PGIM Investments LLC 

655 Broad Street 

Newark, New Jersey 07102 

AST Investment Services, Inc. 

One Corporate Drive 

Shelton, Connecticut 06484 

November 14, 2024 

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
 

Title: Senior Vice President   

AST Investment Services, Inc.
 

By: /s/ Timothy Cronin  

Exhibit A 

AST J.P. Morgan Conservative Multi-Asset Portfolio (formerly, AST J.P. Morgan Tactical Preservation Portfolio): The Manager has contractually agreed to waive 0.055% of its investment management fee through June 30, 2026. In addition, the Manager has contractually agreed to waive a portion of its investment management fee equal to the subadvisory fee waiver due to investments in the underlying portfolios managed by the subadviser or an affiliate of the subadviser.