PGIM Investments LLC 

655 Broad Street 

Newark, New Jersey 07102 

AST Investment Services, Inc. 

One Corporate Drive 

Shelton, Connecticut 06484 

The Board of Trustees of Advanced Series Trust 

655 Broad Street 

Newark, New Jersey 07102 

Re: Contractual Fee Waiver 

PGIM Investments LLC and AST Investment Services, Inc. (collectively, the "Manager") hereby agree to cap expenses / reimburse certain expenses and/or waive a portion of their investment management fees as more particularly described and set forth for the Portfolio listed on Exhibit A hereto. 

Very truly yours, 

PGIM Investments LLC
 

By: /s/ Timothy Cronin
Name:  Timothy Cronin

Title: Senior Vice President 

AST Investment Services, Inc.
 

By: /s/ Timothy Cronin 

Name: Timothy Cronin 

Title: President 

Exhibit A 

Effective January 1, 2021: 

AST T. Rowe Price Large-Cap Growth Portfolio: The Manager has contractually agreed to waive 0.01% of its investment management fee through June 30, 2022. This arrangement may not be terminated or modified without the prior approval of the Trust’s Board of Trustees.