Form of Notice of Withdrawal of Tender

     (To be provided only to Investors that call and request the form.)

                         NOTICE OF WITHDRAWAL OF TENDER

                Regarding Limited Liability Company Interests in

                   BACAP ALTERNATIVE MULTI- STRATEGY FUND, LLC

                   Tendered Pursuant to the Offer to Purchase
                              Dated March 23, 2005

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                   THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE
                    AT, AND THIS NOTICE OF WITHDRAWAL MUST BE
              RECEIVED BY THE FUND BY 12:00 MIDNIGHT, EASTERN TIME, ON APRIL 22,
                2005, UNLESS THE OFFER IS EXTENDED.
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        COMPLETE THIS NOTICE OF WITHDRAWAL AND RETURN BY MAIL OR FAX TO:

                         Forum Shareholder Services, LLC
                                   P.O. Box 446
                              Portland, ME  04112-9925
                               Fax: (207) 879-6206

                           For additional information:
                              Phone: (207 879-6093





Ladies and Gentlemen:

                  The undersigned  wishes to withdraw the tender of its limited
liability  company  interest in BACAP ALTERNATIVE  MULTI-STRATEGY FUND, LLC (the
"Fund"), or the tender of a  portion of such interest,  for purchase by the Fund
that  previously  was  submitted  by  the undersigned in a Letter of Transmittal
dated _____________________.

This tender was in the amount of:

                    [ ]    Entire limited liability company interest.

                    [ ]    Portion  of  limited   liability   company   interest
                           expressed as a specific dollar value.
                           $-----------

                    [ ]    Portion  of limited  liability  company  interest  in
                           excess of the Required Minimum Balance.

                  The  undersigned  recognizes  that  upon the  submission  on a
timely basis of this Notice of  Withdrawal  of Tender,  properly  executed,  the
interest in the Fund (or portion of the interest)  previously  tendered will not
be purchased by the Fund upon expiration of the tender offer described above.

SIGNATURE(S):



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FOR INDIVIDUAL INVESTORS                                     FOR OTHER INVESTORS:
AND JOINT TENANTS:

------------------------------------                         ------------------------------------
Signature                                                    Print Name of Investor
(SIGNATURE OF OWNER(S) EXACTLY AS APPEARED
 ON INVESTOR CERTIFICATION)


------------------------------------                         ------------------------------------
Print Name of Investor                                       Signature
                                                             (SIGNATURE OF OWNER(S) EXACTLY AS APPEARED
                                                              ON INVESTOR CERTIFICATION)


------------------------------------                         ------------------------------------
Joint Tenant Signature if necessary                          Print Name of Signatory and Title
(SIGNATURE OF OWNER(S) EXACTLY AS APPEARED
 ON INVESTOR CERTIFICATION)

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------------------------------------                         ------------------------------------
Print Name of Joint Tenant                                   Co-signatory if necessary
                                                             (SIGNATURE OF OWNER(S) EXACTLY AS APPEARED
                                                              ON INVESTOR CERTIFICATION)


                                                             ------------------------------------
                                                             Print Name and Title of Co-signatory
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Date:_____________





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