Prudential Premier Retirement Variable Annuities

INVESTMENT OBJECTIVES/POLICIES
AST Goldman Sachs Large-Cap Value Portfolio: seeks long-term growth of capital.
The Portfolio seeks to achieve its investment objective by investing in value opportunities
that the subadvisor, defines as companies with identifiable competitive advantages whose
intrinsic value is not reflected in the stock price. The Portfolio invests, under normal
circumstances, at least 80% of its net assets in a diversified portfolio of equity investments
in large-cap U.S. issuers with public stock market capitalizations within the range of the
market capitalization of companies in the Russell 1000 Value Index at the time of
investment.
AST Goldman Sachs Mid-Cap Growth Portfolio: seeks long-term growth of capital.
The Portfolio pursues its investment objective, by investing primarily in equity securities
selected for their growth potential, and normally invests at least 80% of the value of its
assets in medium-sized companies. Medium-sized companies are those whose market
capitalizations (measured at the time of investment) fall within the range of companies in
the Russell Mid Cap Growth Index. The subadvisor seeks to identify individual companies
with earnings growth potential that may not be recognized by the market at large.
AST Goldman Sachs Small-Cap Value Portfolio: seeks long-term capital appreciation.
The Portfolio will seek its objective through investments primarily in equity securities that
are believed to be undervalued in the marketplace. The Portfolio will invest, under normal
circumstances, at least 80% of the value of its assets in small capitalization companies.
The Portfolio generally defines small capitalization companies as companies with market
capitalizations that are within the range of the Russell 2000 Value Index at the time of
purchase.
AST High Yield Portfolio: seeks maximum total return, consistent with preservation of
capital and prudent investment management. The Portfolio will invest, under normal
circumstances, at least 80% of its net assets plus any borrowings for investment purposes
(measured at time of purchase) in non-investment grade high yield (also known as “junk
bonds”) fixed-income investments which may be represented by forwards or derivatives
such as options, futures contracts, or swap agreements. Non-investment grade investments
are securities rated Ba or lower by Moody’s Investors Services, Inc. or equivalently rated
by Standard & Poor’s Corporation, or Fitch, or, if unrated, determined by the subadvisor
to be of comparable quality.
AST Horizon Moderate Asset Allocation Portfolio: seeks the highest potential total
return consistent with its specified level of risk tolerance. Under normal circumstances, at
least 90% of the Portfolio’s assets will be invested in other portfolios of Advanced Series
Trust (the underlying portfolios) while no more than 10% of the Portfolio’s assets may be
invested in exchange traded funds (ETFs). Under normal market conditions, the Portfolio
will devote from 40% to 60% of its net assets to underlying portfolios and ETFs investing
primarily in equity securities, and from 40% to 60% of its net assets to underlying
portfolios and ETFs investing primarily in debt securities and money market instruments.
AST International Growth Portfolio: seeks long-term capital growth. Under normal
circumstances, the Portfolio invests at least 80% of the value of its assets in securities of
issuers that are economically tied to countries other than the United States. Although the
Portfolio intends to invest at least 80% of its assets in the securities of issuers located
outside the United States, it may at times invest in U.S. issuers and it may invest all of its
assets in fewer than five countries or even a single country. The Portfolio looks primarily
for stocks of companies whose earnings are growing at a faster rate than other companies
or which offer attractive growth.
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STYLE/
TYPE
LARGE CAP
VALUE
MID CAP
GROWTH
SMALL CAP
VALUE
FIXED
INCOME
ASSET
ALLOCA-
TION
INTER-
NATIONAL
EQUITY
PORTFOLIO
ADVISOR/
SUBADVISOR
Goldman Sachs
Asset Management,
L.P.
Goldman Sachs
Asset Management,
L.P.
Goldman Sachs
Asset Management,
L.P.
J.P. Morgan
Investment
Management, Inc.;
Prudential
Investment
Management, Inc.
Horizon
Investments, LLC
Jennison Associates
LLC; Marsico
Capital
Management, LLC;
William Blair &
Company, LLC