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AST BlackRock Value Portfolio - Prudential Annuities

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<strong>AST</strong> WELLINGTON MANAGEMENT HEDGED EQUITY PORTFOLIO<br />

Year Ended December 31,<br />

2011(c) 2010 2009(c) 2008(c) 2007<br />

Per Share Operating Performance:<br />

Net Asset <strong>Value</strong>, beginning of year $9.34 $8.19 $6.47 $12.60 $11.55<br />

Income (Loss) From Investment Operations:<br />

Net investment income 0.04 0.03 0.08 0.09 0.05<br />

Net realized and unrealized gain (loss) on investments (0.36) 1.16 1.74 (4.95) 1.09<br />

Total from investment operations (0.32) 1.19 1.82 (4.86) 1.14<br />

Less Distributions: (0.03) (0.04) (0.10) (1.27) (0.09)<br />

Net Asset <strong>Value</strong>, end of year $8.99 $9.34 $8.19 $6.47 $12.60<br />

Total Return(a) (3.46)% 14.63% 28.43% (42.33)% 9.84%<br />

Ratios/Supplemental Data:<br />

Net assets, end of year (in millions) $547.7 $482.5 $443.6 $135.3 $573.2<br />

Ratios to average net assets(b):<br />

Expenses After Waivers and/or Expense Reimbursement 0.87% 0.18% 0.21% 0.20% 0.18%<br />

Expenses Before Waivers and/or Expense Reimbursement 0.87% 0.18% 0.21% 0.20% 0.18%<br />

Net investment income 0.43% 0.34% 0.95% 0.86% 0.48%<br />

<strong>Portfolio</strong> turnover rate 193% 48% 53% 77% 41%<br />

(a) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of distributions and does not<br />

reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender<br />

charges which, if reflected, would reduce the total return for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence<br />

of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to<br />

conform to generally accepted accounting principles.<br />

(b) Does not include expenses of the underlying portfolios in which the <strong>Portfolio</strong> invests.<br />

(c) Calculated based on average shares outstanding during the year.<br />

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