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RE: Liberty All-Star® Equity Fund February 25, 2016 Shareholder Meeting

Dear Fellow Shareholder:

Recently, you received proxy materials regarding a very important matter that requires your attention related to your Liberty All-Star® Equity Fund (the “Fund”) investment. The Fund is seeking approval of a new Portfolio Management Agreement among the Fund, ALPS Advisors, Inc. (investment advisor to the Fund) and Aristotle Capital Management. The Fund’s Board of Trustees has carefully evaluated the proposal and believes the approval of the proposal is in the best interest of shareholders.

Your voice is important in this proxy vote process and the scheduled shareholder meeting on February 25 is quickly approaching. If we do not obtain enough votes to conduct the meeting, we will have to adjourn and continue to request shareholder participation to reach the required quorum.

Please call 1-844-700-1419 (toll-free) between 9:00 a.m. and 10:00 p.m. Eastern Time, Monday through Friday or 10:00 a.m. and 6:00 p.m. on Saturday to cast your vote and eliminate further communications on this matter. During this brief call, you will be speaking with a representative of Boston Financial Data Services, the firm assisting the Fund in the effort of gathering votes.

At the time of the call, you will be asked for the reference number above in order to locate your voting record. The representative will not have access to your confidential information and the telephone line is also recorded for your protection. After the call, you will receive a confirmation of your vote by return mail.

We appreciate your voting.

William R. Parmentier, Jr.
President of the Fund



Dear Shareholder:
We recently mailed proxy materials to you for the upcoming Special Meeting of Shareholders that is scheduled for February 25, 2016. The materials describe the proposal and ask for your vote on this important matter.
Shareholders of the Fund are being asked to vote on a proposal to approve a new Portfolio Management Agreement among the Fund, ALPS Advisors, Inc. and Aristotle Capital Management, LLC. The terms of the New Agreement with Aristotle are materially the same as the terms of the Old Agreement with Matrix Asset Advisers, Inc. (“Matrix”). The fee rate for Aristotle under the New Agreement is the same as the fee rate for Matrix under the Old Agreement. For more information about the proposal, please refer to the proxy statement which is available at www.all-starfunds.com.
Our records indicate that we have not received your vote. Please vote as soon as possible so the Fund can avoid additional costs associated with soliciting your vote either by mail or telephone.
The Board of Trustees recommends that you vote FOR the Proposal.
Voting is quick and easy. Please vote now using one of these methods:

1. Vote By Internet
Please visit the website noted on the enclosed proxy voting card and follow the online instructions.
2.  Vote by Mail
Please mail your signed proxy voting card(s) in the postage-paid envelope.
3.  Vote by Touch-Tone Phone
Please call the toll-free number printed on the enclosed proxy voting card and follow the recorded instructions. The service is available 7 days a week, 24 hours a day.
4. Speak With a Proxy Specialist
Please call 1-844-700-1419 to speak with a Proxy Specialist. Specialists are available Monday through Friday, 9:00 a.m. to 10:00 p.m. Eastern Time, and Saturday from 10:00 a.m. to 6:00 p.m. Eastern Time.
Your vote is very important and it’s easy to vote. We hope you will take a few minutes to vote your shares.
As always, thank you for investing with Liberty All-Star Equity Fund.