Form of Letter from the Fund
to Investors in Connection with the Fund's Acceptance of Tenders of
Limited Liability Company Interests
THIS LETTER IS BEING SENT TO YOU IF YOU TENDERED YOUR INTEREST IN THE FUND, OR A
PORTION THEREOF.
Date
Dear Investor:
BACAP ALTERNATIVE MULTI-STRATEGY FUND, LLC (the "Fund") has
received and accepted for purchase your tender of your limited liability company
interest, or a portion thereof, in the Fund.
Because you have tendered and the Fund has accepted your
tender request, you will be entitled to receive a payment of at least 95% of the
purchase price of the interest tendered, based on the estimated unaudited net
asset value of the Fund as of June 30, 2005 (the "Valuation Date"), in
accordance with the terms of the tender offer. A cash payment in this amount
will be wire transferred to the account designated by you in your Letter of
Transmittal dated ____________ no later than 60 days after the Valuation Date
and provided that your account retains the required minimum balance, i
accordance with the terms of the tender offer. You will remain a member of the
Fund with respect to any portion of your interest in the Fund that you did not
tender.
The balance of the purchase price will be paid to you after
the completion of the Fund's year-end audit for the fiscal year ending March 31,
2006, and is subject to year-end audit adjustment. This amount will be paid
promptly after the conclusion of the year-end audit, or on such earlier date as
the Fund's Board of Managers may determine, according to the terms of the tender
offer. We expect the audit to be completed by the end of May 2006.
Should you have any questions, please feel free to contact
Forum Shareholder Services, LLC at (207) 879-6093.
Sincerely,
BACAP ALTERNATIVE MULTI-STRATEGY FUND, LLC
Form of Letter from the Fund
to Investors in Connection with the Fund's Acceptance of Tenders of
Limited Liability Company Interests
THIS LETTER IS BEING SENT TO YOU IF YOU TENDERED YOUR INTEREST IN THE FUND, OR A
PORTION THEREOF.
Date
Dear Investor:
BACAP ALTERNATIVE MULTI-STRATEGY FUND, LLC (the "Fund") has
received and accepted for purchase your tender of your limited liability company
interest, or a portion thereof, in the Fund. Enclosed is a statement showing the
breakdown of your capital withdrawal resulting from our purchase of your
interest in the Fund, or a portion thereof, and the manner in which payment of
the purchase price is being distributed, in accordance with the terms of the
tender offer.
You have been paid at least 95% of the purchase price of the
interest tendered, based on the estimated unaudited net asset value of the Fund
as of June 30, 2005, provided that, in the case of a partial tender, your
account retains the required minimum balance, in accordance with the terms of
the tender offer. The funds were wired directly into your account or such other
account that you designated in writing. You remain a member of the Fund with
respect to any portion of your interest in the Fund that you did not tender.
The balance of the purchase price will be paid to you after
the completion of the Fund's year-end audit for the fiscal year ending March 31,
2006, and is subject to year-end audit adjustment. This amount will be paid
promptly after the conclusion of the year-end audit, or on such earlier date as
the Fund's Board of Managers may determine, according to the terms of the tender
offer. We expect the audit to be completed by the end of May 2006.
Should you have any questions, please feel free to contact
Forum Shareholder Services, LLC at (207) 879-6093.
Sincerely,
BACAP ALTERNATIVE MULTI-STRATEGY FUND, LLC
Enclosure
PROMISSORY NOTE
Pursuant to the Offer to Purchase (the "Offer") limited
liability company interests in the Fund ("Interest" or "Interests" as the
context requires) up to $14,000,000 through the tender of Interests or portions
thereof based on the estimated unaudited net asset value of the Fund as of June
30, 2005 or such later date as corresponds to any extension of the Offer made by
BACAP Alternative Multi-Strategy Fund, LLC (the "Fund") with respect to
Interests in the Fund, the Fund hereby promises to pay, in the manner set forth
below, to the person identified below as the payee (the "Payee") an amount equal
to the excess, if any, of (a) the value of the Interests tendered by the Payee
as of June 30, 2005, determined based on the audited 2005 financial statements
of the Fund in accordance with the valuation policy of the Fund, over (b) the
Cash Payment to the Payee; PROVIDED, HOWEVER, that if the Fund's Board of
Managers determines that payment of all or a portion of the purchase price by a
distribution of marketable securities is necessary to avoid or mitigate any
adverse effect of the Offer on the remaining Investors of the Fund, then such
payment shall be made by distributing such marketable securities, all as more
fully described in the Offer.
This note shall be due and payable promptly after the
completion of the audit of the Fund's financial statements for the fiscal year
ending March 31, 2006.
The amount payable by the Fund under this note shall not
include interest.
Payment of this note shall be made by wire transfer to the
account in which the Payee held its Interest, or such other account as the Payee
may designate in writing.
This note may not be pledged, assigned or otherwise
transferred by the Payee.
This note shall be construed according to and governed by the
laws of the State of North Carolina without giving effect to the conflict of
laws principles thereof.
Any capitalized term used herein but not defined shall have
the meaning ascribed to it in the Offer.
Payee: ___________________
BACAP ALTERNATIVE MULTI-STRATEGY
FUND, LLC
By: -----------------------------------
Lawrence R. Morgenthal
President