the Fund's initial public offering price of $20.00 per share. The Declaration Date for that dividend was November 30, 2005, the Ex-Date is December 13, 2005, the Record Date is December 15, 2005 and the Payable Date is December 29, 2005.

The Fund previously paid a dividend of $0.30 per share on October 31, 2005, which covered the three months of August, September and October 2005. That first dividend, which was announced and declared on September 26, 2005, represented an annualized rate of 6% of the Fund's initial public offering price of $20.00 per share. Consistent with the Fund's September 26, 2005 announcement, the dividend for November and December 2005 will be $0.20 per share. That second dividend likewise represents an annualized rate of 6% of the Fund's initial public offering price of $20.00 per share. As the second dividend covers a two-month period, rather than a three-month period, the second dividend will be $0.20 per share.

A portion of the dividend 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 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 non-taxable return of capital that would also reduce the tax basis of shares in the Fund. The final determination of the source of all distributions in 2005 will be made after year-end.

AIG SunAmerica Asset Management Corp. manages the mutual fund and asset management business of AIG Retirement Services, Inc. and is a member company of American International Group, Inc. As of October 31, 2005, AIG SunAmerica Asset Management managed and/or administered nearly $43 billion of assets including approximately $10.2 billion in 40 retail mutual funds.

AIG Retirement Services, Inc., a member company of American International Group, Inc., specializes in retirement savings and investment products and services, including individual variable and fixed annuities, group retirement products, mutual funds, financial planning and investment advisory services and guaranteed investment contracts. AIG Retirement Services' businesses serve seven million customers with retirement savings products and services through its vast distribution network of registered representatives, independent broker-dealers, national and regional securities firms, banks and insurance agencies.

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 in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.

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 composition will vary. Investing in the Fund is subject to several risks, including: Key Adviser Personnel Risk, Investment and Market Risk, Issuer Risk, Foreign Securities Risk, Emerging Markets, 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, Portfolio Turnover Risk and Non-Investment Grade Securities Risk.

With respect to mutual funds managed by AIG SunAmerica Asset Management Corp. and distributed by AIG SunAmerica Capital Services, Inc., investors should carefully consider any mutual fund's investment objectives, strategies, risks, charges and expenses before investing. The mutual funds' prospectus, which contains this and other information about the funds, should be read carefully before investing. For a prospectus, please call 800-858-8850, ext. 6003.