FORM OF NEUBERGER BERMAN EQUITY FUNDS
INVESTOR CLASS
ADMINISTRATION AGREEMENT
This Agreement is made as of December 16, 2000, between Neuberger
Berman Equity Funds, a Delaware business trust ("Trust"), and Neuberger Berman
Management Inc., a New York corporation ("Administrator") with respect to the
Investor Class of shares.
WHEREAS, the Trust is registered under the Investment Company Act of
1940, as amended ("1940 Act"), as an open-end, diversified management investment
company and has established several separate series of shares ("Series"), with
each Series having its own assets and investment policies, and with each Series
having one or more classes of shares;
WHEREAS, the Trust desires to retain the Administrator to furnish
administrative services, including shareholder accounting, recordkeeping, and
other services to shareholders, to each Series listed in Schedule A attached
hereto (as it may be amended from time to time, or, as appropriate, the Investor
Class of each such Series), and the Administrator is willing to furnish such
services,
NOW, THEREFORE, in consideration of the premises and mutual
covenants herein contained, the parties agree as follows:
1. SERVICES OF THE ADMINISTRATOR.
1.1 ADMINISTRATIVE SERVICES. The Administrator shall supervise the
business and affairs of each Series and its Investor Class and shall provide
such services required for effective administration of such Series as are not
provided by employees or other agents engaged by such Series; PROVIDED, that the
Administrator shall not have any obligation to provide under this Agreement any
services related to the distribution of a Series's shares, or any other services
that are the subject of a separate agreement or arrangement between a Series and
the Administrator. The Administrator can use any of the officers and employees
of Neuberger Berman, LLC to provide any of the services or reports required
under this agreement. Subject to the foregoing, in providing administrative
services hereunder, the Administrator shall:
1.1.1 OFFICE SPACE, EQUIPMENT AND FACILITIES. Furnish without
cost to each Series and its Investor Class, or pay the cost of, such office
space, office equipment and office facilities as are adequate for the needs of
its Series and their Investor Class;
1.1.2 PERSONNEL. Provide, without remuneration from or other
cost to each Series, the services of individuals competent to perform all of the
executive, administrative and clerical functions of each Series and its Investor
Class that are not performed by employees or other agents engaged by the Series
or by the Administrator acting in some other capacity pursuant to a separate
agreement or arrangement with the Series;
1.1.3 AGENTS. Assist each Series in selecting and coordinating
the activities of the other agents engaged by the Series, including the Series's