<SEC-DOCUMENT>0001398344-15-006840.txt : 20151009
<SEC-HEADER>0001398344-15-006840.hdr.sgml : 20151009
<ACCEPTANCE-DATETIME>20151009150335
ACCESSION NUMBER:		0001398344-15-006840
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20151009
DATE AS OF CHANGE:		20151009
EFFECTIVENESS DATE:		20151009

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIBERTY ALL STAR EQUITY FUND
		CENTRAL INDEX KEY:			0000799195
		IRS NUMBER:				042935840
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04809
		FILM NUMBER:		151152887

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		303.623.2577

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>fp0016336_defa14a.htm
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">UNITED STATES</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">SECRUITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SCHEDULE 14A</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(Amendment No.___)</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Filed by Registrant [X]</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Filed by a Party other than the Registrant [&#160; ]</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Check the appropriate box:</div>

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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">[&#160;&#160; ]</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Preliminary Proxy Statement</td>
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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">[&#160;&#160; ]</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Confidential, for Use of the Commission Only (as permitted by Rule14a-6(e)(2))</td>
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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">[&#160;&#160; ]</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Definitive Proxy Statement</td>
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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">[X]</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Definitive Additional Materials</td>
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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">[&#160;&#160; ]</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Soliciting Material Pursuant to Sec. 240.14a-12</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">LIBERTY ALL-STAR EQUITY FUND

<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 1px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(name of Registrant as Specified in its Charter)</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">ALPS FUND SERVICES, INC.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1290 Broadway, Suite 1100</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Denver, Colorado 80203

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Payment of Filing Fee (Check the appropriate box):</div>

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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">[X]</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">No fee required</td>
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</div>

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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">[&#160;&#160; ]</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Fee computed on table below per Exchange Act Rules&#160; 14a-6(i)(1) and 0-11.</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">1)&#160; Title of each class of securities to which transaction applies:</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">2)&#160; Aggregate number of securities to which transaction applies:</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">3)&#160; Per unit price or other underlying value of transaction computed pursuant to Exchange</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">Act Rule 0-11(set forth the amount on which the filing fee is calculated and state how it</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">was determined):</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">4)&#160; Proposed maximum aggregate value of transaction:</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">5)&#160; Total fee paid:</div>

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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">[&#160;&#160; ]</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Fee paid previously with preliminary materials.</td>
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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">[&#160;&#160; ]</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Check box if any part of the fee is offset as provided by Exchange&#160; Act Rule 0-11(a)(2) and</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">identify the filing for which the offsetting fee was paid previously.&#160; Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">1) Amount Previously Paid:</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">2) Form, Schedule or Registration Statement No.:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">3) Filing Party:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">4) Date Filed:</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #808080; FONT-SIZE: 24pt">Liberty All-Star Equity Fund</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #1f497d; FONT-SIZE: 36pt">Proxy</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #1f497d; FONT-SIZE: 36pt">Information</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #1f497d; FONT-SIZE: 36pt">Training Kit</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Record Date:</div>
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<td style="BORDER-BOTTOM: #7f7f7f 2px solid; WIDTH: 30.81%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt">September 16th, 2015</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Initial Mailing</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Date:</div>
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<td style="BORDER-BOTTOM: #7f7f7f 2px solid; WIDTH: 30.81%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt">On or about &#8211;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt">October 9th, 2015</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Beneficial</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Mailing Date:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Initial Calling</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Date:</div>
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<td style="BORDER-BOTTOM: #7f7f7f 2px solid; WIDTH: 30.81%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt">October 19th, 2015</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Meeting Date:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt">November 19th, 2015 @ 9:00 AM Eastern</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 24pt; FONT-WEIGHT: bold">Proxy Services</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 24pt; FONT-WEIGHT: bold">Campaign</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">Client:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Liberty All-Star Equity Fund</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #004b85; FONT-SIZE: 24pt; FONT-WEIGHT: bold">Fact Finder for:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt"># Of Proposals:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt; FONT-WEIGHT: bold">One</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 24pt; FONT-WEIGHT: bold">Liberty All-Star Funds</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">Meeting Date/Time:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">November 19<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 2015 @ 9:00 am Eastern Time</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">Adjournment Meeting Date/Time:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">TBD if necessary</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">Meeting Location:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">One Financial Center</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Boston, MA 02111</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">Date of Record:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">September 16<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 2015</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">E-Mail Proxy Info:</div>
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<td style="BORDER-BOTTOM: #7f7f7f 2px solid; WIDTH: 55.64%; VERTICAL-ALIGN: middle">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">Proxy Mail Date:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">On or about &#8211; October 9<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 2015</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">Description of Envelope:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">9x12 White Envelope</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">Inbound # to Vote:</div>
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<td style="BORDER-BOTTOM: #7f7f7f 2px solid; WIDTH: 55.64%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">1-844-292-8014</div>
</td>
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<td style="WIDTH: 55.64%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">Registered Accounts Touch Tone Vote #:</div>
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<td style="BORDER-BOTTOM: #7f7f7f 2px solid; WIDTH: 55.64%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">1-800-337-3503</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">Beneficial Accounts Touch Tone Vote #:</div>
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<td style="WIDTH: 44.36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #7f7f7f 2px solid; WIDTH: 55.64%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">1-800-690-6903</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">Beneficial Holders Internet Vote Web Site:</div>
</td>
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<td style="WIDTH: 44.36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #7f7f7f 2px solid; WIDTH: 55.64%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">www.proxyvote.com</div>
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<td style="WIDTH: 44.36%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">Registered Holders Internet Vote Web Site:</div>
</td>
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<td style="WIDTH: 44.36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #7f7f7f 2px solid; WIDTH: 55.64%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">www.proxy-direct.com</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">Client Customer Service:</div>
</td>
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<tr>
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<td style="BORDER-BOTTOM: #7f7f7f 2px solid; WIDTH: 55.64%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Liberty All-Star Equity Fund &#8211; 1-800-241-1850</div>
</td>
</tr>

<tr>
<td style="WIDTH: 44.36%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 55.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt">Client Web Site:</div>
</td>
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<tr>
<td style="WIDTH: 44.36%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 55.64%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 14pt; FONT-WEIGHT: bold">www.all-starfunds.com</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #538dd5; FONT-SIZE: 18pt; FONT-WEIGHT: bold">The</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #538dd5; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Proposals:</div>
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<td style="WIDTH: 9.34%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Please see below for a breakdown of the Proposals.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Proposal 1:</div>
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<td style="WIDTH: 84.19%; VERTICAL-ALIGN: top" rowspan="2" colspan="9">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">To approve a new Portfolio Management Agreement among the Fund, ALPS, Advisors, Inc. and Delaware Investments Fund Advisers, a series of Delaware Business Management Trust (the &#8220;Proposal&#8221;).</div>
</td>
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<td style="WIDTH: 9.34%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 9.34%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
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<td style="WIDTH: 9.34%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #538dd5; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Frequently Asked Questions:</div>
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<td style="BORDER-BOTTOM: #808080 2px solid; WIDTH: 9.34%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #538dd5; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Q:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: normal">From March 1, 2002 to September 14, 2015, Schneider Capital Management Corporation ("Schneider") had managed a portion of the large cap value equity allocation of the Fund's portfolio. Consistent with the Fund's multi-manager methodology, including AAI's continuous evaluation of Portfolio Managers and consideration of potential new Portfolio Managers, after evaluating Schneider AAI deemed it in the best interest of the Fund to recommend, and the Board approved, the reallocation to Delaware Investments of the large cap value equity portion of the Fund's portfolio that had been managed by Schneider. Accordingly, the Portfolio Management Agreement ("Old Agreement") with Schneider was terminated on September 14, 2015, and a new Portfolio Management Agreement with Delaware Investments commenced on September 14, 2015. Delaware Investments and Schneider both manage large cap value equity portfolios and follow a fundamental, research driven investment process. AAI believes that Delaware Investments&#8217; investment philosophy of investing in companies that have discrepancies between estimated intrinsic value and price, buying at times of excessive pessimism and selling at times of undue optimism would complement the philosophies of Cornerstone Capital Management LLC, Pzena Investment Management, LLC, Matrix Asset Advisors, Inc. and TCW Investment Management Company, the Fund's other current Portfolio Managers. AAI also believes that Delaware Investments' experienced investment team and favorable performance record would benefit the Fund. Based upon these factors, AAI recommended that the Board approve a Portfolio Management Agreement among the Fund, AAI and Delaware Investments.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Shareholders of the Fund are being asked to approve a new Portfolio Management Agreement (included as Exhibit A) among the Fund, ALPS Advisors, Inc. (&#8220;AAI&#8221; or the &#8220;Fund Manager&#8221;) and Delaware Investments Fund Advisers (&#8220;Delaware Investments&#8221; or the &#8220;Portfolio Manager&#8221;), a series of Delaware Business Management Trust.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: normal">For your convenience, you are encouraged to vote in any of the following three simple ways:</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: normal"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Internet</font>&#8212;log on to the website address located on your proxy card(s). You will need the control number found on the proxy card(s) at the time you execute your vote.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: normal"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mail</font>&#8212;sign, date, and complete the reverse side of the proxy card(s) and return the proxy card(s) in the postage-paid envelope provided.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Please respond. Your vote is important whether or not you plan to attend the special meeting. To assure the presence of a quorum at the special meeting, and to avoid the added cost of follow-up solicitations and possible adjournments, please take a few minutes to read the proxy statement and cast your vote through the internet or by telephone by following the instructions on your proxy card(s), or by signing, voting and returning the proxy card(s) in the envelope provided. Please take advantage of these prompt and efficient voting options. Please refer to the instructions on the enclosed proxy card. Shareholders may vote their shares via internet, telephone, or by signing, voting, dating and returning the proxy card in the enclosed envelope (if you&#8217;ve received this communication by mail).</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Yes. Your vote is needed to ensure the proposals can be acted upon. To avoid the added cost of follow-up solicitations and possible adjournments, please read the Proxy Statement and cast your vote through the Internet or by telephone by following the instructions on your proxy card(s). You may also vote by signing, voting and returning the proxy card(s) in the envelope provided. We encourage all shareholders to participate in the governance of the Trust.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: normal">We encourage you to vote as early as possible to ensure that the Funds receive enough votes to act on the proposals. Your vote (cast either by internet, telephone, or paper proxy card) must be received by the Trust prior to the start of the meeting (9:00 a.m. Eastern Time on November 19th, 2015).</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; COLOR: #538dd5; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Who is eligible to vote?</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Any person who owned shares of a Fund on the &#8220;record date&#8221;, which was September 16th, 2015 (even if that person has since sold those shares).</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: normal">We will be happy to answer your questions about this proxy solicitation. We have</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: normal">engaged Boston Financial Data Services as our proxy solicitation agent. If you have</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: normal">questions, please call 1-844-292-8014.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Liberty All-Star Equity Fund</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Meeting Date: November 19th, 2015</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Toll-Free #: 1-844-292-8014</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 11pt; FONT-WEIGHT: bold">IF Stockholder NOT AVAILABLE:</div>
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<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Hi Mr./Ms. _____________, my name is _____________ and I am calling on a recorded line on behalf of your investment in the Liberty All-Star Equity Fund. The fund sent you proxy materials requesting that you vote your eligible shares prior to the upcoming Special Shareholder's meeting scheduled to be held on November 19th, 2015.</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt">&#160;</div>
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<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

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<td style="TEXT-ALIGN: left; WIDTH: 39.48%; VERTICAL-ALIGN: top" rowspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt"><font style="FONT-WEIGHT: bold">Is there a better time to reach </font><font style="FONT-WEIGHT: bold">Mr./Ms._____________? (IF YES) Make note &amp; set up call back time.</font></div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Your Board of&#160;Trustees has recommended you vote YES on the proposal and we are calling to ask if you would like to vote along with the recommendations of the board?</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt">&#160;</div>
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<td style="TEXT-ALIGN: left; WIDTH: 3.89%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold" colspan="2">&#160;</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #f60a31; WIDTH: 53.2%; VERTICAL-ALIGN: top" colspan="4">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 11pt; FONT-WEIGHT: bold">IF YES:</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 11pt; FONT-WEIGHT: bold">IF Not sure how to vote</div>
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<td style="TEXT-ALIGN: left; WIDTH: 25.86%; VERTICAL-ALIGN: top" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Thank you. For the record, would you please state your full name and mailing address?</div>
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<td style="TEXT-ALIGN: left; WIDTH: 3.43%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 2.41%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 40.96%; VERTICAL-ALIGN: top" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">You may cast a FOR, AGAINST or an ABSTAIN vote on the proposal.</div>
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<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

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<td style="TEXT-ALIGN: left; WIDTH: 27.34%; VERTICAL-ALIGN: top" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Again, my name is _____________, a proxy voting specialist on behalf of Liberty All-Star Equity Fund.</div>
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<td style="TEXT-ALIGN: left; WIDTH: 3.43%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 2.41%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>
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<td style="TEXT-ALIGN: left; WIDTH: 40.96%; VERTICAL-ALIGN: top" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt; FONT-WEIGHT: bold">How would you like to cast your vote on the proposal?</div>
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<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

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<td style="TEXT-ALIGN: left; WIDTH: 27.34%; VERTICAL-ALIGN: top" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Today&#8217;s date is _____________ and the time is _____________ Eastern Time.</div>
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<td style="TEXT-ALIGN: left; WIDTH: 3.43%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 2.41%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 40.96%; VERTICAL-ALIGN: top" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Thank you. For the record, would you please state your full name and mailing address?</div>
</td>
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<td style="TEXT-ALIGN: left; WIDTH: 25.86%; VERTICAL-ALIGN: top" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

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</td>
<td style="TEXT-ALIGN: left; WIDTH: 27.34%; VERTICAL-ALIGN: top" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mr./Ms. _____________, I have recorded your [FOR] vote, in accordance with the Board&#8217;s recommendation with respect to the proposal(s) as set forth in the proxy materials you received.</div>
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<td style="TEXT-ALIGN: left; WIDTH: 3.43%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 2.41%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 40.96%; VERTICAL-ALIGN: top" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Again, my name is _____________, a proxy voting specialist on behalf of the Liberty All-Star Equity Fund.</div>
</td>
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<td style="TEXT-ALIGN: left; WIDTH: 25.86%; VERTICAL-ALIGN: top" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

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</td>
<td style="TEXT-ALIGN: left; WIDTH: 27.34%; VERTICAL-ALIGN: top" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We will be mailing you a written confirmation of your vote within 72 hours.</div>
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<td style="TEXT-ALIGN: left; WIDTH: 3.43%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 2.41%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 40.96%; VERTICAL-ALIGN: top" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Today&#8217;s date is _____________ and the time is _____________ Eastern Time.</div>
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<td style="TEXT-ALIGN: left; WIDTH: 25.95%; VERTICAL-ALIGN: top" colspan="2"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">If you wish to make any changes you may contact us by calling 1-844-292-8014, Monday-Friday 9am-6pm EST. Thank you very much for your time and your vote. We hope you have a great day/evening.</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 3.43%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 2.41%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 40.96%; VERTICAL-ALIGN: top" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mr./Ms. _____________, I have recorded your vote to (repeat vote intention) with respect to the proposal as set forth in the proxy materials you received. We will be mailing you a written confirmation of your vote within 72 hours.</div>
</td>
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<td style="TEXT-ALIGN: left; WIDTH: 25.86%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 27.34%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 3.43%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 2.41%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 40.96%; VERTICAL-ALIGN: top" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt; FONT-WEIGHT: bold">If you wish to make any changes you may contact us by calling 1-844-292-8014, Monday-Friday 9am-6pm EST. Thank you very much for your time and your vote. We hope you have a great day/evening.</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 11pt; FONT-WEIGHT: bold">What I am being asked to vote on?</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Proposal 1:</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">To approve a new Portfolio Management Agreement for the Equity Fund (the &#8220;Proposal&#8221;);</div>
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<td style="WIDTH: 95.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" colspan="8">&#160;</td>
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<td style="BACKGROUND-COLOR: #004b85; WIDTH: 100%; VERTICAL-ALIGN: middle" colspan="9">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 11pt; FONT-WEIGHT: bold">If materials not received:</div>
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<td style="TEXT-ALIGN: left; WIDTH: 4.72%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 95.28%; VERTICAL-ALIGN: top" colspan="8">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">I can resend the materials to you. Do you have an email address this can be sent to?</div>
</td>
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<tr>
<td style="TEXT-ALIGN: left; WIDTH: 4.72%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 95.28%; VERTICAL-ALIGN: top" colspan="8">
<div style="LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(IF YES: Type email addresses in the notes and read it back phonetically to the Stockholder)</div>

<div style="LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt">&#160;</div>
</td>
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<tr>
<td style="TEXT-ALIGN: left; WIDTH: 4.72%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 95.28%; VERTICAL-ALIGN: top" colspan="8">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt">(IF NO: Continue with standard script) </font><font style="FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt">Can you please verify your mailing address?</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt"> (Verify entire address, including street name, number, town, state &amp; zip)</font></div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
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<td style="TEXT-ALIGN: left; WIDTH: 4.72%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 22px; HEIGHT: 22px" src="image0.jpg"></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 95.28%; VERTICAL-ALIGN: top" colspan="8">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Thank you. You should receive these materials shortly. Included in the email will be instructions to inform you of the methods available to you to cast your vote, one of which is to call us back at 1-844-292-8014, Monday-Friday 9am-6pm EST.</div>
</td>
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<td style="WIDTH: 4.72%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 95.28%; VERTICAL-ALIGN: middle; FONT-WEIGHT: bold" colspan="8">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #004b85; WIDTH: 100%; VERTICAL-ALIGN: middle" colspan="9">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 11pt; FONT-WEIGHT: bold">When &amp; Where:</div>
</td>
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<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top" colspan="9">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The Special Shareholder's meeting is scheduled to be held at 9:00 a.m. Eastern Time, on November 19th, 2015, at One Financial Center, 15th Floor, Boston, MA 02111.</div>
</td>
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<td style="BACKGROUND-COLOR: #004b85; WIDTH: 100%; VERTICAL-ALIGN: middle" colspan="9">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 11pt; FONT-WEIGHT: bold">How can I vote?</div>
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<td style="WIDTH: 31.27%; VERTICAL-ALIGN: middle" colspan="2">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #262626; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Beneficial Holders:</div>
</td>
<td style="WIDTH: 8.24%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 7.19%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 7.19%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 7.19%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 8.24%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 8.24%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 22.45%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4.72%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 26.55%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 46.28%; VERTICAL-ALIGN: middle" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: normal"><font style="FONT-FAMILY: 'Times New Roman'; COLOR: #262626; FONT-SIZE: 11pt">Touch tone voting call <font style="FONT-WEIGHT: bold">1-</font></font><font style="FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt; FONT-WEIGHT: bold">800-690-6903</font></div>
</td>
<td style="WIDTH: 22.45%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4.72%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 26.55%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 46.28%; VERTICAL-ALIGN: top" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Log on to www.proxyvote.com and follow the on&#8208;screen instructions provided.</div>
</td>
<td style="WIDTH: 22.45%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4.72%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 26.55%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 8.24%; VERTICAL-ALIGN: middle; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 7.19%; VERTICAL-ALIGN: middle; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 7.19%; VERTICAL-ALIGN: middle; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 7.19%; VERTICAL-ALIGN: middle; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 8.24%; VERTICAL-ALIGN: middle; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 8.24%; VERTICAL-ALIGN: middle; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 22.45%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
</tr>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #262626; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Registered Holders:</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: normal"><font style="FONT-FAMILY: 'Times New Roman'; COLOR: #262626; FONT-SIZE: 11pt">Touch Tone Voting: Call <font style="FONT-WEIGHT: bold">1-</font></font><font style="FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt; FONT-WEIGHT: bold">800-337-3503</font></div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Log on to www.proxy-direct.com and follow the on&#8208;screen instructions provided.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #262626; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mail:</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #262626; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PROXY TABULATOR</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #262626; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PO BOX 55909</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #262626; FONT-SIZE: 11pt; FONT-WEIGHT: bold">BOSTON, MA 02205&#8208;9100</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Liberty All-Star Equity Fund</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Meeting Date: November 19th, 2015</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Inbound Script</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Toll-Free #: 1-844-292-8014</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Greeting:</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Hello, thank you for calling the Liberty All-Star Equity Fund proxy information line. My name is _____________, may I have your name please?</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Thank you Mr./Ms._____________. Are you calling regarding the upcoming Special Shareholder's meeting?</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 11pt; FONT-WEIGHT: bold">IF YES:</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 11pt; FONT-WEIGHT: bold">IF NO:</div>
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<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The Board of Trustees recommends a vote &#8220;FOR&#8221; the proposals.</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">How may I help you today? (Go to Q&amp;A to answer any questions.)</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Would you like to vote along with the Board's recommendation?</div>
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<td style="TEXT-ALIGN: left; WIDTH: 3.7%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><img style="WIDTH: 20px; HEIGHT: 20px" src="image0.jpg"></div>

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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">If a non-proxy related question, respond:</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mr./Ms. _____________.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">I apologize I do not have access to that information; please feel free to call Liberty All-Star Equity Fund directly at 1-800-241-1850.</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Thank you. For the record, would you please state your full name and mailing address?</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Again, my name is _____________, a proxy voting specialist on behalf of Liberty All-Star Equity Fund.</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Today&#8217;s date is _____________ and the time is _____________ Eastern Time.</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mr./Ms. _____________, I have recorded your [FOR] vote, in accordance with the Board&#8217;s recommendation with respect to the proposal as set forth in the proxy materials you received and we will be mailing you a written confirmation of your vote within 72 hours.</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt">&#160;</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">If you wish to make any changes you may contact us by calling 1-844-292-8014. Thank you very much for your participation and have a great day/evening.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 11pt; FONT-WEIGHT: bold">IF Not sure how to vote, You may cast a FOR vote, an AGAINST vote or an ABSTAIN vote on the proposal.</div>
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</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">How would you like to cast your vote on the proposal?</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Thank you. For the record, would you please state your full name and mailing address?</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Again, my name is _____________, a proxy voting specialist on behalf of Liberty All-Star Equity Fund.</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Today&#8217;s date is _____________ and the time is _____________ Eastern Time.</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mr./Ms. _____________, I have recorded your vote to (repeat vote intention) with respect to the proposal as set forth in the proxy materials you received. We will be mailing you a written confirmation of your vote within 72 hours.</div>

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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">If you wish to make any changes you may contact us by calling 1-844-292-8014. Thank you very much for your time and your vote. We hope you have a great day/evening.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 11pt; FONT-WEIGHT: bold">What I am being asked to vote on?</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Proposal 1:</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">To approve a new Portfolio Management Agreement for the Equity Fund (the &#8220;Proposal&#8221;);</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 11pt; FONT-WEIGHT: bold">If materials not received:</div>
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<div style="LINE-HEIGHT: 1.15; TEXT-INDENT: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">I can resend the materials to you. Do you have an email address this can be sent to?</div>
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<div style="LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: 44pt; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(IF YES: Type email addresses in the notes and read it back phonetically to the Stockholder)</div>

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<div style="LINE-HEIGHT: 1.15; TEXT-INDENT: 44pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt">(IF NO: Continue with standard script) </font><font style="FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt">Can you please verify your mailing address?</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt"> (Verify entire address,</font></div>

<div style="LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: 44pt; FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt; FONT-WEIGHT: bold">including street name, number, town, state &amp; zip)</div>

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<div style="LINE-HEIGHT: 1.15; TEXT-INDENT: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Thank you. You should receive these materials shortly. Included in the email will be instructions to</div>

<div style="LINE-HEIGHT: 1.15; TEXT-INDENT: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">inform you of the methods available to you to cast your vote, one of which is to call us back at 1-844-292-</div>

<div style="LINE-HEIGHT: 1.15; TEXT-INDENT: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">8014, Monday - Friday 9am-6pm EST.</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The Special Shareholder's meeting is scheduled to be held at 9:00 a.m. Eastern Time, on November 19th, 2015, at One Financial Center, 15th Floor, Boston, MA 02111.</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: 'Times New Roman'; COLOR: #262626; FONT-SIZE: 11pt">Touch tone voting call </font><font style="FONT-FAMILY: 'Times New Roman'; COLOR: #333333; FONT-SIZE: 11pt">800-690-6903</font></div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Log on to www.proxyvote.com and follow the on&#8208;screen instructions provided.</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #262626; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Touch tone voting call <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">800-337-3503</font></div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #262626; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Log on to www.proxy-direct.com and follow the on&#8208;screen instructions provided.</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #262626; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PROXY TABULATOR</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #262626; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PO BOX 55909</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #262626; FONT-SIZE: 11pt; FONT-WEIGHT: bold">BOSTON, MA 02205&#8208;9100</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #ffffff; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Liberty All-Star Equity Fund</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Meeting Date: November 19th, 2015</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #595959; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Toll-Free #: 1-844-292-8014</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Hello, we are calling with an important message on behalf of Liberty All-Star Equity Fund. You should have received proxy materials in the mail concerning the upcoming Meeting of Shareholders to be held on November 19th, 2015.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Your participation is very important. To vote over the telephone, call toll-free at 1-844-292-8014 and a proxy voting specialist will assist you with voting your shares.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; COLOR: #404040; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Specialists are available Monday through Friday, 9am to 6pm Eastern Time. Voting takes just a few moments and will benefit all shareholders. Thank you for your prompt attention to this matter.</div>
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