- -------------------------------------------------------------- BACAP Alternative
                                                        Multi-Strategy Fund, LLC



- --------------------------------------------------------------------------------
         IF YOU DO NOT WANT TO SELL FUND INTERESTS AT THIS TIME, PLEASE
               DISREGARD THIS NOTICE. THIS LETTER AND THE ATTACHED
         INFORMATION ARE SIMPLY NOTIFICATION OF THE FUND'S TENDER OFFER.
- --------------------------------------------------------------------------------



March 27, 2006



Dear Investor:

We are writing to inform you of  important  dates  relating to a tender offer by
BACAP  Alternative  Multi-Strategy  Fund,  LLC  (the  "Fund").  If you  are  not
interested  in selling  your  limited  liability  company  interests in the Fund
("Interest"  or  "Interests"  as the  context  requires)  at this  time,  please
disregard this notice.

TENDER OFFER INFORMATION
The tender offer period will begin on March 27, 2006 and end at 12:00  midnight,
Eastern Time,  on April 28, 2006.  The purpose of the tender offer is to provide
liquidity to Investors who hold  Interests.  Fund Interests may be redeemed only
by tendering them during one of the Fund's announced tender offers.

Should you wish to tender  your  Interest or a portion of your  Interest  during
this tender offer  period,  please  complete  and return the enclosed  Letter of
Transmittal in the enclosed  postage-paid  envelope or by fax so that it arrives
no later than April 28, 2006. If you do not wish to tender your Interest, simply
disregard  this  notice.  NO ACTION IS  REQUIRED  IF YOU DO NOT WISH TO SELL ANY
PORTION OF YOUR INTEREST AT THIS TIME.

All  requests  to  tender  Fund   Interests  must  be  RECEIVED  by  the  Fund's
Sub-Administrator,  Citigroup Global Transaction Services ("Citigroup"),  either
by mail or by fax (if by fax, please deliver an original, executed copy promptly
thereafter)  in good order by April 28,  2006.  IF YOU ELECT TO  TENDER,  PLEASE
CONFIRM  RECEIPT OF THE LETTER OF  TRANSMITTAL  WITH  CITIGROUP BY CALLING (207)
879-6093.

TO LEARN MORE
If you would  like to learn more about the  tender  offer,  please  refer to the
attached Offer to Purchase document,  which contains additional information.  If
you have any questions,  please contact your dedicated relationship team at Bank
of America or the Fund's  Tender  Offer  Administrator  at (207)  879-6093.  The
Fund's  helpline  (888)  786-9977 is also  available  to address  any  questions
regarding the tender offer or the Fund, in general.

Sincerely,

BACAP ALTERNATIVE MULTI-STRATEGY FUND, LLC