<STOCK#> NNNNNNNNNNNN NNNNNNNNN 123456 C0123456789 12345 NNNNNN C 1234567890 C O Y MR ANDREW SAMPLE 1234 AMERICA DRIVE ANYWHERE, IL 60661 Shareholder Meeting Notice 00ZWSA IMPORTANT ANNUAL SHAREHOLDERS’ MEETING INFORMATION — YOUR VOTE COUNTS! + + Important Notice Regarding the Availability of Proxy Materials for the Liberty All-Star Equity Fund Shareholder Meeting to be Held on April 23, 2009 Under new Securities and Exchange Commission rules, you are receiving this notice that the proxy materials for the annual shareholders’ meeting are available on the Internet. Follow the instructions below to view the materials and vote online or request a copy. The items to be voted on and location of the annual meeting are on the reverse side. Your vote is important! This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. We encourage you to access and review all of the important information contained in the proxy materials before voting. The proxy statement to shareholders is available at: [1] Easy Online Access — A Convenient Way to View Proxy Materials and Vote When you go online to view materials, you can also vote your shares. Step 2: Click the Cast your Vote or Request Printed Materials section. Step 3: Follow the instructions on the screen to log in. Step 4: Make your selection as instructed on each screen to select delivery preferences and vote. When you go online, you can also help the environment by consenting to receive electronic delivery of future mailings. Obtaining a Copy of the Proxy Materials – If you want to receive a paper or e-mail copy of these documents, you must request one. There is no charge to you for requesting a copy. Please make your request for a copy as instructed on the reverse side on or before April 12, 2009 to facilitate timely delivery. . www.envisionreports.com/Liberty Step 1: Go to www.envisionreports.com/Liberty.

Printed on recycled paper. Shareholder Meeting Notice Liberty All-Star Equity Fund’s Annual Meeting of Shareholders will be held on April 23, 2009 at the offices of the Fund, 99 High Street, Suite 303, Boston, Massachusetts, at 9:00 a.m. Proposals to be voted on at the meeting are listed below along with the Board of Trustees’ recommendations. The Board of Trustees recommends that you vote FOR the following proposal: 1. To Elect (2) Trustees of the Fund – John A. Benning and Edmund J. Burke. Please note: This is not a proxy. To vote your shares you must vote online or request a set of proxy materials to receive a proxy card. If you wish to attend and vote at the meeting, please bring this notice and identification with you. 00ZWSA Here’s how to order a paper copy of the proxy materials: PLEASE NOTE: You must use the numbers in the shaded bar on the reverse side when requesting a set of proxy materials. [1] Telephone – Call us free of charge at 1-866-641-4276 using a touch-tone phone and follow the instructions to log in and order a set of proxy materials. [1] Internet – Go to www.envisionreports.com/Liberty. Follow the instructions to log in and order a set of proxy materials. [1] Email – Send an email message with “Proxy Materials Order” in the subject line and, in the body of the message, your full name and address and the three numbers located in the shaded bar on the reverse to investorvote@computershare.com. To facilitate timely delivery, all requests for a paper copy of the proxy materials must be received by April 12, 2009.