Exhibit (d)(12)

**SUB-SUBADVISORY AGREEMENT**

**DWS ALTERNATIVE ASSET ALLOCATION PLUS VIP – GLOBAL REAL ESTATE**

 

**RREEF America L.L.C.**

**875 N. Michigan Avenue**

**41st Floor**

**Chicago, Illinois 60611**

 

As of January 15, 2009

 

Deutsche Investments Australia Limited

 

We have entered into a Sub-Advisory Agreement with Deutsche Investment Management Americas Inc. (“DIMA” and/or the “Adviser”) dated October 22, 2008, as amended from time to time, on behalf of DWS Alternative Asset Allocation Plus VIP (the “Fund”), a series of the DWS Variable Series II, a Massachusetts business trust (the “Trust”) (the “Subadvisory Agreement”) under which DIMA has delegated to RREEF America L.L.C. (“RREEF”) substantially all of its duties with respect to all of the securities and other assets of the Fund entrusted to RREEF by DIMA (the “Assets”).  Pursuant to the Subadvisory Agreement the Assets may be divided from time to time among one or more asset categories (“Sleeves”).  Initially the Assets have been divided among a Global Infrastructure Sleeve and a Global Real Estate Sleeve.  ThisAgreement relates to the Global Real Estate Sleeve.  A copy of the Subadvisory Agreement has been previously furnished to you.  In furtherance of such duties to the Fund, and with the approval of the Fund, we wish to avail ourselves of your investment advisory services. Accordingly, with the acceptance of the Fund, we hereby agree with you as follows for the duration of this Agreement: 

1.          You agree to furnish to us such information, investment recommendations, advice and assistance as we shall from time to time reasonably request with respect to the Global Real Estate Sleeve.  You shall primarily be responsible for recommendations with respect to securities of companies primarily located in the following geographic region(s) (the “Territory”): __________Australia and New Zealand__________.  In carrying out your investment advisory duties hereunder, you will comply with the objectives, guidelines and restrictions as may be agreed upon by you and us in writing from time to time, and also with the investment restrictions outlined in the Fund’s registration statement filed with the U.S. Securities and Exchange Commission, as the same may be amended fromtime to time and as advised to you from time to time. You shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material which any such body by reason of this Agreement may request or require pursuant to applicable laws and regulations.  

2. We agree to pay to you, as compensation for the services to be rendered by you pursuant to this Agreement, a monthly fee to be calculated as provided in this Section 2.  Your fee will be a percentage of the monthly fee received by us (through DIMA) under the Subadvisory Agreement applicable to the Global Real Estate Sleeve.  The percentage of the fee that you will receive will be based upon the FTSE EPRA / NAREIT Global Real Estate Index (the “Index”).  Your fee will be calculated by multiplying the total monthly fee received by RREEF under the Subadvisory Agreement for the Global Real Estate Sleeve by the proportion of total investments in the Index which are attributed to your Territory (as measured based upon the latest articulation of 

 

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