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Seven ProFunds Declare 1-for-5 Reverse Share Split

BETHESDA, Md.--Oct. 10, 2001--ProFunds today announced that the OTC, UltraBull, UltraOTC, UltraJapan, Biotechnology UltraSector, Internet UltraSector and Telecommunications UltraSector ProFunds will perform a 1-for-5 reverse share split at the close of business on Friday, October 12, 2001. The reverse split will have no financial impact or tax consequences to these ProFunds' shareholders.

At the close of business on Friday, October 12, 2001, each shareholder's share position will be adjusted downward by a factor of five and the corresponding price of the effected ProFunds' shares will be multiplied by a factor of five, says Michael Sapir, chairman of ProFunds. "The reverse split will not change individual shareholders' account values, nor will there be any change to the total net assets of the ProFunds' involved."

For example, assume a shareholder owns 100 shares of Internet UltraSector ProFund and the net asset value of a share was $6 per share before the split and therefore holds a $600 stake in the ProFund. After the reverse split, those 100 shares will become 20 shares and the value of each share will go from $6 to $30, but the value of the shareholders' holdings in the ProFund will still be $600.

The split was considered after receiving numerous calls from shareholders who were hoping to see the share price of their respective ProFunds more in line with industry averages. The net asset values of many mutual funds are $30 or more per share, Sapir says.

On Monday, October 8, 2001, the net asset value of shares of OTC, UltraBull, UltraOTC, UltraJapan, Biotechnology UltraSector, Internet UltraSector and Telecommunications UltraSector ProFund were:

OTC ProFund Investor Shares - $10.60 OTC UltraSector ProFund Service Shares - $10.50 UltraBull ProFund Investor Shares - $9.97 UltraBull ProFund Service Shares - $9.63 UltraOTC ProFund Investor Shares - $4.90 UltraOTC ProFund Service Shares - $4.72 UltraJapan ProFund Investor Shares - $6.69 UltraJapan ProFund Service Shares - $6.69 Biotechnology UltraSector ProFund Investor Shares - $8.76 Biotechnology UltraSector ProFund Service Shares - $8.67 Internet UltraSector ProFund Investor Shares - $8.30 Internet UltraSector ProFund Service Shares - $8.07 Telecommunications UltraSector ProFund Investor Shares - $8.80 Telecommunications UltraSector ProFund Service Shares - $8.69

Shareholders or other persons with questions regarding the reverse share splits of OTC, UltraBull, UltraOTC, UltraJapan, Biotechnology UltraSector, Internet UltraSector and Telecommunications UltraSector ProFund should contact ProFunds' shareholder services at 888/776-3637 Monday through Friday between 8:00 AM and 9:00 PM, Eastern Time.

For more complete information on ProFunds, including charges, expenses and ongoing fees, please call ProFunds at 888/776-3637 for a prospectus. Read it carefully before investing or sending money. ProFunds are distributed by Concord Financial Group, 3435 Stelzer Road, Columbus, OH 43219.