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Matt Connors Joins ProFund Advisors as Managing Director

Will focus on marketing to financial intermediaries

Bethesda, MD, October 21, 2002 — ProFund Advisors LLC, investment advisor to the innovative ProFunds family of indexed mutual funds, today announced that it has hired Matt Connors as Managing Director, Financial Professionals. Joining ProFund Advisors from Deutsche Bank, Mr. Connors' primary responsibility is marketing the ProFunds to intermediaries, including broker/dealers and fee-based financial advisers through ProFunds Distributors Inc.'s internal and external sales teams. Mr. Connors will report to Michael Sapir, ProFund Advisors Chairman and CEO.

"We are delighted that Matt has joined the ProFunds team," said Mr. Sapir. "There are few professionals in our business who can match his abilities and experience in marketing mutual funds to financial intermediaries. He's demonstrated a knack for leading highly driven, successful mutual fund marketing teams that significantly raise assets. At his previous posts with Deutsche Bank and New England Mutual Funds, for example, Matt's groups increased internal and external sales by hundreds of millions of dollars."

"In addition to leading our sales teams, we expect Matt will identify additional sales and distribution opportunities with fee-based intermediaries and broker/dealers, and we believe he'll build an even stronger sales and service culture," Mr. Sapir said.

"Joining ProFund Advisors right now is terrific opportunity," said Mr. Connors. "A top priority of mine is to demonstrate to the broad financial intermediary community how ProFunds can benefit just about any investment portfolio — not just the active investor's. ProFund Advisors is a great niche player offering innovative products, and is positioned to take advantage of what I think may be a paradigm shift in the way people invest: more towards different types of products that can truly diversify a portfolio, and less towards typical stock mutual funds."

"ProFund Advisors is driven by a dynamic, entrepreneurial spirit, and I think such specialized firms can provide a higher level of service than larger companies can. The firm is now five years old, has grown significantly in terms assets under management and is, I believe, poised for even stronger future growth," Mr. Connors said.

As a Managing Director at Deutsche Bank from 1996, Mr. Connors was responsible for retail mutual fund sales through broker/dealers, registered investment advisers, banks and insurance agents. He was also part of the acquisition and transition team that purchased and integrated Scudder Investments, and he integrated the Deutsche Bank retail mutual fund sales operation with that of the institutional group.

From 1993 to 1996, with New England Mutual Funds as Wholesaler and Division Manager, Mr. Connors' responsibilities included mutual funds sales to broker/dealers, financial planners and insurance agents in the eastern half of the U.S. though internal and external wholesalers. In part through his efforts, New England Mutual Funds successfully converted from an insurance-based distribution company to a competitive third party mutual fund complex marketed through financial intermediaries.

Mr. Connors began his career as a stockbroker with Merrill Lynch and later with Prudential Securities. Prior to joining New England Mutual Funds, he was a wholesaler and manager of wholesalers, working for three real estate investment companies and Alliance Capital. He graduated from the University of Georgia in 1980 Cum Laude with a BA degree in Economics.

With 77 public and insurance product funds, ProFunds offers the nation's largest lineup of indexed mutual funds. Many of the innovations at ProFunds are designed to overcome the 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.

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 ProFunds Distributors, Inc.

Media contact:

Tucker Hewes, Hewes Communications, Inc., (212) 207-9451, tucker@hewescomm.com