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ProFunds Launches Unleveraged Large-Cap Growth and Large-Cap Value Funds

New ProFunds Combine with Existing Offerings to Provide Exposure to the Nine Major Style Box Categories

Bethesda, MD, October 1, 2002 — ProFunds today launched two unleveraged index-based funds: Large-Cap Growth, which seeks to match the performance of the S&P 500/BARRA Growth Index before fees and expenses, and Large-Cap Value, which is benchmarked to the S&P 500/BARRA Value Index. The two funds complete ProFunds' offerings providing unleveraged exposure to the nine major style box categories. Those nine ProFunds and their respective benchmarks are:

Large-Cap Value
S&P 500/BARRA Value Index
Bull
S&P 500 Index
Large-Cap Growth
S&P 500/BARRA Growth Index
Mid-Cap Value
S&P MidCap 400/BARRA Value Index
Mid-Cap
S&P MidCap 400 Index
Mid-Cap Growth
S&P MidCap 400/BARRA Growth Index
Small-Cap Value
S&P SmallCap 600/BARRA Value Index
Small-Cap
Russell 2000 Index
Small-Cap Growth
S&P SmallCap 600/BARRA Growth Index

"Our goal as we've expanded our fund platform has been to provide a complete set of tools for investors implementing a wide variety of investment strategies. These new funds complete a lineup which affords investors flexibility to customize exposure to domestic stocks throughout the growth-value and large-, mid- and small-cap matrix," said Michael L. Sapir, Chairman and CEO of ProFund Advisors LLC, investment advisor to the Bethesda-based mutual fund family.

"Because our funds don't impose redemption fees or limitations on reallocating assets, these ProFunds can be used to adjust a portfolio's style tilt or capitalization weighting based on current market conditions and investor objectives," said Mr. Sapir.

"We use the S&P/BARRA indexes because they are widely followed by investors and financial professionals. The liquidity and transparency they offer are helpful in managing the funds and providing predictable exposure for our investors," Mr. Sapir said.

With 47 funds including those launched today, ProFunds offers the nation's largest number of indexed mutual funds. ProFunds are innovative indexed-based funds designed to overcome limitations of conventional index mutual funds. ProFunds does not restrict investors' abilities to react to financial or economic changes and exchange their investments from one ProFund to another, and imposes no transaction, entry or exit fees.

More information on ProFunds is available at www.profunds.com. Interested investors may call 1-888-PRO-FNDS and financial professionals should call 1-888-PRO-5717.

Small-Cap ProFunds carry additional risks because smaller companies generally have a higher risk of failure. There is no guarantee that any ProFund will achieve its investment objective. Investment return and principal value will vary and shares may be worth more or less at redemption than at original purchase.

For more information, including management fees, expenses and other ongoing charges, call for a prospectus or download a prospectus from this site. Read the prospectus carefully before investing or sending money. ProFunds are distributed by Concord Financial Group, Inc.

The S&P 500® Index, S&P 500/BARRA Value Index, S&P 500/BARRA Growth Index, S&P MidCap 400 Index, S&P MidCap 400/BARRA Value Index, S&P MidCap 400/BARRA Growth Index, S&P SmallCap 600 Index, S&P SmallCap 600/BARRA Value Index, and S&P SmallCap 600/BARRA Growth Index are trademarks of The McGraw Hill Companies, Inc. and have been licensed for use by ProFunds. The Russell 2000® Index is a trademark of the Frank Russell Company. ProFunds are not sponsored, endorsed, sold or promoted by these organizations, and the organizations make no representation regarding the advisability of investing in ProFunds. You cannot invest directly in an index.