PGIM Investments LLC 

655 Broad Street 

Newark, New Jersey 07102 

The Board of Trustees of Advanced Series Trust 

655 Broad Street 

Newark, New Jersey 07102 

Re: Contractual Fee Waivers 

PGIM Investments LLC (the “Manager”) hereby agrees to cap expenses / reimburse certain expenses and/or waive a portion of its investment management fee as more particularly described and set forth for the Portfolio listed on Exhibit A hereto. 

Very truly yours, 

PGIM Investments LLC
 

By: /s/ Timothy S. Cronin
 

Name:  Timothy S. Cronin

Title: Senior Vice President 

Exhibit A 

Effective April 26, 2021 

AST Franklin 85/15 Diversified Allocation Portfolio¹: The Manager has contractually agreed to waive 0.018% 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. 

The contractual waiver of 0.018% is in addition to the expense cap of 1.070% that is set to expire on June 30, 2022. 

11  Prior to April 26, 2021, the Portfolio was known as the AST Legg Mason Diversified Growth Portfolio.