PGIM Investments LLC 

655 Broad Street 

Newark, New Jersey 07102 

December 5, 2022 

The Board of Trustees of Advanced Series Trust 

655 Broad Street 

Newark, New Jersey 07102 

Re: Contractual Fee Waiver 

PGIM Investments LLC (the “Manager”) hereby agrees to cap expenses / reimburse certain expenses and/or waive a portion of its 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 S. Cronin 

Name:  Timothy S. Cronin

Title: Senior Vice President

Exhibit A 

AST Bond Portfolio 2034: The Manager has contractually agreed to waive 0.02% of its management fee through June 30, 2024. In addition, the Manager has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio’s management fee plus other expenses (exclusive, in all cases, of brokerage, taxes (such as income and foreign withholding taxes, including stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed 0.91% of the Portfolio’s average daily net assets through June 30, 2024. Expenses waived/reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. This arrangement may not be terminated or modified without the prior approval of the Trust’s Board of Trustees.