Exhibit        (h)(i)

**AGENCY        AGREEMENT**

 

AGREEMENT dated the 1st day of April, 2007, by and between DWS Value Series,        Inc., a Maryland corporation (“Fund”), and DWS SCUDDER INVESTMENTS SERVICE        COMPANY, a Delaware corporation (“Service Company”).

 

WHEREAS,        Fund wants to appoint Service Company as Transfer Agent and Dividend Disbursing Agent, and        Service Company wants to accept such appointment;

 

NOW,        THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto        agree as follows:

 

|   | 1. | Documents to be Filed with                        Appointment. |
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In connection with the appointment of Service Company as Transfer Agent and        Dividend Disbursing Agent for Fund, there will be filed with Service Company the following        documents:

 

|   | A. | A certified copy of the resolutions of the Board of                        Directors of Fund (the “Board”) appointing Service Company as                        Transfer Agent and Dividend Disbursing Agent, approving the form of this                        Agreement, and designating certain persons to give written instructions and                        requests on behalf of Fund. |
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|   | B. | A certified copy of the Articles of Amendment and                        Restatement of Fund and any amendments thereto. |
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|   | C. | A certified copy of the Bylaws of Fund. |
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|   | D. | Copies of Registration Statements filed with the Securities                        and Exchange Commission. |
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|   | E. | Specimens of all forms of outstanding share certificates as                        approved by the Board of Fund, with a certificate of the Secretary of Fund                        as to such approval. |
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|   | F. | Specimens of the signatures of the officers of Fund                        authorized to sign share certificates and individuals authorized to sign                        written instructions and requests on behalf of Fund. |
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|   | G. | An opinion of counsel for Fund: |
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|   | (1) | With respect to Fund’s organization and existence                        under the laws of the State of Maryland. |
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|   | (2) | With respect to the status of all shares of Fund covered by                        this appointment under the Securities Act of 1933, and any                        other applicable federal or state statute. |
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|   | (3) | To the effect that all issued shares are, and all unissued                        shares will be when issued, validly issued, fully paid and                        non-assessable. |
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|   | 2. | Certain Representations and Warranties of Service                        Company. Service Company represents and warrants                        to Fund that: |
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|   | A. | It is a corporation duly organized and existing and in good                        standing under the laws of the State of Delaware. |
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|   | B. | It is duly qualified to carry on its business in the State                        of Missouri. |
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|   | C. | It is empowered under applicable laws and by its Certificate                        of Incorporation and Bylaws to enter into and perform the services                        contemplated in this Agreement. |
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|   | D. | All requisite corporate action has been taken to authorize                        it to enter into and perform this Agreement. |
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|   | E. | It has and will continue to have and maintain the necessary                        facilities, equipment and personnel to perform its duties and obligations                        under this Agreement. |
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|   | F. | It is, and will continue to be, registered as a transfer                        agent under the Securities Exchange Act of 1934. |
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|   | 3. | Certain Representations and Warranties of                        Fund. Fund represents and warrants to Service                        Company that: |
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|   | A. | It is a corporation duly organized and existing and in good                        standing under the laws of the State of Maryland. |
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|   | B. | It is an investment company registered under the Investment                        Company Act of 1940. |
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|   | C. | A registration statement under the Securities Act of 1933                        has been filed and will be effective with respect to all shares of Fund                        being offered for sale at any time and from time to time. |
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|   | D. | All requisite steps have been or will be taken to register                        Fund’s shares for sale in all applicable states, including the                        District of Columbia. |
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|   | E. | Fund and its Board are empowered under applicable laws and                        by the Fund’s Articles of Amendment and Restatement and Bylaws to                        enter into and perform this Agreement. |
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|   | 4. | Scope of                        Appointment. |
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|   | A. | Subject to the conditions set forth in this Agreement, Fund                        hereby employs and appoints Service Company as Transfer Agent and Dividend                        Disbursing Agent effective the date hereof. |
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|   | B. | Service Company hereby accepts such employment and                        appointment and agrees that it will act as Fund’s Transfer Agent and                        Dividend Disbursing Agent. Service Company agrees that it will also act as                        agent in connection with Fund’s periodic withdrawal payment accounts                        and other open-account or similar plans for shareholders, if                        any. |
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|   | C. | Service Company agrees to provide the necessary facilities,                        equipment and personnel to perform its duties and obligations hereunder in                        accordance with industry practice. |
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|   | D. | Fund agrees to use all reasonable efforts to deliver to                        Service Company in Kansas City, Missouri, as soon as they are available,                        all its shareholder account records. |
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|   | E. | Subject to the provisions of Sections 20 and 21 hereof,                        Service Company agrees that it will perform all the usual and ordinary                        services of Transfer Agent and Dividend Disbursing Agent and as agent for                        the various shareholder accounts, including, without limitation, the                        following: issuing, transferring and canceling share certificates,                        maintaining all shareholder accounts, preparing shareholder meeting lists,                        mailing proxies, receiving and tabulating proxies, mailing shareholder                        reports and prospectuses, withholding federal income taxes, preparing and                        mailing checks for disbursement of income and capital gains dividends,                        preparing and filing all required U.S. Treasury Department information                        returns for all shareholders, preparing and mailing confirmation forms to                        shareholders and dealers with respect to all purchases and liquidations of                        Fund shares and other transactions in shareholder accounts for which                        confirmations are required, recording reinvestments of dividends and                        distributions in Fund shares, recording redemptions of Fund shares and                        preparing and mailing checks for payments upon redemption and for                        disbursements to systematic withdrawal plan shareholders. |
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|   | F. | Service Company agrees to comply with the provisions of the                        USA PATRIOT Act and the Bank Secrecy Act (the “BSA”), as they                        relate to the Fund. Service Company further agrees to establish and                        implement an Anti-Money Laundering Program, as defined in Section 352 of                        the USA PATRIOT Act. In addition to the usual and ordinary services of                        Transfer Agent and Dividend Disbursing Agent set forth in this Agreement,                        Service Company shall perform the services necessary to ensure that the                        Fund is in compliance with the USA PATRIOT Act and the BSA,                        including but not limited to implementing policies and procedures,                        maintaining books and records and responding to requests for information                        pursuant to the USA PATRIOT Act and the BSA. |
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|   | 5. | Compensation and                        Expenses. |
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|   | A. | In consideration for the services provided hereunder by                        Service Company as Transfer Agent and Dividend Disbursing Agent, Fund will                        pay to Service Company from time to time compensation as agreed upon for                        all services rendered as Agent, and also all its reasonable out-of-pocket                        expenses and other disbursements incurred in connection with the agency.                        Such compensation will be set forth in a separate schedule to be agreed to                        by Fund and Service Company. The initial agreement regarding compensation                        is attached as Exhibit A. |
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|   | B. | Fund agrees to promptly reimburse Service Company for all                        reasonable out-of-pocket expenses or advances incurred by Service Company                        in connection with the performance of services under this Agreement                        including, but not limited to, postage (and first class mail insurance in                        connection with mailing share certificates), envelopes, check forms,                        continuous forms, forms for reports and statements, stationery, and other                        similar items, telephone and telegraph charges incurred in answering                        inquiries from dealers or shareholders, microfilm used each year to record                        the previous year's transactions in shareholder accounts and computer tapes                        used for permanent storage of records and cost of insertion of materials in                        mailing envelopes by outside firms. Service Company may, at its option,                        arrange to have various service providers submit invoices directly to Fund                        for payment of out-of-pocket expenses reimbursable hereunder. |
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|   | C. | Service Company shall be contractually bound hereunder by                        the terms of any publicly announced fee cap or waiver of its fee or by the                        terms of any written document provided to the Board of Fund announcing a                        fee cap or waiver of its fee, or any limitation of Fund’s expenses,                        as if such fee cap, fee waiver or expense limitation were fully set forth                        herein. |
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|   | D. | Reference is made herein to the January 15, 2003 agreement,                        by and between DST SYSTEMS, INC. (“DST”) and Service Company                        and all subsequent amendments to that agreement (“DST                        Agreement”). The DST Agreement provides for the fulfillment of                        Service Company’s transfer agency services outlined in this Agreement                        by DST and delegated pursuant to Section 21 C of this Agreement. Exhibit D                        of the DST Agreement provides for certain service level bonuses and                        liquidated damages based on the quality of services provided. The parties                        agree that all liquidated damage payments made by DST to Service Company or                        its affiliates in respect of the Fund pursuant to Sections C or D of                        Exhibit D of the DST Agreement shall be passed through to                        the Fund, and that all bonus payments payable by Service Company in respect                        of the Fund pursuant to Section E of Exhibit D of the DST Agreement shall                        be an obligation of, and borne by, the Fund. The standards for these                        payments will be negotiated as provided for in Section of Exhibit D of the                        DST Agreement. All payments made pursuant to this amendment shall be                        charged or credited to the funds based on the relative number of accounts                        subject to the Annual Per Account Fee under the Retail and IRA Account Fee                        Schedule, except omnibus accounts and Matrix Level III accounts. The Retail                        and IRA Account Fee Schedule does not cover wholesale money funds and is to                        be distinguished from the Retirement Account Fee Schedule. The number of                        accounts will be measured on the last day of the period with respect to                        which the charge or credit is to be assessed. Service Company shall report                        to the Board of the Fund at least annually regarding any adjustments to                        anticipated call volumes, and shall report to the Fund as least                        semi-annually regarding any liquidated damage payments or bonus payments                        paid to or by the Fund, as the case may be. |
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Except        as provided herein, the terms and provisions of the Agreement shall remain in full force        and effect without amendment.

 

|   | 6. | Efficient Operation of Service Company                        System. |
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|   | A. | In connection with the performance of its services under                        this Agreement, Service Company is responsible for the accurate and                        efficient functioning of its system at all times, including: |
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|   | (1) | The accuracy of the entries in Service Company's records                        reflecting purchase and redemption orders and other instructions received                        by Service Company from dealers, shareholders, Fund or its principal                        underwriter. |
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|   | (2) | The timely availability and the accuracy of shareholder                        lists, shareholder account verifications, confirmations and other                        shareholder account information to be produced from Service Company's                        records or data. |
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|   | (3) | The accurate and timely issuance of dividend and                        distribution checks in accordance with instructions received from                        Fund. |
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|   | (4) | The accuracy of redemption transactions and payments in                        accordance with redemption instructions received from dealers, shareholders                        or Fund or other authorized persons. |
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|   | (5) | The deposit daily in Fund’s appropriate special bank                        account of all checks and payments received from dealers or shareholders                        for investment in shares. |
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|   | (6) | The requiring of proper forms of instructions, signatures                        and signature guarantees and any necessary documents supporting the                        rightfulness of transfers, redemptions and other shareholder account                        transactions, all in conformance with Service Company's present procedures                        with such changes as may be deemed reasonably appropriate by Service                        Company or as may be reasonably approved by or on behalf of                        Fund. |
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|   | (7) | The maintenance of a current duplicate set of Fund’s                        essential or required records, as agreed upon from time to time by Fund and                        Service Company, at a secure distant location, in form available and usable                        forthwith in the event of any breakdown or disaster disrupting its main                        operation. |
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|   | 7. | Indemnification. |
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|   | A. | Fund shall indemnify and hold Service Company harmless from                        and against any and all claims, actions, suits, losses, damages, costs,                        charges, counsel fees, payments, expenses and liabilities arising out of or                        attributable to any action or omission by Service Company pursuant to this                        Agreement or in connection with the agency relationship created by this                        Agreement, provided that Service Company has acted in good faith, without                        negligence and without willful misconduct. |
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|   | B. | Service Company shall indemnify and hold Fund harmless from                        and against any and all claims, actions, suits, losses, damages, costs,                        charges, counsel fees, payments, expenses and liabilities arising out of or                        attributable to any action or omission by Service Company pursuant to this                        Agreement or in connection with the agency relationship created by this                        Agreement, provided that Service Company has not acted in good faith,                        without negligence and without willful misconduct. |
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|   | C. | In order that the indemnification provisions contained in                        this Section 7 shall apply, upon the assertion of a claim for which either                        party (the “Indemnifying Party”) may be required to provide                        indemnification hereunder, the party seeking indemnification (the                        “Indemnitee”) shall promptly notify the Indemnifying Party of                        such assertion, and shall keep such party advised with respect to all                        developments concerning such claim. The Indemnifying Party shall be                        entitled to assume control of the defense and the negotiations, if any,                        regarding settlement of the claim. If the Indemnifying Party assumes                        control, the Indemnitee shall have the option to participate in the defense                        and negotiations of such claim at its own expense. The Indemnitee shall in                        no event confess, admit to, compromise, or settle any claim for which the                        Indemnifying Party may be required to indemnify it except with the prior                        written consent of the Indemnifying Party, which shall not be unreasonably                        withheld. |
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|   | 8. | Certain Covenants of Service Company and                        Fund. |
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|   | A. | All requisite steps will be taken by Fund from time to time                        when and as necessary to register Fund’s shares for sale in all                        states in which Fund’s shares shall at the time be offered for sale                        and require registration. If at any time Fund receives notice of any stop                        order or other proceeding in any such state affecting such registration or                        the sale of Fund’s shares, or of any stop order or other proceeding                        under the Federal securities laws affecting the sale of Fund’s                        shares, Fund will give prompt notice thereof to Service Company. |
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|   | B. | Service Company hereby agrees to establish and maintain                        facilities and procedures reasonably acceptable to Fund for safekeeping of                        share certificates, check forms, and facsimile signature imprinting                        devices, if any; and for the preparation or use, and for keeping account                        of, such certificates, forms and devices. Further, Service Company agrees                        to carry insurance, as specified in Exhibit B hereto, with insurers                        reasonably acceptable to Fund and in minimum amounts that are reasonably                        acceptable to Fund, which will not be changed without the consent of Fund,                        which consent shall not be unreasonably withheld, and which will be                        expanded in coverage or increased in amounts from time to time if and when                        reasonably requested by Fund. If Service Company determines that it is                        unable to obtain any such insurance upon commercially reasonable terms, it                        shall promptly so advise Fund in writing. In such event, Fund shall have                        the right to terminate this Agreement upon 30 days notice. |
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|   | C. | To the extent required by Section 31 of the Investment                        Company Act of 1940 and Rules thereunder, Service Company agrees that all                        records maintained by Service Company relating to the services to be                        performed by Service Company under this Agreement are the property of Fund                        and will be preserved and will be surrendered promptly to Fund on                        request. |
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|   | D. | Service Company agrees to furnish Fund semi-annual reports                        of its financial condition, consisting of a balance sheet, earnings                        statement and any other reasonably available financial information                        reasonably requested by Fund. The annual financial statements will be                        certified by Service Company's certified public accountants. |
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|   | E. | Service Company represents and agrees that it will use all                        reasonable efforts to keep current on the trends of the investment company                        industry relating to shareholder services and will use all reasonable                        efforts to continue to modernize and improve its system without additional                        cost to Fund. |
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|   | F. | Service Company will permit Fund and its authorized                        representatives to make periodic inspections of its operations at                        reasonable times during business hours. All books and records required to                        be maintained for the Fund under the USA PATRIOT Act and the BSA shall be                        made available, for inspection and copying, to the U.S. Department of                        Treasury’s Financial Crimes Enforcement Network and the Securities                        and Exchange Commission as may be requested pursuant to the USA PATRIOT Act                        and the BSA. |
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|   | G. | If Service Company is prevented from complying, either                        totally or in part, with any of the terms or provisions of this Agreement,                        by reason of fire, flood, storm, strike, lockout or other labor trouble,                        riot, war, rebellion, accidents, acts of God, equipment, utility or                        transmission failure or damage, and/or any other cause or casualty beyond                        the reasonable control of Service Company, whether similar to the foregoing                        matters or not, then, upon written notice to Fund, the requirements of this                        Agreement that are affected by such disability, to the extent so affected,                        shall be suspended during the period of such disability; provided, however,                        that Service Company shall make reasonable effort to remove such disability                        as soon as possible. During such period, Fund may seek alternate sources of                        service without liability hereunder; and Service Company will use all                        reasonable efforts to assist Fund to obtain alternate sources of service.                        Service Company shall have no liability to Fund for nonperformance because                        of the reasons set forth in this Section 8.G; but if a disability that, in                        Fund’s reasonable belief, materially affects Service Company's                        ability to perform its obligations under this Agreement continues for a                        period of 30 days, then Fund shall have the right to terminate this                        Agreement upon 10 days written notice to Service Company. |
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|   | 9. | Adjustment. |
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In case of any recapitalization, readjustment or other change in the        structure of Fund requiring a change in the form of share certificates, Service Company        will issue or register certificates in the new form in exchange for, or in transfer of, the        outstanding certificates in the old form, upon receiving the following:

 

|   | A. | Written instructions from an officer of Fund. |
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|   | B. | Certified copy of any amendment to the Articles of Amendment                        and Restatement or other document effecting the change. |
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|   | C. | Certified copy of any order or consent of each governmental                        or regulatory authority required by law for the issuance of the shares in                        the new form, and an opinion of counsel that no order or consent of any                        other government or regulatory authority is required. |
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|   | D. | Specimens of the new certificates in the form approved by                        the Board of Fund, with a certificate of the Secretary of Fund as to such                        approval. |
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|   | E. | Opinion of counsel for Fund: |
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|   | (1) | With respect to the status of the shares of Fund in the new                        form under the Securities Act of 1933, and any other applicable federal or                        state laws. |
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|   | (2) | To the effect that the issued shares in the new form are,                        and all unissued shares will be when issued, validly issued, fully paid and                        non-assessable. |
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|   | 10. | Share Certificates. |
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Fund will furnish Service Company with a sufficient supply of blank share        certificates and from time to time will renew such supply upon the request of Service        Company. Such certificates will be signed manually or by facsimile signatures of the        officers of Fund authorized by law and Fund’s Bylaws to sign share certificates and,        if required, will bear the corporate seal or facsimile thereof.

 

|   | 11. | Death, Resignation or Removal of Signing                        Officer. |
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Fund will file promptly with Service Company written notice of any change in        the officers authorized to sign share certificates, written instructions or requests,        together with two signature cards bearing the specimen signature of each newly authorized        officer, all as certified by an appropriate officer of Fund. In case any officer of Fund        who will have signed manually or whose facsimile signature will have been affixed to blank        share certificates will die, resign, or be removed prior to the issuance of such        certificates, Service Company may issue or register such share certificates as the share        certificates of Fund notwithstanding such death, resignation, or removal, until        specifically directed to the contrary by Fund in writing. In the absence of such direction,        Fund will file promptly with Service Company such approval, adoption, or ratification as        may be required by law.

 

|   | 12. | Future Amendments of Articles of Amendment and                        Restatement and Bylaws. |
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Fund will promptly file with Service Company copies of all material        amendments to its Articles of Amendment and Restatement and Bylaws and Registration        Statement made after the date of this Agreement.

 

|   | 13. | Instructions, Opinion of Counsel and                        Signatures. |
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At any time Service Company may apply to any officer of Fund for        instructions, and may consult with legal counsel for Fund at the expense of Fund, or with        its own legal counsel at its own expense, with respect to any matter arising inconnection with the agency; and it will not be liable for any action taken        or omitted by it in good faith in reliance upon such instructions or upon the opinion of        such counsel. Service Company is authorized to act on the orders, directions or        instructions of such persons as the Board of Fund shall from time to time designate by        resolution. Service Company will be protected in acting upon any paper or document,        including any orders, directions or instructions, reasonably believed by it to be genuine        and to have been signed by the proper person or persons; and Service Company will not be        held to have notice of any change of authority of any person so authorized by Fund until        receipt of written notice thereof from Fund. Service Company will also be protected in        recognizing share certificates that it reasonably believes to bear the proper manual or        facsimile signatures of the officers of Fund, and the proper countersignature of any former        Transfer Agent or Registrar, or of a Co-Transfer Agent or Co-Registrar.

 

|   | 14. | Papers Subject to Approval of                        Counsel. |
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The acceptance by Service Company of its appointment as Transfer Agent and        Dividend Disbursing Agent, and all documents filed in connection with such appointment and        thereafter in connection with the agencies, will be subject to the approval of legal        counsel for Service Company, which approval will not be unreasonably withheld.

         

|   | 15. | Certification of                        Documents. |
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The required copy of the Articles of Amendment and Restatement of Fund and        copies of all amendments thereto will be certified by the appropriate official of the State        of Maryland; and if such Articles of Amendment and Restatement and amendments are required        by law to be also filed with a county, city or other officer or official body, a        certificate of such filing will appear on the certified copy submitted to Service Company.        A copy of the order or consent of each governmental or regulatory authority required by law        for the issuance of Fund shares will be certified by the Secretary or Clerk of such        governmental or regulatory authority, under proper seal of such authority. The copy of the        Bylaws and copies of all amendments thereto and copies of resolutions of the Board of Fund        will be certified by the Secretary or an Assistant Secretary of Fund.

 

|   | 16. | Records. |
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Service Company will maintain customary records in connection with its        agency, and particularly will maintain those records required to be maintained pursuant to        sub-paragraph (2)(iv) of paragraph (b) of Rule 31a-1 under the Investment Company Act of        1940, if any. Service Company shall create and maintain true and complete books and records        as required for the Fund by the USA PATRIOT Act and the BSA.

 

|   | 17. | Disposition of Books, Records and Cancelled                        Certificates. |
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Service Company will send periodically to Fund, or to where designated by        the Secretary or an Assistant Secretary of Fund, all books, documents, and all records no        longer deemed needed for current purposes and share certificates which have been cancelled        in transfer or in exchange, upon the understanding that such books, documents, records, and        share certificates will not be destroyed by Fund without the consent of Service Company        (which consent will not be unreasonably withheld), but will be safely stored for possible        future reference. All books and records required to be maintained under the USA PATRIOT Act        and the BSA shall be retained for the periods specified therein.

 

|   | 18. | Provisions Relating to Service Company as Transfer                        Agent. |
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|   | A. | Service Company will make original issues of share                        certificates upon written request of an officer of Fund and upon being                        furnished with a certified copy of a resolution of the Board of Fund                        authorizing such original issue, an opinion of counsel as outlined in                        Section 1.G or 9.E of this Agreement, the certificates required by Section                        10 of this Agreement and any other documents required by Section 1 or 9 of                        this Agreement. |
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|   | B. | Before making any original issue of certificates, Fund will                        furnish Service Company with sufficient funds to pay any taxes required on                        the original issue of the shares. Fund will furnish Service Company such                        evidence as may be required by Service Company to show the actual value of                        the shares. If no taxes are payable, Service Company will upon request be                        furnished with an opinion of outside counsel to that effect. |
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|   | C. | Shares will be transferred and new certificates issued in                        transfer, or shares accepted for redemption and funds remitted therefor,                        upon surrender of the old certificates in form deemed by Service Company                        properly endorsed for transfer or redemption accompanied by such documents                        as Service Company may deem necessary to evidence the authority of the                        person making the transfer or redemption, and bearing satisfactory evidence                        of the payment of any applicable share transfer taxes. Service Company                        reserves the right to refuse to transfer or redeem shares until it is                        satisfied that the endorsement or signature on the certificate or any other                        document is valid and genuine, and for that purpose it may require a                        guarantee of signature by such persons as may from time to time be                        specified in the prospectus related to such shares or otherwise authorized                        by Fund. Service Company also reserves the right to refuse to transfer or                        redeem shares until it is satisfied that the requested transfer or                        redemption is legally authorized, and it will incur no liability for the                        refusal in good faith to make transfers or redemptions which, in its                        judgment, are improper, unauthorized or otherwise not rightful. Service                        Company may, in effecting transfers or redemptions, rely upon                        Simplification Acts or other statutes which protect it and Fund in not                        requiring complete fiduciary documentation. |
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|   | D. | When mail is used for delivery of share certificates,                        Service Company will forward share certificates in "nonnegotiable" form as                        provided by Fund by first class mail, all such mail deliveries to be                        covered while in transit to the addressee by insurance arranged for by                        Service Company. |
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|   | E. | Service Company will issue and mail subscription warrants                        and certificates provided by Fund and representing share dividends,                        exchanges or split-ups, or act as Conversion Agent upon receiving written                        instructions from any officer of Fund and such other documents as Service                        Company deems necessary. |
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|   | F. | Service Company will issue, transfer, and split-up                        certificates upon receiving written instructions from an officer of Fund                        and such other documents as Service Company may deem necessary. |
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|   | G. | Service Company may issue new certificates in place of                        certificates represented to have been lost, destroyed, stolen or otherwise                        wrongfully taken, upon receiving indemnity satisfactory to Service Company,                        and may issue new certificates in exchange for, and upon surrender of,                        mutilated certificates. Any such issuance shall be in accordance with the                        provisions of law governing such matter and any procedures adopted by the                        Board of Fund of which Service Company has notice. |
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|   | H. | Service Company will supply a shareholder’s list to                        Fund properly certified by an officer of Service Company for any                        shareholder meeting upon receiving a request from an officer of Fund. It                        will also supply lists at such other times as may be reasonably requested                        by an officer of Fund. |
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|   | I. | Upon receipt of written instructions of an officer of Fund,                        Service Company will address and mail notices to shareholders. |
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|   | J. | In case of any request or demand for the inspection of the                        share books of Fund or any other books of Fund in the possession of Service                        Company, including a request from FinCEN or the SEC under Paragraph F of                        Section 8 hereof, Service Company will endeavor to notify Fund and to                        secure instructions as to permitting or refusing such inspection. Service                        Company reserves the right, however, to exhibit the share books or other                        books to any person in case it is advised by its counsel that it may be                        held responsible for the failure to exhibit the share books or other books                        to such person. |
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|   | 19. | Provisions Relating to Dividend Disbursing                        Agency. |
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|   | A. | Service Company will, at the expense of Fund, provide a                        special form of check containing the imprint of any device                        or other matter desired by Fund. Said checks must, however, be of a form                        and size convenient for use by Service Company. |
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|   | B. | If Fund wants to include additional printed matter,                        financial statements, etc., with the dividend checks, the same will be                        furnished to Service Company within a reasonable time prior to the date of                        mailing of the dividend checks, at the expense of Fund. |
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|   | C. | If Fund wants its distributions mailed in any special form                        of envelopes, sufficient supply of the same will be furnished to Service                        Company but the size and form of said envelopes will be subject to the                        approval of Service Company. If stamped envelopes are used, they must be                        furnished by Fund; or, if postage stamps are to be affixed to the                        envelopes, the stamps or the cash necessary for such stamps must be                        furnished by Fund. |
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|   | D. | Service Company will maintain one or more deposit accounts                        as Agent for Fund, into which the funds for payment of dividends,                        distributions, redemptions or other disbursements provided for hereunder                        will be deposited, and against which checks will be drawn. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | 20. | Termination of                        Agreement. |
|--------|-----|--------------------------------------------------|

 

|   | A. | This Agreement may be terminated without penalty by either                        party upon sixty (60) days prior written notice to the other                        party. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | B. | Fund, in addition to any other rights and remedies, shall                        have the right to terminate this Agreement forthwith upon the occurrence at                        any time of any of the following events: |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (1) | Any interruption or cessation of operations by Service                        Company or its assigns which materially interferes with the business                        operation of Fund. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (2) | The bankruptcy of Service Company or its assigns or the                        appointment of a receiver for Service Company or its assigns. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (3) | Any merger, consolidation or sale of substantially all the                        assets of Service Company or its assigns. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

 

|   | (4) | The acquisition of a controlling interest in Service Company                        or its assigns by any broker, dealer, investment adviser or investment                        company except as may presently exist. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | (5) | Failure by Service Company or its assigns to perform its                        duties in accordance with this Agreement, which failure materially                        adversely affects the business operations of Fund and which                        failure continues for thirty (30) days after written notice from                        Fund. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | The registration of Service Company or its assigns as a                        transfer agent under the Securities Exchange Act of 1934 is revoked,                        terminated or suspended for any reason. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | C. | In the event of termination, Fund will promptly pay Service                        Company all amounts due to Service Company hereunder. Upon termination of                        this Agreement, Service Company shall deliver all shareholder and account                        records pertaining to Fund either to Fund or as directed in writing by                        Fund. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | 21. | Assignment. |
|--------|-----|-------------|

 

|   | A. | Neither this Agreement nor any rights or obligations                        hereunder may be assigned by Service Company without the written consent of                        Fund; provided, however, no assignment will relieve Service Company of any                        of its obligations hereunder. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | B. | This Agreement including, without limitation, the provisions                        of Section 7 will inure to the benefit of and be binding upon the parties                        and their respective successors and assigns. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | C. | Service Company is authorized by Fund to use the system                        services of DST Systems, Inc. and the system and other services, including                        data entry, of Administrative Management Group, Inc. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | 22. | Confidentiality. |
|--------|-----|------------------|

 

|   | A. | Except as provided in the last sentence of Section 18.J                        hereof, or as otherwise required by law, Service Company will keep                        confidential all records of and information in its possession relating to                        Fund or its shareholders or shareholder accounts and will not disclose the                        same to any person except at the request or with the consent of                        Fund. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | B. | Except as otherwise required by law, Fund will keep                        confidential all financial statements and other financial records (other                        than statements and records relating solely to Fund’s business                        dealings with Service Company) and all manuals, systems and other technical                        information and data, not publicly disclosed, relating to Service                        Company’s operations and programs furnished to it by Service Company                        pursuant to this Agreement and will not disclose the same to any person                        except at the request or with the consent of Service Company.                        Notwithstanding anything to the contrary in this Section 22.B, if an                        attempt is made pursuant to subpoena or other legal process to require Fund                        to disclose or produce any of the aforementioned manuals,                        systems or other technical information and data, Fund shall give Service                        Company prompt notice thereof prior to disclosure or production so that                        Service Company may, at its expense, resist such attempt. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 23. | Survival of Representations and                        Warranties. |
|--------|-----|--------------------------------------------------------------------|

 

All representations and warranties by either party herein contained will        survive the execution and delivery of this Agreement.

 

|   | 24. | Miscellaneous. |
|--------|-----|----------------|

 

|   | A. | This Agreement is executed and delivered in the State of                        Illinois and shall be governed by the laws of said state (except as to                        Section 24.G hereof which shall be governed by the laws of the State of                        Maryland). |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | B. | No provisions of this Agreement may be amended or modified                        in any manner except by a written agreement properly authorized and                        executed by both parties hereto. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | C. | The captions in this Agreement are included for convenience                        of reference only, and in no way define or limit any of the provisions                        hereof or otherwise affect their construction or effect. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | D. | This Agreement shall become effective as of the date                        hereof. |
|--------|----|-------------------------------------------------------------------------------------|

 

|   | E. | This Agreement may be executed simultaneously in two or more                        counterparts, each of which shall be deemed an original but all of which                        together shall constitute one and the same instrument. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | F. | If any part, term or provision of this Agreement is held by                        the courts to be illegal, in conflict with any law or otherwise invalid,                        the remaining portion or portions shall be considered severable and not be                        affected, and the rights and obligations of the parties shall be construed                        and enforced as if the Agreement did not contain the particular part, term                        or provision held to be illegal or invalid. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | G. | All parties hereto are expressly put on notice of                        Fund’s Articles of Amendment and Restatement which is on file with                        the Secretary of the State of Maryland, and the limitation of shareholder                        and director liability contained therein. This Agreement has been executed                        by and on behalf of Fund by its representatives as such representatives and                        not individually, and the obligations of Fund hereunder are not binding                        upon any of the Directors, officers or shareholders of Fund individually                        but are binding upon only the assets and property of Fund. With respect to                        any claim by Service Company for recovery of that portion of the                        compensation and expenses (or any other liability of Fund                        arising hereunder) allocated to a particular Portfolio, whether in                        accordance with the express terms hereof or otherwise, Service Company                        shall have recourse solely against the assets of that Portfolio to satisfy                        such claim and shall have no recourse against the assets of any other                        Portfolio for such purpose. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | H. | This Agreement, together with the Fee Schedule, is the                        entire contract between the parties relating to the subject matter hereof                        and supersedes all prior agreements between the parties. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by        their respective duly authorized officer as of the day and year first set forth        above.

 

**DWS VALUE SERIES, INC.**

         

|   | By: | /s/ Philip J. Collora |
|--------|-----|-----------------------|

         

|   | Name: | Philip J. Collora |
|--------|-------|-------------------|

|   | Title: | Vice President and Assistant Secretary |
|--------|--------|----------------------------------------|

         

ATTEST:

 

/s/        Caroline Pearson

_____________________________

| Name: Caroline Pearson |
|------------------------|

| Title: | Assistant Secretary |
|--------|---------------------|

**DWS SCUDDER INVESTMENTS SERVICE COMPANY**

         

|   | By: | /s/ Barbara Wizer |
|--------|-----|-------------------|

         

|   | Name: | Barbara Wizer |
|--------|-------|---------------|

|   | Title: | Vice President |
|--------|--------|----------------|

ATTEST:

 

/s/        Name: Kristine Lyons

_____________________________

Name:        Kristine Lyons

| Title: | Vice President |
|--------|----------------|

EXHIBIT A

**FEE        SCHEDULE**