K&L | GATES                       Kirkpatrick & Lockhart Preston Gates Ellis LLP
                                  1601 K Street NW
                                  Washington, DC  20006-1600

                                  T 202.778.9000          www.klgates.com


                                   May 2, 2008




Neuberger Berman Equity Funds
605 Third Avenue, Second Floor
New York, NY  10158-0180


Ladies and Gentlemen:

     We have acted as counsel  to  Neuberger  Berman  Equity  Funds,  a Delaware
statutory trust (the "Trust"), in connection with the filing with the Securities
and Exchange  Commission  (the "SEC") of the Trust's  registration  statement on
Form N-14 (the  "Registration  Statement")  under the Securities Act of 1933, as
amended  (the "1933 Act"),  registering  the  Investor  Class and Advisor  Class
shares of beneficial  interest in Neuberger  Berman Genesis Fund (the "Acquiring
Fund"), par value $0.001 per share (the "Shares"),  to be issued pursuant to the
Plan of Reorganization and Dissolution, the form of which is being filed as part
of the Registration  Statement (the  "Reorganization  Plan"). The Reorganization
Plan  between  the  Acquiring  Fund and  Neuberger  Berman  Fasciano  Fund  (the
"Acquired  Fund"),  each a series of the Trust, will provide for the transfer of
the  Acquired  Fund's  assets  to, and the  assumption  of the  Acquired  Fund's
liabilities  by, the  Acquiring  Fund in exchange  solely for a number of Shares
determined in the manner specified in the Reorganization Plan, such Shares to be
distributed to the Acquired Fund's shareholders upon the subsequent  liquidation
of the Acquired Fund.

     You have  requested  our  opinion  as to the  matters  set  forth  below in
connection  with the  filing of the  Registration  Statement.  For  purposes  of
rendering  that  opinion,  we have  examined  the  Registration  Statement,  the
Reorganization  Plan, the Amended and Restated Trust  Instrument and By-Laws  of
the Trust,  and the action of the Trust that  provides  for the  issuance of the
Shares, and we have made such other investigation as we have deemed appropriate.
We have examined and relied upon  certificates  of public  officials  and, as to
certain  matters of fact that are material to our opinions,  we have also relied
on a certificate of an officer of the Trust.  In rendering our opinion,  we also
have made the assumptions that are customary in opinion letters of this kind. We
have not verified any of those assumptions.

     Our opinion,  as set forth  herein,  is based on the facts in existence and
the laws in effect on the date hereof and is limited to the federal  laws of the
United  States of America  and the laws of the State of  Delaware  that,  in our
experience,  generally are applicable to the issuance of shares by entities such
as the Trust. We express no opinion with respect to any other laws.



Neuberger Berman Equity Funds
May 2, 2008
Page 2


     Based upon and subject to the foregoing, we are of the opinion that:

     1.  The Shares to be issued pursuant to the Registration Statement have
         been duly authorized for issuance by the Trust; and

     2.  When issued and paid for upon the terms provided in the Reorganization
         Plan, the Shares to be issued pursuant to the Registration Statement
         will be validly issued, fully paid and nonassessable.

     This  opinion  is  rendered  solely in  connection  with the  filing of the
Registration Statement. We hereby consent to the filing of this opinion with the
SEC in connection with the  Registration  Statement and to the reference to this
firm in the  Registration  Statement.  In giving our  consent we do not  thereby
admit that we are in the  category of persons  whose  consent is required  under
Section 7 of the 1933 Act or the rules and regulations of the SEC thereunder.

                              Very truly yours,

                              /s/ Kirkpatrick & Lockhart Preston Gates Ellis LLP






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