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Mark E. Rayford Is Named Chief Operating Officer At ProFunds

Bethesda, MD — October 18, 2000 — ProFund Advisors LLC, investment advisor to the Bethesda-based ProFunds mutual fund family, has named Mark E. Rayford, former President of T. Rowe Price Services, its Chief Operating Officer. In his newly created role with ProFunds, Rayford will be responsible for managing ProFunds' operations and ensuring the effective delivery of superior shareholder services to professional and individual investors.

"We are delighted to have such a talented and respected industry veteran heading operations for ProFunds," said Chairman and CEO Michael Sapir. "Mark brings to ProFunds a thorough knowledge of the industry and the needs of investors. We believe his leadership skills and depth of experience will make ProFunds an industry leader in shareholder services and back office operations."

For 14 years, Rayford, 49, built and managed the operations and service infrastructure for T. Rowe Price's individual, institutional and small business retirement plan businesses. Heading a 750-employee national team, he was responsible for mutual fund, variable annuity, brokerage and limited partnership products used by more than 2 million investors.

Rayford has also served as Vice President and Head of European Funds Management for J.P. Morgan, where his primary responsibilities included product development, customer service and fund administration for J.P. Morgan's cross border and European domestic fund businesses.

Most recently, Rayford was Director, Operations and Shareholder Services for the Frank Russell Investment Management Company.

ProFunds is an innovative family of mutual funds designed to overcome the limitations of conventional index funds. ProFunds permit investors to react to financial or economic developments by exchanging their investments among ProFunds without restriction. ProFunds impose no transaction, entry or exit fees.

For more complete information on ProFunds, including charges, expenses and ongoing fees, please call ProFunds at 1-888-776-5717 for a prospectus. Read it carefully before investing or sending money. ProFunds are distributed by Concord Financial Group.