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EXHIBIT C
LETTER OF TRANSMITTAL
Regarding Limited Liability Company Interests in
BACAP OPPORTUNITY STRATEGY, LLC
Tendered Pursuant to the Offer to Purchase
Dated November 17, 2004
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE
AT, AND THIS LETTER OF TRANSMITTAL MUST BE
RECEIVED BY THE FUND BY, 12:00 MIDNIGHT, EASTERN TIME,
ON DECEMBER 17, 2004, UNLESS THE OFFER IS EXTENDED.
COMPLETE THIS LETTER OF TRANSMITTAL AND RETURN BY MAIL OR FAX TO:
PFPC Inc.
P.O. Box 220
Claymont, Delaware 19703
Attn: Bob Diaczuk
Fax: (302) 791-2790
(302) 791-3105
For additional information:
Phone: (888) 697-9661
(866) 306-0232
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Ladies and Gentlemen:
The undersigned hereby tenders to BACAP Opportunity Strategy, LLC (the
"Fund"), a closed-end, non-diversified, management investment company organized
under the laws of the State of Delaware, the limited liability company interest
in the Fund ("Interest" or "Interests" as the context requires) or portion
thereof held by the undersigned, described and specified below, on the terms and
conditions set forth in the offer to purchase, dated November 17, 2004 ("Offer
to Purchase"), receipt of which is hereby acknowledged, and in this Letter of
Transmittal (which together constitute the "Offer"). THE TENDER AND THIS LETTER
OF TRANSMITTAL ARE SUBJECT TO ALL THE TERMS AND CONDITIONS SET FORTH IN THE
OFFER TO PURCHASE, INCLUDING, BUT NOT LIMITED TO, THE ABSOLUTE RIGHT OF THE FUND
TO REJECT ANY AND ALL TENDERS DETERMINED BY THE FUND, IN ITS SOLE DISCRETION,
NOT TO BE IN THE APPROPRIATE FORM.
The undersigned hereby sells to the Fund the Interest or portion
thereof tendered hereby pursuant to the Offer. The undersigned hereby warrants
that the undersigned has full authority to sell the Interest or portion thereof
tendered hereby and that the Fund will acquire good title thereto, free and
clear of all liens, charges, encumbrances, conditional sales agreements or other
obligations relating to the sale thereof, and not subject to any adverse claim,
when and to the extent the same are purchased by it. Upon request, the
undersigned will execute and deliver any additional documents necessary to
complete the sale in accordance with the terms of the Offer.
The undersigned recognizes that under certain circumstances set forth
in the Offer, the Fund may not be required to purchase any of the Interests in
the Fund or portions thereof tendered hereby, and that if the Offer is
oversubscribed, not all of the undersigned's tendered Interest will be
purchased.
Payment of the purchase price for the Interest or portion thereof
tendered by the undersigned will be made by wire transfer of the funds to the
account in which the undersigned held its Interest, or such other account as the
Investor may designate in writing, as described in Section 6 of the Offer. The
undersigned hereby represents and warrants that the undersigned understands that
upon a withdrawal of such cash payment from the account, the institution at
which the account is held may subject such withdrawal to any fees that it would
customarily assess upon the withdrawal of cash from such account. (Any payment
in the form of marketable securities would be made by means of special
arrangement with the tendering Investor in the sole discretion of the Managers
of the Fund.)
A promissory note reflecting the contingent payment portion of the
purchase price, if any, as described in Section 6 of the Offer to Purchase, will
be deposited directly to the account in which the undersigned held its Interest,
or such other account as the Investor may designate in writing. (Any contingent
payment of cash due pursuant to the Note will also be deposited directly to such
account and, upon a withdrawal of this cash from the account, the institution at
which the account is held may impose any fees that would customarily be assessed
upon the withdrawal of cash from the account.) The undersigned recognizes that
the amount of the purchase price for Interests will be based on the estimated
unaudited net asset value of the
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Fund as of December 31, 2004, and that the contingent payment portion of the
purchase price, if any, will be determined upon completion of the audit of the
Fund's financial statements for the fiscal year ending December 31, 2004, which
is anticipated to be completed not later than 60 days after December 31, 2004.
The payment of the contingent obligation will be made promptly after such 60-day
period.
All authority herein conferred or agreed to be conferred shall survive
the death or incapacity of the undersigned and the obligation of the undersigned
hereunder shall be binding on the heirs, personal representatives, successors
and assigns of the undersigned. Except as stated in Section 5 of the Offer to
Purchase, this tender is irrevocable.
The undersigned acknowledges that the method of delivery of any
document is at the election and complete risk of the undersigned including, but
not limited to, the failure of the Fund's administrator, PFPC Inc., to receive
any Letter of Transmittal or other document.
IF YOU DO NOT WISH TO SELL YOUR INTERESTS AT THIS TIME, PLEASE
DISREGARD THIS LETTER OF TRANSMITTAL. IF YOU DECIDE TO TENDER, YOU ARE
RESPONSIBLE FOR CONFIRMING THAT PFPC INC. RECEIVES YOUR DOCUMENTS.
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PLEASE FAX OR MAIL IN THE ENCLOSED POSTAGE PAID ENVELOPE TO:
PFPC INC.
P.O. BOX 220
CLAYMONT, DELAWARE 19703
ATTN: BOB DIACZUK
FAX: (302) 791-2790
(302) 791-3105
PHONE: (888) 697-9661
(866) 306-0232
INVESTOR INFORMATION:
Name of Investor: __________________________________________________
Social Security No.
or Taxpayer
Identification No.: __________________________
Telephone Number: (_______)_________________
AMOUNT OF INTEREST IN THE FUND BEING TENDERED:
/ / Entire limited liability company interest.
/ / Portion of limited liability company interest expressed as a
specific dollar value. (A minimum interest with a value
greater than: (a) $50,000, net of the incentive allocation,
if any, or net of the tentative incentive allocation, if
any; or (b) the tentative incentive allocation, if any, must
be maintained (the "Required Minimum Balance").)*
$____________
/ / Portion of limited liability company interest in excess of
the Required Minimum Balance.
*The undersigned understands and agrees that if the
undersigned tenders an amount that would cause the
undersigned's capital account balance to fall below the
Required Minimum Balance, the Fund may reduce the amount to
be purchased from the undersigned so that the Required
Minimum Balance is maintained.
PAYMENT.
CASH PAYMENT
Cash payments will be wire transferred directly to the account in
which the undersigned held its Interest, or such other account
designated by the Investor in writing. The
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undersigned hereby represents and warrants that the undersigned
understands that, for cash payments wired directly to such account,
upon a withdrawal of this cash payment from the account, the
institution at which the account is held may impose any fees that
would customarily be assessed upon the withdrawal of cash from the
account. (Any payment in the form of marketable securities would be
made by means of special arrangements with the undersigned.)
PROMISSORY NOTE
The promissory note reflecting the contingent payment portion of the
purchase price, if any, will be deposited directly to the account in
which the undersigned held its Interest, or such other account as
the Investor may designate in writing. The undersigned hereby
represents and warrants that the undersigned understands that any
payment of cash due pursuant to the Note will also be deposited
directly to such account, and, upon a withdrawal of this cash from
the account, the institution at which the account is held may impose
any fees that would customarily be assessed upon the withdrawal of
cash from the account.
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SIGNATURE(S).
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)
- ------------------------------------ ------------------------------------
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
DATE:
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