Exhibit 99.(k)
Prudential Investments, LLC
Gateway Center Three, 4th floor
100 Mulberry Street
Newark, New Jersey 07102
, 2015
The Board of Directors
The Target Portfolio Trust
Small Capitalization Value Fund
Gateway Center Three, 4th floor
100 Mulberry Street
Newark, New Jersey 07102
Re: | Cap on Fund Expenses: Small Capitalization Value Portfolio |
To the Board of Directors:
Effective , 2015, Prudential Investments LLC (PI), as investment manager of Small Capitalization Value Portfolio, has contractually agreed to waive fees payable by The Target Portfolio Trust to PI by up to 1 basis point to the extent that the Fund’s net annual operating expenses and acquired fund fees and expenses (exclusive of taxes, interest, 12b-1 fees, and certain other expenses) exceed 0.68% of the Fund’s average daily net assets on an annualized basis through November 30, 2016.
Very truly yours,
| PRUDENTIAL INVESTMENTS LLC |
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| By: |
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| Name: | Scott E. Benjamin |
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| Title: | Executive Vice President |
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